by Physiotherapy is the utilization of physical methodologies, for example, exercise, massage, ice or heat treatment, and hydrotherapy for medicinal purposes to encourage recuperation or manage illness. Physiotherapy equipment incorporate treatment tables, exercise machines, ultrasonic treatment machines, electric stimulators, laser treatment machines, magnetic treatment machines, traction machines, and pressure garments. These equipment assist specialists with treating an extensive variety of therapeutic conditions, including broken bones, tendonitis, frozen shoulder, osteoarthritis, lower back pain, cartilage issues of the knee, and numerous others. The global physiotherapy equipment market is estimated to be valued at US$ 28.41 billion in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
The growing prevalence of chronic diseases such as cardiovascular diseases, obesity, diabetes, and cancer is expected to drive the growth of the global physiotherapy equipment market over the forecast period. According to the World Health Organization (WHO), chronic diseases accounted for approximately 60% of all reported deaths in the world in 2001, corresponding to 35 million deaths in that year alone. Furthermore, these diseases caused approximately 46% of the global burden of disease. Physiotherapy plays a significant role in managing chronic conditions and improving patient outcomes. Thus, rising chronic disease incidence is prompting higher adoption of physiotherapy treatment procedures and equipment.
Additionally, supportive government initiatives and reimbursement policies are also fueling the market growth. Various government organizations are promoting awareness regarding physiotherapy and advantages of physical treatment methods. They are providing subsidies and reimbursement plans for physiotherapy sessions as well as equipment purchases. This is enhancing affordability and increasing the adoption rate.
Segment Analysis
The global Physiotherapy Equipment market is dominated by the Electrotherapy Equipment segment which accounted for over 30% of the market share in 2020. Electrotherapy Equipment includes neuromuscular electrical stimulation, ultrasound and laser therapy devices which are widely used physiotherapy treatments. They help in reducing pain and swelling and improving range of motion for conditions like arthritis, back pain and nerve injuries. The increasing prevalence of musculoskeletal disorders and rapid recovery offered by electrotherapy devices are major factors driving the growth of this segment.
PEST Analysis
Political: Governments in many countries are undertaking various initiatives to improve access to physiotherapy and rehabilitation services. Standards and regulations related to safety and efficacy of physiotherapy equipment are also being strengthened.
Economic: Rising healthcare expenditures, growing geriatric population and lifestyle diseases are increasing the demand for physiotherapy. Easy availability of insurance reimbursements in developed nations also supports market growth.
Social: Growing awareness about benefits of non-invasive physiotherapy treatments and focus on physical well-being is positively impacting the market. With busy lifestyles, people are opting for quick and effective physiotherapy options.
Technological: Introduction of robotic therapy equipment, ultrasound and laser therapy devices are revolutionizing physiotherapy. Adoption of digital platforms and remote monitoring solutions are helping expand access to physiotherapy amid pandemic.
Key Takeaways
The Global Physiotherapy Equipment Market Size is expected to witness high growth over the forecast period.
North America will continue dominating the market led by the US which accounts for over 40% share currently. Presence of advanced healthcare infrastructure, rising obesity and favorable reimbursement policies support market growth in the region.
Key players operating in the Physiotherapy Equipment market are Abbott Laboratories, Agilent Technologies, Affymetrix Inc., Beckman Coulter, Inc., Illumina Incorporated, Life Technologies Corporation, Randox Laboratories Ltd., Surfix B.V. Key players are focused on developing innovative products such as combination therapy devices, robotic solutions, and digitally enabled platforms. They are also undertaking mergers and acquisitions to expand their product portfolio and geographical presence.
