Global Physiotherapy Equipment Market is Estimated to Reach $28 Billion by 2024
Global Physiotherapy Equipment Market report published by Accurize Market Research forecast that the global market is expected to reach $28 billion by 2024; growing at a CAGR of 7% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing prevalence of cardiovascular and neurological disorders to drive the global market
Factors such as the increasing prevalence of cardiovascular and neurological disorders, growing geriatric population, technological advancements and growing number of physiotherapy clinic drive the growth of the global physiotherapy equipment market. Moreover, growing awareness among people of emerging economies and technological innovations such as robotic-assisted systems, interactive video systems, exoskeletons, and others might provide growth opportunities. Though, high maintenance costs might hamper the growth in the forecast period.
The global physiotherapy market is split into product, application, end-user, and geography. By product type, the market is bifurcated into equipment (hydrotherapy, cryotherapy, continuous passive motion (CPM), electric stimulation, heat therapy, therapeutic exercises, ultrasound, and others) and accessories (orthoses and others). Application is segmented into musculoskeletal, neurology, cardiovascular and pulmonary, pediatric and others. End-user is categorized into hospitals, clinics, and others.
North America, Europe, Asia-Pacific and the Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and the Rest of Europe. Asia-Pacific countries include China, India, Japan, South Korea and Rest of Asia Pacific. The rest of the World (RoW) covers South America, Africa, and the Middle East.
"Equipment accounted for the largest market share in the product type segment", says Accurize
In the product type segment, equipment accounted for the major share in 2017, followed by accessories. Musculoskeletal held the largest segment share and is also expected to dominate the market with the fastest CAGR during the forecast period. Hospitals held the major chunk in the segment in 2016 and are expected to dominate with the fastest CAGR.
"North America dominated the global market with the highest market share over the forecast period", says Accurize
North America accounted for the largest share of the market followed by Europe in the year 2017. The Asia Pacific is the fastest-growing region in the global market, driven by, improving the healthcare sector, a high rate of patients suffering from osteoporosis and a rise in the level of health awareness.
Top players in the market
Major companies operating in the market include Enraf-Nonius B.V., Patterson Companies Inc., Whitehall Manufacturing Inc., EMS Physio Ltd., BTL Industries, Inc., Isokinetics, Inc., Algeo Limited, DJO Global, Inc., Dynatronics Corporation, Inc., and HMS Medical System among others.