Physiotherapy Equipment Market

Physiotherapy Equipment Market Outlook

The physiotherapy equipment market is expected to increase at a 6.5% CAGR from 2023 to 2033. It is estimated to capture a valuation of US$ 20,367.16 million in 2023 and US$ 38,134.8 million in 2033.

Globally, the Rapid Development of the Geriatric Population has led to an Increase in the Incidence of Chronic Diseases

The rapidly growing elderly population, the resulting increase in the global prevalence of chronic diseases, the increasing frequency of sports injuries, degenerative joint disorders, and cerebrovascular disease, and the growing demand for rehabilitative care are driving the expansion of this market. However, the prevalence of alternative therapies such as acupuncture, as well as an unpredictable reimbursement status for physiotherapy, are the primary factors that are likely to hinder the growth of this market over the forecast period.

The increasing prevalence of cardiovascular and neurological illnesses, as well as the growing geriatric population, have fuelled the global demand for physiotherapy equipment.

According to the World Health Organization Statistics of 2021, the share of the global population aged 60 nearly doubled between 2015 and 2050, rising from 12% to 22%. By 2050, low- and middle-income countries house 80% of the world's elderly. The population is aging at a considerably more notable rate than in previous generations. Every country has tremendous hurdles in preparing its health and social systems to capitalize on this demographic transformation.

With the growing elderly population, the risk of orthopedic disorder is increasing and consequently, it is estimated to drive the market in the future days.

2018 to 2022 Physiotherapy Equipment Market Outlook in Comparison to 2023 to 2033 Growth Forecast

The physiotherapy equipment market accounted for US$ 19,463.6 million in 2022, growing at a 3.5% CAGR from 2018 to 2022. Global market absolute dollar growth is US$ 1,029.2 million.

The rising prevalence of neurological illnesses is the primary driver of demand for neurology devices over the forecast period. According to a study, around 24 million people had Alzheimer's disease and other dementias, and 62 million had cerebrovascular disease, globally. By encouraging and fostering physical activity, physiotherapy can help dementia patients and carers maintain mobility and independence for as long as possible. As a result, the need for physiotherapy equipment is expected to increase as the prevalence of neurological illnesses among the population increases, allowing for fast recovery from neurological diseases.

The market's sizable companies are continually developing new products, acquiring blooming firms, and forming alliances to strengthen their image in the market.

Another factor driving market expansion is healthcare reform, improving the quality of care in developing nations, as well as an increase in demand for rehabilitation following operations, chemotherapy, and radiation.

• Short Term (2023 to 2026): The increasing prevalence of degenerative joint disease, sports injuries, and cerebrovascular disease are some factors driving the market growth in the forecast period.
• Medium Term (2026 to 2029): The market may rise slightly during this time. According to the United Nations Department of Economic and Social Affairs Disability, more than 250 million elderly are likely to develop impairment. As the world's population ages, the demand for rehabilitation and physical therapy is expected to soar.
• Long Term (2029 to 2033): According to FMI's estimate, the market is anticipated to enter a bullish growth phase within this time frame. The increasing frequency of cardiovascular and neurological diseases, as well as the world's growing senior population, is expected to boost the global demand for physiotherapy equipment in the future years.

As per the FMI analysts, a valuation of US$ 38,134.8 million by 2033 end is estimated for the market.

Market Drivers

Rising Need for Rehabilitation Services

The overarching goal of physiotherapy and rehabilitation therapies is to enhance strength and mobility while avoiding complications. If a person has fallen, a physiotherapist may advise the use walking aids and an exercise program to enhance balance and strength. Rehabilitation can also aid with stamina management for people suffering from asthma, chronic fatigue syndrome, or recovering from crucial surgery.

With increased access to more advanced medical, emergency, and trauma treatment, physiotherapy-based rehabilitative care is gaining relevance globally. Rehabilitation care is an essential component of care for patients who have or are at risk of having short/long-term disability as a result of their injuries or illnesses. Incorporating rehabilitation therapy within the healthcare continuum has benefited both patients and carers tremendously.

Healthcare providers can fulfill value-based care criteria by minimizing patient admission time with improved care and rapid patient recovery. Similarly, patients may guarantee that medical and surgical operations have the best possible outcomes. As a result, many healthcare facilities are including rehabilitation treatment in their overall care plan. Consequently, there is a great demand for rehabilitation equipment and, indirectly, physiotherapy equipment.

Increasing Technical Progress

Companies in the global market are progressively focused on technological breakthroughs and developing new goods to provide superior and user-friendly devices. Virtual reality, robotics, exoskeletons, implanted gadgets, and interactive video games are projected to present industry participants with several prospects. Interactive video games are increasingly being employed in physical and rehabilitation institutions to help people suffering from neurological diseases recover fast.

Another technical breakthrough driving market expansion is cybertheory. Patients in cybertheory communicate with their doctors via a wireless link. The usage of e-therapy is also gaining popularity because it is connected with numerous advantages for medical professionals and individuals requiring physiological therapies. In the projected period, such technological advancements fuel demand for physiotherapy products.

Sedentary Lifestyles and Increasing Incidence of Physical Injuries

According to the World Health Organization, the burden of sedentary living is rising exponentially. It has been established that over a million adults remained insufficiently active as of 2016. Heightened stress levels due to professional and personal responsibilities have ushered in lethargy in undertaking physically demanding activities, increasing orthopedic disorders.

To add fuel to the fire, rising urbanization levels have led to increased pollution levels caused due to construction activities and traffic jams, combined with a decline in green spaces. This has led to a deterioration in air quality, thus demotivating people from undertaking any type of exercise or sports.

As this level of physical exertion decreases, the chances of injuries due to the brittleness of bones and frozen joints have augmented. To address these issues, individuals are increasingly availing of physiotherapy treatments, thus generating white spaces for vendors to expand sales of essential equipment across prominent regions.

Increasing incidences of road accidents have provided fertile ground for the physiotherapy equipment market expansion. Besides causing mental trauma, accidents cause severe physical deformities such as whiplashes, herniated discs, and knee trauma, which can be corrected through physiotherapy. Devices such as pain relievers and braces are widely used to prevent aggravating injuries.

Rise in Geriatric Population

According to data from the World Population Prospects: 2019 Revision, the proportion of the elderly population increase to one in every six adults by 2050, up from the present 9%. At least one in four persons living in North America and Europe is aged 65 and above.

Based on these statistics, it is prudent to conclude that the incidence of age-related physical and psychological ailments increase multi fields in the coming years. This also incorporates orthopaedic and muscular disorders. Hence, the demand for physiotherapy has risen in recent years, providing stimulus to the Physiotherapy Equipment Market.

Geriatric physiotherapy has acquired priority because elderly people suffer from several co-morbidities such as cardiovascular degeneration, visual impairment, hearing loss, diabetes, etc. Moreover. to reduce the degree of suffering, manufacturers are heavily investing in designing advanced physiotherapy equipment for the elderly.

Ultrasound Devices to Hold Maximum Sway, Heat Therapy Follow Suit

Growing preference for minimally invasive surgical procedures is driving the ultrasound physiotherapy devices growth to new heights. The highly innocuous and safe nature and non-thermal effect make ultrasound devices highly suitable for providing physiotherapeutic treatment. Additionally, ultrasound devices also offer benefits such as improving the healing rate of soft tissues.

Ultrasound devices help enhance blood flow to the affected area to improve the resolution time of the inflammatory process. Moreover, it also assists in stimulating the production of collagen during tissue healing. Based on these trends, the ultrasound devices segment increases impressively during the forecast period.

Trailing behind is the heat therapy segment. This treatment has boded extremely well for stiff joints and the relaxation of muscles before exercising or sports. Over the years, heat treatment has found heightened applications to relieve rheumatic pain, sprains, lumbago, and sciatica. In addition, heat treatment boosts metabolism within the body.

Musculoskeletal Physiotherapy Gaining Ground

The global physiotherapy equipment market has surged on the back of increasing incidences of musculoskeletal conditions. According to the World Health Organization, musculoskeletal disorders encompass over 150 diagnoses associated with bones, joints, muscles, ligaments, and tendons. These typically involve short-term conditions such as fractures to long-term conditions like persistent pain or disability.

Musculoskeletal conditions are all-pervasive, affecting both the geriatric and young populations. At least one out of every five persons is affected by this condition, severely limiting their mobility and dexterity. This has a huge impact on the individual, manifesting as early retirement, reduced income, and inability to fulfill social responsibilities.

To offset this social cost, patients are increasingly seeking sophisticated treatment, providing physiotherapy equipment market players with an opportunity to manufacture technologically enhanced physiotherapy equipment. For instance, Life Care Systems (India) offers the LCS Short Wave Diathermy Unit, which helps address joint inflammation by penetrating deep into muscle tissues, providing immense relief.

Sabyasachi Ghosh

Principal Consultant

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Market Restraint

Uncertain Physiotherapy Reimbursement Situation

Changes in healthcare insurance policies and coverage have a considerable impact on out-of-pocket spending by consumers. This may result in service variations and a reduction in care quality. The disparity in coverage across and within federal and commercial payers frequently forces patients to pay out of cash. Until co-insurance comes in, patients may be asked to pay a co-pay, co-insurance, facility fees, and a hefty deductible.

Co-pays for various physiotherapy treatments might be quite costly. The accompanying expenditures can limit patients' access to treatments, leading to cases when patients do not receive treatment. Other patients, on the other hand, may be unable to return to work or engage in regular activities.

Patients are also subjected to arbitrary annual visit limits that do not match the initial diagnostic or severity criteria, resulting in differences in rehabilitation progress and outcomes. As a result, most patients exceed their insurance benefit limits for obtaining therapy, and out-of-pocket paying is the only choice if individuals wish to continue receiving services. As a result, variations in coverage impede the overall market growth.

End-user Insights

Hospitals to Emerge as Market Hegemon, Rehabilitation Centers to Acquire Traction

When it comes to seeking physiotherapy treatment, patients prefer to visit hospitals due to the availability of the required surgical or non-surgical procedures. Studies have inferred that physiotherapists across primary healthcare settings are highly adept at providing the best course of treatment, possessing ample amounts of experience and skill.

Over and above, heightening government expenditure on enhancing healthcare is leading to increased footfalls in hospitals to seek physiotherapy treatment across the world. Emphasis on healthcare infrastructure is expanding across the developing world, attributed to the presence of a surging population base with orthopaedic and muscular anomalies.

Rehabilitation centers are grabbing their fair share of the revenue pie because they offer treatment at comparatively low costs than hospitals and other primary healthcare settings. Rehabilitation centers are especially helpful for people belonging to the lower- and middle-income groups in developing nations.

A Glimpse of Country-wise Insights

Over the forecast period, North America is expected to lead the Physiotherapy Equipment Market

The United States has a prominent market share in the North America physiotherapy industry and is anticipated to maintain this trend during the forecast period. The region's demographics encourage a continuous increase in people seeking or requiring rehabilitation treatments. An increase in people participating in fitness regimens and sports, as well as patients with cardiovascular, neurological, orthopaedic, and other disorders, have boosted the country's demand for physiotherapy equipment.

With an increase in physiotherapists, the country's market for physiotherapy equipment is expanding. People embrace and like the physical therapy profession, which is contributing to the rise of physiotherapists. According to the Global Confederation for Physical Therapy, there were around 217,619 physical therapists in the United States in 2019 and 65% of those were ladies.

To strengthen their market domination, prominent players are making many acquisitions and forming partnerships. As a result, all of the aforementioned factors are likely to enhance the market growth in North America Region.

Competitive Landscape

The market for physiotherapy equipment is moderately competitive, with a few significant competitors. Market participants' strategies include the development of equipment with better capabilities and cooperation with local distributors for geographical expansion. In addition, there is a continuing trend of rapid consolidation, with several significant businesses participating in merger and acquisition activity.

Key Companies in the Global Physiotherapy Equipment Market

• BTL
• EMS Physio Ltd.
• Dynatronics Corporation
• RICHMAR
• Performance Health
• Storz Medical AG
• Zimmer Medizin System GmbH
• ITO Co., Ltd.
• Enraf-Nonius B.V.
• Whitehall Manufacturing
• DJO Global
• EMS Physio
• Zynex Medical Inc.
• Patterson Medical

Scope of Report

Key Segmentation

Product:

• Laser Therapy Equipment
• Continuous Passive Motion Devices
• Transcutaneous Electrical Neural Stimulator (TENS)
• Interferential Stimulator (IFT)
• Electrical Muscle Stimulator (EMS)
• High Voltage Pulsed Galvanic Stimulator (HVPGS)
• Ultrasound Therapy Equipment
• Traction Equipment
• Diathermy Equipment
• Exercise Equipment

Equipment Type:

• Cryotherapy
• Hydrotherapy
• Electrotherapy
• Continuous Passive Motion Units
• Multi-exercise Therapy Unit
• Heat Therapy
• Ultrasound Physiotherapy
• Other Therapy Types

Application:

• Neurological
• Musculoskeletal
• Cardiovascular and Pulmonary
• Others

End User:

• Hospitals
• Rehabilitation Centers/Clinics
• Homecare Settings

Region:

• North America
• Latin America
• Europe
• The Middle East & Africa (MEA)
• East Asia
• South Asia
• Oceania