Physiotherapy Equipment Market

Market Overview

The global physiotherapy equipment market size was valued at USD 19.27 billion in 2021, and it is anticipated to reach USD 34.57 billion by 2030 at a CAGR of 6.71%.

 Physical therapy, also commonly referred to as physiotherapy, is a form of treatment involving examining, diagnosing, and treating disorders using therapies involving movement of the body. Patients with various disabilities and illnesses can be helped by physical therapists who have access to various kinds of equipment. These pieces of apparatus are collectively referred to as physiotherapy equipment.

Most of this equipment and devices are used to do mundane tasks expediently and comfortably. Numerous treatment modalities are utilized to effect repairs in various parts of the body. Physiotherapy, which treats patients by applying mechanical force and movement, is quickly becoming more popular for various reasons, including city living, an ageing population, and the lifestyle of those who work in corporate environments.

Market Dynamics

Driving Factors

Increasing Rates of Physical Injuries and Sedentary Lifestyles

The World Health Organization claims that the costs of leading a sedentary lifestyle are increasing dramatically. It has been determined that as of 2016, more than a billion adults were not exercising enough. Due to increased stress levels brought on by work and family obligations, people are becoming less willing to engage in physically demanding activities, leading to an increase in orthopaedic disorders.

Growing urbanization has resulted in higher pollution levels brought on by traffic congestion and construction activity, along with a loss of open space to add fuel to the fire. People are less motivated to engage in any form of exercise or sports due to the worsening air quality resulting from this.

Injury risks from brittle bones and frozen joints have increased as physical activity declines. To solve these problems, people are turning more and more to physiotherapy treatments, leaving gaps in the market for suppliers to increase sales of the necessary equipment in well-known areas.

Additionally, the physiotherapy equipment market has expanded on the fertile ground due to the rise in traffic accidents. Accidents result in emotional damage and severe physical abnormalities like whiplash, herniated discs, and knee trauma that can be addressed with physiotherapy. Braces and other devices to reduce pain are frequently used to prevent injuries from worsening.

Increasing Proportion of Older People in the Population

According to projections made in World Population Prospects: 2019 Revision, the percentage of older adults in the world's population will more than double by the year 2050, rising from 9 per cent to one in every six individuals. In North America and Europe, at least one out of every four people is 65.

Based on these facts, it is reasonable to conclude that the prevalence of age-related disorders, both physically and mentally, will increase by multiples in the future. It also includes conditions affecting the musculoskeletal system and the muscles. Increased demand for physiotherapy has been a major driver of the Physiotherapy Equipment Market's recent rise.

In addition, geriatric physiotherapy has become more critical because senior patients often have many co-morbidities, such as cardiovascular degeneration, vision loss, hearing loss, diabetes, and other conditions. Manufacturers are making significant investments in the research and development of cutting-edge physiotherapy equipment for the senior population to reduce the pain that patients experience.

Restraining Factors

Uncertainty surrounding physiotherapy reimbursement

Changes in healthcare insurance coverage and rules significantly impact individuals' out-of-pocket expenses. It could result in service variations and affect the standard of care given. Patients frequently have to pay out of cash due to differences in coverage between and between federal and private payers. Before co-insurance kicks in, patients can be responsible for a co-pay, co-insurance, facility fees, and reaching a large deductible. For treatments, co-pays might be as much as USD 75 per visit. These expenses may restrict patient's access to care, preventing them from receiving therapy in some cases and preventing others from returning to work or participating in daily activities.

Additionally, patients are subjected to arbitrary visit restrictions each year that do not correspond to initial diagnostic or severity criteria, which causes variations in the course of rehabilitation and consequences. As a result, most patients go above the amount of therapy they can receive under insurance coverage, leaving them with little choice except to pay for services out of pocket. Variations in coverage will therefore hinder the expansion of the physiotherapy equipment market as a whole.

Global Physiotherapy Equipment Market Opportunities

Developing economies are creating growth opportunities

The markets for physiotherapy equipment are expanding in countries such as China, Japan, India, Brazil, and Australia. Service providers unable to meet US requirements have a huge advantage in these areas because of the lack of relevant standards and government regulations.

Because of China's rapidly ageing population and the country's increasing prevalence of chronic diseases, the country's healthcare infrastructure desperately needs renovation. In 2013, China was home to 83.7 million people with impairments, of which 65 million require assistance to live independently. By 2025, the elderly (those aged 60 or over) will account for 20 per cent of China's total population. Similarly, Japan is another nation with one of the world's populations quickly ageing and becoming increasingly elderly. By the year 2025, 36 percentage points of Japan's population will have reached the age of 60 or older. Because of its vast ageing population base, rising healthcare standards, and thriving home healthcare sector, India is also a high potential market for physiotherapy equipment. It is due to India's improving healthcare standards. In addition, the growing competition in established areas will force physiotherapy producers to shift their attention to developing countries.

Segmental Analysis

The global market for physiotherapy equipment is divided into five parts based on application, type, demographics, end-use and region. Further, the market is divided into Pediatrics, Neurology (Stroke, Spinal Cord Injuries, Parkinson’s Disease, Multiple Sclerosis, Cerebral Palsy and Others), Cardiovascular & Pulmonary, Musculoskeletal and Others based on application. The musculoskeletal sector represented the largest market share in 2021, with a share of 60.3 per cent. The leading cause of this is the rise in musculoskeletal illnesses. Around 1.71 billion people worldwide experience musculoskeletal problems, according to the WHO.

Based on type, the market is broken down into Cryotherapy, Therapeutic Exercise, Hydrotherapy, Continuous Passive Motion (CPM), Heat Therapy, Ultrasound, Electric Stimulation and Others. With a market share of 41.7 per cent in 2021, the ultrasound category led the physiotherapy equipment market and is anticipated to increase over the coming years. Through the reduction of oedema and swelling, ultrasound therapy accelerates the healing process. Manufacturers' development of cutting-edge items and regulatory approval are factors in the segment's growth.

The market is bifurcated into Geriatric Population and Non-geriatric Population based on demographics. In 2021, a sizable market came from the non-geriatric patient population. Over the projection period, an increase in hospital visits and stays is anticipated to benefit segment growth.

According to end-use, the market is divided into Rehabilitation Centers, Hospitals & Clinics and Others. A considerable patient base and the execution of several hospital initiatives contributed to the hospitals & clinics category holding the most significant market share. Additionally, most patients opt to receive their treatments at multispecialty hospitals or specialized clinics due to the high cost of physiotherapy equipment.

The market is broken down into Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa based on the region. North America dominated the market.

Regional Analysis

The global market for physiotherapy equipment is broken down into North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa based on the region.

A growing number of accidents and mishaps, osteoporosis cases, and an ageing population have made North America the world's leading market for fall prevention products. The fact that many hospitals and companies give home care services to people who are convalescing is another factor that is contributing to the expansion of the market. It's also likely that the number of people suffering from chronic diseases like Parkinson's, paralysis, and spinal injuries will continue to rise. Pain in any muscle, joint, or bone was reported by 52.1 per cent of adults aged 18 years and older in the United States in 2017, according to a survey carried out by the National Center for Health Statistics. Lower back pain was the most frequent type, impacting 28.6 per cent of the population.

During the time covered by the projection, the Asia-Pacific region is anticipated to experience a phenomenal growth rate. The market in the Asia-Pacific region is set to experience a surge as a result of factors such as an improving reimbursement scenario for physical therapy, a growing elderly population, and an increasing incidence of degenerative neurological, cardiovascular, respiratory, and musculoskeletal conditions.

Recent Developments

• In January 2022, BTL Industries, one of the largest medical equipment producers for physical therapy, cardiology, and medical aesthetics globally, announced its first robotic rehabilitation device transaction was completed.
• In 2022, IMAP announced the acquisition of Enraf-Nonius by Zimmer MedizinSysteme GmbH ("Zimmer"), a major European producer of physiotherapy systems, cutting-edge cardiologic goods, and diagnostic tools, and aesthetic products.