Global Rehabilitation Equipment Market - 2022-2029

Global Rehabilitation Equipment Market - 2022-2029

Market Overview

The Global Rehabilitation Equipment Market size was valued at US$ XX million in 2023 and is estimated to reach US$ XX million by 2030, growing at a CAGR of 4.6% during the forecast period (2023-2030).

The most crucial aspect of any rehabilitation aid or equipment is the ability of the equipment to offer the highest support without causing any additional discomfort to the patients who are already in pain. Various support & braces provide help for correcting or treating painful conditions efficiently.

Market Dynamics

The market for rehabilitation equipment is driven by the increase in the number of people with disabilities and people affected with chronic diseases such as diabetes, rising advanced technology, increasing demand for therapies and the rising investment in healthcare infrastructure in emerging markets.

The rising technological advancements and increasing investment in healthcare infrastructure are expected to drive the market’s growth.

The rehabilitation equipment market is driven by rising advancements in technology, an increase in demand for physical therapy equipment, a surge in research and development investments, an increasing number of chronic disorders such as neurodegenerative disorders or diabetes, and improvements in novel products using the latest technology along with advances in medical infrastructure in emerging markets. Chronic diseases affect millions worldwide, with diabetes alone affecting 422 million people. With the number of people affected by these disorders increasing worldwide, the demand for rehabilitation equipment.

Technological advances have resulted in increasing rehabilitation equipment adoption. The rising number of surgical procedures, increasing awareness about physiotherapy or occupational therapy and rising healthcare expenditure by governments and the private sector could lead to higher infrastructure investments and drive the rehabilitation equipment market.

Various novel product launches and research studies contribute to the market’s growth. For instance, in May 24, 2022, Invacare Corporation announced the introduction of its innovative lift Birdie Evo XPLUS in the U.S. For the post-acute care setting, Birdie Evo is the latest novel patient lift solution. Birdie Evo XPLUS, with its modern and sleek design, offers innovative technology that maximizes security and comfort during transferring or lifting a patient to or from a chair, bed or floor. It has a user-friendly ergonomic sling hook and Slow’R integrated dampener, an innovative hardware piece that minimizes the rocking movement.

The high cost associated with rehabilitation equipment is expected to hamper the market’s growth.

The global market for rehabilitation equipment is restrained by the high cost of rehabilitation equipment, including occupational therapy, as well as physical therapy or exercise equipment which costs around $3,029. The cost of an electric wheelchair can range between $1,000- $15,000 approximately. The price range for a portable mobility scooter will be nearly $700.

The cost of this equipment is so high that people from low or middle-income countries can’t buy these products. As these devices are expensive, they also need huge maintenance investment as these have a complex system and hence need proper maintenance for better functioning. Hence, the overall expenses of this rehabilitation equipment can hinder the market’s growth.

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely affected the healthcare industry. The rehabilitation equipment market has experienced huge losses due to COVID as various research, and clinical trials got delayed and postponed due to the increasing cases of COVID. Key manufacturers have started various research and clinical trials. Multiple initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market’s growth. For instance, in January 28, 2021, Dynatronics Corporation, athletic training, rehabilitation products, and physical therapy manufacturer, introduced its novel bariatric stand-in table along with a premium laminated H-brace treatment table and a motorized patient lift.

Segment Analysis

The mobility rehabilitation equipment segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The mobility rehabilitation equipment segment is the highest market holder in the global rehabilitation equipment market. The global rehabilitation equipment market is segmented based on product type in daily living aids, mobility equipment, exercise equipment and body support devices. The mobility equipment segment is the largest market shareholder due to its rising adoption and demand owing to increasing disabilities, increase in technological advancements and novel product launches.

Mobility aids devices are specially developed to help people facing moving around issues and enjoy freedom and independence. Generally, people who are injured or disabled, or older adults with an increased risk of falling, use these mobility aids. These mobility devices offer several advantages to users, such as reduced pain, more independence, and boosted self-esteem and confidence. The mobility equipment segment is further sub-segmented into wheelchairs & scooters, and walking assist devices.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market’s growth. For instance, in Feb 7, 2022, Invacare Corporation introduced its next-generation e-fix eco, a power assist device. A manual wheelchair gets transformed into a portable power chair via a battery, joystick, and in-wheel motors. Alber e-fix eco power assist is furnished with a novel modern design for the color display, wheel hub, battery, and bag. The e-fix eco displays a significant upgrade or advancement from the previous generation.

Geographical Analysis

North America holds the largest market share in the global rehabilitation equipment market.

North America dominates the global rehabilitation equipment market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively high pace during the forecast period due to healthcare expenditure in the US. The market’s significant size is attributed to the high medical expenditure. The number of people affected with chronic disease is projected to rise to 629 million by 2045, as per the International Diabetes Federation.

Increasing expenditure on healthcare and raising awareness among people is also contributing to the market’s growth in this region. Advancement of applications of rehabilitation equipment in physiotherapy or occupational therapy, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the rehabilitation equipment market.

Moreover, the growing number of product launches is responsible for the market’s growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in August 8, 2022, Sunrise Medical announced the launch of RGK, a premium and advanced made-to-measure manual wheelchair range in North America. RGK wheelchairs develop every day and made-to-measure sports wheelchairs. The chair is built individually to suit its rider's unique individuality and requirements.

Competitive Landscape

The rehabilitation equipment market is moderately competitive with local and global companies’ presence. Invacare Corporation, Medline Industries, LP, Dynatronics Corporation, Ekso Bionics, GF Health Products, Inc., Drive DeVilbiss Healthcare, Maddak, Savaria, Etac AB, Sunrise Medical and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market’s growth. For instance, in February 24, 2021, Dynatronics Corporation, a company manufacturing athletic training, rehabilitation products and physical therapy, announced that Bird & Cronin, LLC, its wholly-owned subsidiary, has renewed its purchasing agreement with Intalere, a national group purchasing healthcare industry organizations. The novel agreement extends the partnership through January 2024.

Invacare Corporation.

Overview: Invacare Corporation is a developer and distributor of medical equipment utilized in non-acute care settings. The company develops, manufactures and commercializes medical devices to help people breathe, move, rest and perform necessary hygiene. Invacare offers clinically complex medical devices for degenerative and congenital ailments.

Product Portfolio:

UltraLow Maxx System: Ultra Low Maxx is a power mobility product of power positioning systems that combines durability and function with the sleek novel Ultra Rail, offering a broad range of accessory mounting possibilities and approximately four inches of several seat depth adjustments.

Key Development: In January 13, 2022, Invacare Corporation announced its exciting novel features in LiNX electronics which integrates Invacare’s well-known MK6 features. The LiNX system controls a power wheelchair making it easy to operate for end users.

The global rehabilitation equipment market report would provide access to approx.: 45+ market data tables, 40+ figures and 200 (approximate) pages.