Rehabilitation Devices Market Size will witness lucrative growth from 2021 to 2027 due to the thriving prevalence of non-communicable and degenerative diseases worldwide. The expanding older population has given rise to the surging instances of chronic disorders. The increasing road accidents have resulted in the mount in the number of trauma patients and the higher cases of disabilities.
Rehabilitation devices are used by rehab patients to receive support, relearn activities and also get assistance to work normally in their day-to-day activities.
The escalating operating costs and the higher equipment maintenance expenditure may restrain the market development to a certain extent. However, emergence of smart accessible gadgets, access to alternative financing options, and the rising awareness regarding new products will further influence the market expansion.
The mobility segment will gain traction driven by the rising popularity of smart walking assistive devices. On account of their easy mobility, lower prices, and simplicity, these devices are increasingly used by older individuals and patients affected with certain physical disabilities. The mobile devices also offer reduced pain and improved independence to the users. The ongoing technological advancements and the growing handicapped population will also amplify the industry share.
Market is set to showcase notable proceeds from physiotherapy application owing to the changing consumer lifestyles and the increasing prevalence of orthopedic diseases. The surging instances of physical and mental impairment have led to the expansion in the number of physiotherapy clinics and centers. The rising infrastructure developments along with the influx of various new technologies for pain management and the access to favorable healthcare reforms will further fuel the segment growth.
The penetration of rehabilitation devices in hospitals and clinics will rise significantly. This is attributable to the expanding patient pool and the provision of supportive reimbursement policies. The presence of technologically advanced devices in these facilities will also add to the product demand.
North America rehabilitation devices market will see inclination through 2027 led by the rising government initiatives and the strong presence of key manufacturers in the region. The mount in R&D activities and the increasing occurrences of cardiovascular diseases, arthritis, and diabetes has led to easy access to reimbursement programs like Medicare. The rising acceptance of rehabilitation therapies will also favor the regional dynamics.
The adoption of rehabilitation devices is slated to rise across APAC given the improving healthcare facilities and the rise in venture capital investments. The mount in the number of physicians and the influx of technologically advanced products will also contribute to the market growth.
The market demand for rehabilitation devices in Europe will grow attributed to the presence of favorable government initiatives and the expanding older population base.
Global industry participants include GF Health Products, Inc., Ekso Bionics (Ekso Bionics Holdings Inc.), Invacare Corporation, Dynatronics Corporation, Hospital Equipment Manufacturing Company, Carex Health Brands, Inc., Drive Devilbiss Healthcare (Drive Medical), Medline Industries, Inc., Roma Medical, and Caremax Rehabilitation Equipment Co., Ltd.
These companies are putting targeted efforts on inorganic marketing strategies, such as acquisitions, partnerships, and investments for business portfolio expansion. They are also increasingly working on technological developments for innovations to strengthen their geographical presence.
For instance, in June 2020, G.F. Health Products Inc. acquired Gendron, a leading Heat and Moisture Exchangers (HME) device manufacturer to maximize its manufacturing and marketing in rehabilitation, acute & long-term care, and home care markets.
In another instance, in August 2019, Ekso Bionics Holdings introduced gen-next of its EksoGT intuitive robotic exoskeleton, EksoNR, with uses in neurorehabilitation purposes. The novelty helps patients in recovering from strokes.
The global economic turmoil caused by the ongoing COVID-19 crisis brought alarming and unanticipated impacts on numerous businesses worldwide. The demand for rehabilitation devices saw a significant boom owing to increasing usage by the hospitalized patients recovering from the infection given the rising pervasiveness of physical performance and impairment muscle weakness.
The growing number of research activities also positively influenced the progression of the market. For instance, in June 2021, Malmö University researchers introduced a novel smell training device for rehabilitation post the pandemic.
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