Physiotherapy equipment aids in rehabilitation of musculoskeletal, neurological, cardiovascular and pulmonary injuries or disorders by addressing physical impairments and functioning problems using various techniques like exercise, massage, heat therapy and hydrotherapy. It is extensively used to treat musculoskeletal conditions like arthritis, bone and joint injuries, neurological conditions like stroke and cerebral palsy, respiratory conditions such as asthma and chronic obstructive pulmonary disease. The growing geriatric population has substantially increased the risk of age-related injuries and illnesses, thereby widening the scope of physiotherapeutic interventions. Elderly people are more prone to strokes, spinal injuries, orthopedic problems and chronic diseases that require physiotherapy for recovery. According to statistics, over the next 10 years the number of older adults worldwide is expected to double to hit nearly 1.5 billion by 2050. This rising prevalence of age-related health issues is anticipated to drive the demand for physiotherapy equipment in the coming years.
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 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Portable and wearable physiotherapy devices are gaining popularity among both physiotherapists as well as patients due to their easy maneuverability, compact size and ability to monitor treatment progress outside clinical settings. Development of smart physiotherapy technologies integrated with features like motion tracking sensors, big data analytics and digital therapeutics allow remote and digital monitoring of rehabilitation programs. IoT-enabled devices with augmented reality are offering personalized treatment experiences and improved engagement for patients. Growing adoption of such advanced physiotherapy solutions is expected to revolutionize service delivery models and spur new business opportunities during the forecast period.
Threat of new entrants: The threat of new entrants in the physiotherapy equipment market is moderate. The cost of building manufacturing facilities and gaining regulatory approvals makes entering this market challenging for new players.
Bargaining power of buyers: The bargaining power of buyers is moderate. The presence of many physiotherapy equipment manufacturers provides buyers with choices. However, switching costs are relatively low.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many components suppliers for physiotherapy equipment.
Threat of new substitutes: The threat of new substitutes is low as there are limited alternative treatment options for physiotherapy.
Competitive rivalry: The competitive rivalry in the physiotherapy equipment market is high.
The Global Physiotherapy Equipment Market Size is expected to witness high growth over the forecast period.
Regional analysis: Europe is the largest market for physiotherapy equipment currently due to the high acceptance of physiotherapy. The Asia Pacific is projected to witness the highest growth during the forecast period owing to expanding medical infrastructure and the rising geriatric population.
Key players: 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, GE Healthcare, F. Hoffmann-La Roche Ltd, and AYOXXA Biosystems GmbH. These players are focusing on developing innovative products to strengthen their market position.