(PharmaNewsWire.Com, December 16, 2020 ) According to the new market research report "Rehabilitation Equipment Market by Product (Mobility, Cane, Crutches, Walker, Body Support, Lift, Beds, Sling, Exercise, Therapy, Reading, Writing), Application (Physical, OT, Strength) End User (Physiotherapy, Hospital, Clinic) - Global Forecast to 2025" published by MarketsandMarkets™.
Revenue Growth Opportunities and Growth Drivers?
The Global Rehabilitation Equipment Market is projected to reach USD 16.6 billion by 2025 from USD 12.9 billion in 2020, at a CAGR of 5.2%.
Growth Boosting Factors:
# Increasing Incidence of Chronic Diseases
# Rising Geriatric Population
# Growth Potential in Emerging Countries
Recent Developments in Rehab Equipment Market:
- In January 2020, Medline Industries, Inc. (US) acquired Médi-Sélect (Canada), a medical and dental supplies distributor, to expand its geographical presence and position in the Quebec market.
- In November 2019, GF Health Products, Inc. (US) launched the Lumex Clinical Care Recliner.
- In January 2018, GF Health Products, Inc. (US) acquired Intensa, Inc. (US) This acquisition allowed GF Heath Products to expand its existing product portfolio in medical/laboratory seating, casework, furniture, and equipment.
Prominent players in the Rehabilitation Equipment Market include Invacare Corporation (US), Medline Industries, Inc. (US), Hill-Rom Services Inc. (US), Dynatronics Corporation (US), Drive DeVilbiss Healthcare (US), DJO Global, Inc. (US), Carex Health Brands, Inc. (US), Roma Medical (UK), Caremax Rehabilitation Equipment Co., Ltd. (China), GF Health Products, Inc. (US), Etac AB (Sweden), Joerns Healthcare (US), Prism Medical UK (UK), EZ Way, Inc. (US), TecnoBody (Italy), Proxomed (Germany), Handicare (Sweden), Sunrise Medical (Germany), Enraf-Nonius (Netherlands), and Antano Group (Italy).
Geographical Regions Mapped in Report:
In 2019, Europe accounted for the largest share of the Rehab Equipment Market. Factors such as supportive government initiatives for safe patient handling, rising geriatric population, and the high burden of chronic conditions are driving the growth of the European market. On the other hand, the market in the Asia Pacific is projected to register the highest CAGR during the forecast period. This can be attributed to the growing prevalence of chronic conditions, increasing venture capital investments, availability of technologically advanced products, and strategic expansion of market players in this region.
Based on product, is segmented into therapy equipment, daily living aids, mobility equipment, exercise equipment, and body support devices. The therapy equipment segment is projected to register the highest growth rate during the forecast period. The growth of this segment is primarily attributed to the increasing incidence of various injuries and chronic conditions.
Based on end user, the rehabilitation equipment market is segmented into hospitals and clinics, rehabilitation centers, physiotherapy centers, home care settings, and other end users. The home care settings segment is projected to grow at the highest CAGR during the forecast period. The growth of this end-user segment can be attributed to the increasing focus on reducing healthcare costs and government initiatives to promote home healthcare. In addition, healthcare spending for home services has grown significantly, reflecting an increase in the use of home-based services.
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