REHABILITATION EQUIPMENT MARKET ANALYSIS

Market Challenges And Opportunities

• Lack of awareness and access to rehabilitation services
• Unfavourable reimbursements

Market Drivers:

1. Growing incidences of musculoskeletal and noncommunicable diseases is expected to propel growth of the global rehabilitation equipment market during the forecast period. For instance, the need for rehabilitation worldwide is predicted to increase due to changes in the health and characteristics of the population. According to the World Health Organization (WHO), around 2.4 billion people around the world are currently living with the health condition that benefits from rehabilitation. This in turn is expected to increase demand for rehabilitation equipment, rehabilitation is an essence of health care in preserving the remnant activities of people living with musculoskeletal and noncommunicable diseases.
2. Increasing demand for rehabilitation care worldwide is expected to boost the growth of the global rehabilitation equipment market over the forecast period. Rehabilitation can reduce the impact of a broad range of health conditions and also complement other health interventions (such as medical and surgical interventions), helping to achieve the best outcome possible. For instance, in February 2021, Rehabs Near Me announced the launch of a 24*7 service to assist people in the United States looking for rehab centres. A 24*7 service is launched to provide a broad range of rehab services to people in the U.S.

Market Restraints:

1. Lack of awareness and access to rehabilitation services is expected to hinder growth of the global rehabilitation equipment market. For instance, lack of awareness among people and lack of accessibility pose a negative impact on the growth of the market. For instance, although the demand for rehabilitation services is growing across the globe, access to rehabilitation is based more on eligibility than demand alone.
2. Unfavourable reimbursements is expected to hamper the growth of the global rehabilitation equipment market. For instance, though rehabilitation programs significantly reduce mortality & morbidity and improve work & quality of life for people with chronic diseases, rehabilitation programs are under-utilised. This in turn also pose a negative impact on the market growth.

Market Opportunities:

1. High demand for rehabilitation equipment is expected to offer lucrative growth opportunities for players in the global rehabilitation equipment market. For instance, February 2021, Fujitsu announced the launch of AI-powered physical rehabilitation solution in Japan, the ‘FUJITSU Healthcare Solution HOPE ROMREC’, offering medical institutions like hospitals and clinics a powerful new tool for rehabilitation and orthopedic therapies. The solution leverages a new AI technology to automatically measure the range of motion of the shoulder and elbow joints from videos of patients' rehabilitation sessions.
2. Rising awareness initiatives regarding rehabilitation therapies is expected to offer lucrative growth opportunities for players in the global rehabilitation equipment market. For instance, in November 2021, Philips Foundation, with its mission to provide access to the quality healthcare for disadvantaged communities through innovation, and social service agency Singapore Heart Foundation announced a partnership to address the lack of patient participation in rehabilitation programs and adherence to medication.