Transparency Market Research (TMR) has published a new report titled, ‘Home Rehabilitation Products & Services Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global home rehabilitation products & services market was valued at US$ 93462.4 Mn in 2018 and is projected to expand at a CAGR of 6.5% from 2019 to 2027.
Overview
Rehabilitation products serve a set of measures that help people suffering from disabilities such as musculoskeletal conditions, amputation, and drug abuse to improve, maintain, and restore physical strength and mobility
Home rehabilitation products comprise positioning devices, body support devices, general aids, wheelchairs, and others (walkers, canes, crutches, arm and shoulder slings, etc.)
Number of patients with chronic diseases such as arthritis, cancer, acquired immunodeficiency syndrome (AIDS), chronic obstructive pulmonary disease (COPD), stroke, and respiratory diseases are increasing across the world. Home rehabilitation products and services serve as alternatives for treatment and management of these diseases. Rise in prevalence of chronic diseases coupled with an aging population supports the growth of the home rehabilitation products and services market during the forecast period.
Technological advancements in home rehabilitation products is the key driver of the home rehabilitation products market
Recent advancements in medical science have led to an increase in life expectancy of people, with more number of people exceeding the average age of 50 years. Changing demographics and rise in geriatric population is shifting a substantial population to the high illness categories that require continuous medical interventions. The global rise in the geriatric population and changing lifestyles are the common risk factors associated with the development of chronic diseases.
According to the United Nations, the number of people aged 60 years and above is likely to increase from 841 million in 2013 to over 2 billion by 2050. Furthermore, according to the U.S. Census Bureau, in 2011, the baby boomers began turning 65 years of age and by 2029 over 20 percent of the U.S. population will be more than 65 years of age.
The geriatric patient base would require repeated hospitalization. Hence, rise in geriatric population and baby boomers is expected to increase demand for medical services at home that includes rehabilitation services. This is likely to fuel the growth of the home rehabilitation products and services market.
Services Segment to Dominate Market
Based on type, the global home rehabilitation products & services market has been divided into products and services.
Factors such as increase in number of surgical procedures, aging population, increased access to health care, surge in health care spending, rise in prevalence of lifestyle-related diseases, and high benefits offered by rehab services to patients are anticipated to boost the growth of the home rehabilitation services market during the forecast period.
Rehabilitation products serve a set of measures that help people suffering from disabilities such as musculoskeletal conditions, amputation, and drug abuse to improve, maintain, and restore physical strength and mobility. Home rehabilitation products comprise positioning devices, body support devices, general aids, wheelchairs, and others (walkers, canes, crutches, arm and shoulder slings, etc.).
Wheelchairs to be Highly Lucrative Segment
In terms of product type, the global home rehabilitation products & services market has been classified into positioning devices, body support devices, c-pap, wheelchairs, and others.
Wheelchairs support disabled and elderly individuals maintain their mobility. Market players offer three types of wheelchairs: basic, powered, and manual.
Manual wheelchairs account for the majority market share globally. These chairs are equipped with various other features such as bags and accessory holders.
A large number of companies are offering a wide range of wheelchairs as per the specific needs and requirements of patients. For example, Invacare Corporation offers custom manual wheelchairs, power wheelchairs, IVC manual wheelchairs, and top-end everyday chairs in its portfolio.
North America to Dominate Global Market
In terms of region, the global home rehabilitation products & services market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global home rehabilitation products & services market in 2018, followed by Europe.
Technological advancements, high prevalence, high benefits offered by rehab services, and incidence rates of diseases such as chronic obstructive pulmonary disease (COPD) drive the market in North America. Additionally, aging population and shifting focus of patients from hospital stay to home care is expected to fuel the growth of the home rehabilitation market in the region.
Asia Pacific is considered an emerging market for home rehabilitation products and services due to rise in demand for low cost home rehabilitation services alternatives
Competitive Landscape
The global home rehabilitation products & services market is fragmented in terms of number of players. Key players in the global market include Stryker Corporation, Prism Medical (subsidiary of Handicare Group AB), Invacare Corporation, DJO Global, Hocoma AG, Ekso Bionics Holdings, Inc., RehabCare, AliMed, Inc., Active Medical & Rehabilitation Services Pvt. Ltd., ergoline GmbH, Performance Health, Medline Industries, Inc., among others
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Devanand Joined: April 9th, 2021 Articles Posted: 216
