April 17, 2024
Physiotherapy Equipment Market

Increasing Investments in Physiotherapy Equipment Push the Market Towards Affordability and Accessibility

The Physiotherapy Equipment market is in trends towards increased affordability and accessibility by growing investments from key players. The Physiotherapy Equipment industry consists of various products utilized for physical therapy including therapeutic ultrasound, continuous passive motion therapy, electrotherapy, shockwave therapy, heat therapy, cryotherapy, hydrotherapy, multi-exercise therapy, and traction equipment. These modalities help patients recover from injuries or surgeries by reducing pain and improving mobility through rehabilitation programs.

The Global Physiotherapy Equipment Market is estimated to be valued at US$ 28.41 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2030.

Key Takeaways

Key Players Operating in Global Physiotherapy Equipment Market Size Key players operating in the Physiotherapy Equipment are Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V, GE Healthcare, F. Hoffmann-La Roche Ltd, and AYOXXA Biosystems GmbH.

Growing Demand for Physiotherapy Driving Market Growth: Increasing incidence of Chronic conditions such as cardiovascular diseases, diabetes, obesity and arthritis has boosted the demand for physiotherapy globally. Moreover, aging population has further augmented demand for physical therapy.

Increasing Focus on Global Expansion: Major players are focused on expanding their geographic footprint in untapped emerging markets of Asia Pacific, Latin America, and Middle East & Africa to leverage opportunities. For instance, in 2023, Abbott Laboratories announced plans to double its manufacturing capacity in India to support rising demand.

Market Key Trends

Telephysiotherapy is gaining traction in the Physiotherapy Equipment Market. During the pandemic, teletherapy emerged as an innovative solution to ensure continuity of care while maintaining social distancing. Various players are offering virtual physiotherapy solutions involving video chat and sensor-based remote monitoring. This trend is expected to continue even post-pandemic as it enhances accessibility and convenience. Moreover, growing usage of smart wearable devices integrated with teletherapy software is also a major trend in digitalization of Physiotherapy Equipment market.

Porter’s Analysis

Threat of new entrants: Entering this market requires high investment in R&D and manufacturing facilities which poses barrier for new companies.

Bargaining power of buyers: Large buyers have more bargaining power to negotiate on price and delivery terms due to high demand of medical equipment market.

Bargaining power of suppliers: Few large suppliers exist in raw material space which gives them advantage in bargaining.

Threat of new substitutes: Substitute products can replace a few products but existent products have not threat from substitutes due to brand loyalty.

Competitive rivalry: Though many producers exist, top few capture majority market share due to strong brand, scale and expertise which increases competition.

North America accounts for the largest share in physiotherapy equipment market owing to rising aging population, growing healthcare expenses and adoption of new technologies. Asia Pacific region is expected to witness fastest growth during forecast period because of increasing disposable incomes, healthcare infrastructure investment and growing medical tourism industry.

Geographical Regions

The North America region holds the major share of physiotherapy equipment market and is expected to continue its dominance during forecast period. Factors such as increasing geriatric population prone to musculoskeletal disorders, higher healthcare spending, adoption of new technologies and presence of leading market players drive the market growth.

Asia Pacific region is poised to grow at fastest rate during 2024 to 2030. Rapid economic development, rise in healthcare infrastructure investment, growing medical tourism industry and expanding patient base with increased disposable incomes are some key factors supporting market expansion in Asia Pacific countries. China and India offer huge untapped market potential for physiotherapy equipment manufacturers.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it