Global Rehabilitation Equipment Market to Grow at a CAGR of 5.9% to reach USD 19.8 billion from 2022 to 2027
The Global Rehabilitation Equipment Market is projected to reach USD 19.8 billion by 2027 from USD 14.9 billion in 2022, at a CAGR of 5.9% during the forecast period. The growth of this market is primarily driven by the increasing prevalence of chronic diseases such as arthritis and cancer, requiring rehabilitation therapies, high risk of injuries to caregivers during the manual handling of patients, rising geriatric and obese populations, and increasing demand for rehabilitation therapies owing to increasing access to healthcare. However, reimbursement issues and persistent difficulties in handling bariatric patients are some of the key challenges in the market.
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Key Market Players:
Baxter International (US), Invacare Corporation (US),
Medline Industries, LP (US), Arjo (Sweden), Colfax Corp. (US), Dynatronics
Corp. (US), Handicare Group AB (Sweden), Drive DeVilbiss International
(Germany), Etac AB (Sweden), GF Health Products Inc. (US), Joerns Healthcare
LLC (US), Prism Medical UK Ltd. (UK), Guldmann (Denmark)
Rehabilitation Equipment Market Dynamics
Drivers:
The manual handling of disabled patients may result in
severe musculoskeletal injuries to caregivers. The risk of back injuries
increases during lateral transfer, as caregivers must reach over the stretcher
to the bed and physically pull the patient across onto a stretcher. This
movement forces the body of caregivers into an awkward posture, which can cause
musculoskeletal discomfort.
Injuries occurring at healthcare institutions involve direct
and indirect costs—direct costs include expenses incurred in the treatment of
injuries and the total man-days lost at work, while indirect costs are very
difficult to measure and involve the diminished function of caregivers.
Workers at healthcare institutions report substantial pain
from work injuries even after many months. Also, injuries to caregivers affect
patient care as there are generally no provisions for replacing injured workers
on an immediate basis. As a result, a smaller number of caregivers have to move
and lift the same number of patients, which affects the quality of care,
especially for patients with limited mobility. This, in turn, results in an
increase in the length of stay of patients in hospitals, which adds to the
overall healthcare expenditure. After the implementation of safe rehabilitation
care programs, various rehabilitation equipment such as mobility solutions
(including wheelchairs and patient lifts) are being used across healthcare
institutions.
Manual handling of patients while transferring them from one
place to another across rehabilitation care centers result in injuries to
caregivers. This leads to missed workdays and loss of income, while also
jeopardizing the health and well-being of patients. In order to overcome these
challenges, the healthcare facilities are focusing on providing optimal care
without putting their personnel at risk. As a result, the demand for tools like
patient lifts, slings, and wheelchairs has increased, thereby boosting the
sales growth in rehabilitation equipment market.
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Opportunities: Rising demand for home healthcare services
Globally, an increasing number of government regulations are
being implemented to reduce the duration and cost involved in healthcare
treatments. The provision of services at a patient’s home is typically more
cost-effective than in institutions, particularly if the available informal
care is used effectively. Moreover, with the evolution of new technologies,
such as remote patient monitoring, the home care segment is expected to witness
significant growth in the coming years. The growing demand for home care will,
in turn, increase the demand for equipment required for treating patients in
home care settings, including patient transfer devices, mobility devices, and
medical beds, in the coming years.
“Europe to witness the highest growth rate during the
forecast period.”
Europe accounted for the largest share of the global
rehabilitation equipment market. The large share of this regional segment is
attributed to a significant contribution from an economically stable and
technologically advanced countries such as Germany, UK, and France. Increasing
geriatric population and rising prevalence of musculoskeletal disorders across
these countries are driving the market growth in Europe. The Asia Pacific
market is projected to register the highest CAGR during the forecast period.
Market growth in the Asia Pacific is attributed to the rising healthcare
expenditure and growing number of healthcare facilities in Asian countries.
Recent Developments
·
In May 2022, Etac AB (Sweden) announced the
launch of R82 Crocodile (size 0), the smallest walking aid by the company.
·
In March 2022, Medline Industries, LP (US)
announced a USD 725 million prime vendor partnership with Mount Sinai Health
System (US), to enhance their supply chain strategy and improve patient
outcomes.
·
In March 2022, Prism Medical (UK) announced a partnership
with IoT Solution Group (UK), to enable Prism Medical to advance its existing
product portfolio and expand into the smart healthcare market.
·
In February 2022, Invacare announced the launch
of its next-generation e-fix eco Power Assist Device to upgrade its manual
wheelchairs.
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