Newark, NJ, July 28, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global physiotherapy equipment market is expected to grow from USD 19.90 billion in 2019 and to reach USD 36.02 billion by 2027, growing at a CAGR of 7.70% during the forecast period 2020-2027.
The aged person is highly susceptible to various debilitating and chronic diseases. The incidence of hip fractures, dementia and strokes are increasing along with age. Hence, the ageing population have different types of disabilities which is contributing majorly to the growth of the physiotherapy equipment market. Fluctuations in healthcare coverage and insurance policies result in out-of-pocket costs for patients. It results in variabilities in services. It also hampers the quality of care provided. Out-of-pocket payment becomes essential when the patient surpasses the limits of receiving therapy under insurance benefits. And to continue receiving services, individuals opts for out-of-pocket payment. It hampers the growth of the physiotherapy equipment market. Patients are responsible for co-insurance, co-pay and meeting a high deductible until co-insurance begins. Costs can be a restrictive factor that limits patients' access to services. Hence, patients opt for not getting therapy, while some patients cannot engage in daily activities or resume work. Also, arbitrary visit limits do not fall under initial diagnosis or severity, which results in complications and variabilities in rehabilitation progress.
Physiotherapy is aimed at enhancement, restoration and preservation of physical function. It is highly recommended in a situation where a patient is impaired by injury, disability and disease. The inpatient physiotherapy treatments are offered to the patient post-surgery. Physiotherapy is classified into various types of procedures, including therapeutic exercises and physical modalities. Patients suffering from spinal cord injuries are offered robot-assisted walking, anti-gravity treadmills and dry needling procedures. And patients suffering from cardiovascular diseases and strokes are offered computer-aided therapy programs. Physicians are highly prescribing physiotherapy due to the additional advantages of physiotherapy, which results in increased demand for physiotherapy equipment.
Opportunities for the physiotherapy equipment market are flourishing home healthcare sector, growing healthcare standards and ageing population base. Also, manufacturers are emphasizing on emerging markets due to increased competition in mature markets. It results in potential opportunities for manufacturers in order to expand their businesses. Acupuncture is a viable alternative to physiotherapy and is accepted as well as widely used in the medical community. Acupuncture is beneficial in varieties of conditions such as sports injuries, headaches and migraines, nerve pain, muscle and joint problems, back and neck pain, chronic injuries and acute injuries. It has several benefits, including low cost and high patient compliance. It challenges the growth of the market as patients opt for acupuncture over other physiotherapy options.
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Key players operating in the global physiotherapy equipment market include BTL Industries Inc., ITO Co., Ltd., Dynatronics Corporation, EMS Physio Ltd., Zimmer MedizinSysteme GmbH, STORZ Medical AG, DJO Global, Enraf-Nonius B.V., Whitehall Manufacturing, Performance Health, Mectronic Medicale and Zinex Inc. To gain the significant market share in the global physiotherapy equipment market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership.
- In February 2019, Colfax acquired DJO Global, Inc. for USD 3.15 billion. The acquisition was done in order to expand the product portfolio of Colfax in the orthopaedic segment.
- In May 2019, Athletico acquired Maximum Impact Physical Therapy. MIPT offers specialized therapy services such as physical therapy and occupational therapy. The acquisition was done in order to expand Athletico's business in Tucson (Arizona) and Texas (Dallas) market.
Electrotherapy equipment segment dominated the market and held the largest market share of 12.57% in the year 2019
The product segment includes physiotherapy tapes and bandages, physiotherapy furniture, magnetic and pressure therapy equipment, traction therapy equipment, laser therapy equipment, shockwave therapy equipment, continuous passive motion therapy equipment, combination therapy equipment, cryotherapy equipment, exercise therapy equipment, ultrasound equipment and electrotherapy equipment. Electrotherapy equipment segment held the largest market share of 12.57% in the year 2019. The factors such as therapeutic electrical stimulation as well as neuromuscular electrical stimulation in clinical settings are contributing to the growth of the market.
The musculoskeletal segment dominated the market and valued at USD 4.66 billion in the year 2019
The application segment includes gynaecological applications, pediatric applications, cardiovascular & pulmonary applications, neurological applications and musculoskeletal applications. The musculoskeletal segment dominated the market and valued at USD 4.66 billion in the year 2019. Increased demand for physiotherapy equipment due to a rise in the incidence of musculoskeletal diseases is contributing to the growth of the market.
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Regional Segment Analysis of the physiotherapy equipment market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global physiotherapy equipment market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America has the largest share in the physiotherapy equipment market in 2019. The factors such as increased cases of accidents and mishaps, rise in the incidence of osteoporosis and increased in the number of ageing population are driving the growth of the market.
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About the report:
The global physiotherapy equipment market is analyzed on the basis of value (USD Billion), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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