Portland, OR, April 11, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global rehabilitation equipment market generated $19.50 billion in 2021, witnessing a CAGR of 7.7% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $19.50 billion |
| Market Size in 2031 | $41.3 billion |
| CAGR | 7.7% |
| No. of Pages in Report | 263 |
| Segments Covered | Product type, Application, End User, and Region |
| Drivers | A rise in the geriatric population suffering from osteoarthritis |
| The increase in the prevalence of chronic diseases, such as rheumatoid arthritis, multiple sclerosis, Parkinson's disease, and others | |
| The surge in technological advancements for rehabilitation equipment | |
| Opportunities | The rise in the demand for elderly and disabled assistive services |
| An increase in the geriatric population suffering from permanent and temporary disabilities in developing countries | |
| Restraints | High costs associated with rehabilitation devices |
Covid-19 Scenario
- The rehabilitation equipment market was negatively impacted by the outbreak of the COVID-19 pandemic due to a decrease in the number of sports-related activities and sports tournaments.
- The pandemic also led to the reduced rate of road accidents due to lockdowns imposed by governments of various countries. Thus, the overall impact of the COVID-19 pandemic remained negative on the rehabilitation equipment market owing to the disrupted healthcare services.
- However, the market has recovered post the pandemic. A rapid increase in the geriatric population and change in lifestyle lead to an increase in the number of chronic diseases, arthritis, and other cases, thereby driving the market growth.
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The report offers a detailed segmentation of the global rehabilitation equipment market based on product type, application, end user, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
Based on product type, the mobility aids segment held the largest share in 2021, accounting for nearly half of the global rehabilitation equipment market and would dominate the market in terms of revenue through 2031. Also, the same segment would cite the fastest CAGR of 8.1% from 2022 to 2031. The report also discusses daily living aids, exercise equipment, and body support devices segments.
In terms of application, the physiotherapy segment captured the largest market share of nearly half of the global rehabilitation equipment market in 2021 and is expected to lead in terms of revenue in 2031. The same segment is expected to achieve the fastest CAGR of 8.1% during the forecast time period. The report also analyzes the occupational therapy and others segments.
On the basis of end user, the hospitals and clinics segment accounted for the highest share in 2021, holding more than two-fifths of the global rehabilitation equipment market revenue and is expected to maintain its lead in terms of revenue during the forecast period. The same segment is estimated to grow at the highest CAGR of 8.1% throughout the forecast period. The report also studies rehabilitation centers and homecare settings segments.
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By region, North America held the largest share in 2021, contributing to around two-fifths of the global rehabilitation equipment market revenue and is projected to maintain its dominant share in terms of revenue during the forecast period. On the other hand, the Asia-Pacific region is expected to manifest the fastest CAGR of 8.7% during the forecast period. The other regions analyzed in the study include LAMEA and Europe.
The leading market players analyzed in the global rehabilitation equipment market report include ReWalk Robotics Ltd., Roma Medical, Medline Industries, LP, Caremax Rehabilitation Equipment Co. Ltd, GF Health Products, Inc., Medical Depot, Inc., Hospital Equipment Mfg. Co., Baxter International Inc., Ekso Bionics, and Invacare Corporation.
The report analyzes these key players of the global rehabilitation equipment market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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