February 24, 2024
Physiotherapy Equipment Market

Increasing Geriatric Population To Drive The Growth Of Physiotherapy Equipment Market

The global Physiotherapy Equipment Market is estimated to be valued at US$ 24.66 Bn in 2023 and is expected to exhibit a CAGR of 6.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Physiotherapy equipment refers to medical devices and equipment used in physiotherapy to treat physical dysfunctions through therapeutic exercises and electrotherapy. These include cardio equipment, ultrasound equipment, continuous passive motion equipment, traction equipment, neuromuscular stimulators, heat & cold therapy equipment and others. Physiotherapy equipment facilitates exercises, stretches and movements that can strengthen muscles and improve flexibility and range of motion. They are widely used in hospitals, clinics, homecare, sports injuries, rehabilitation centers and others to treat conditions like arthritis, injuries, pain management, neurological disorders and sports injuries. Increasing geriatric population and prevalence of chronic diseases is driving the demand for physiotherapy treatments globally.

Market key trends:

One of the key trends is increasing adoption of telephysiotherapy. Due to the COVID-19 pandemic, there has been a surge in demand for telephysiotherapy or virtual physiotherapy appointments where therapy sessions are conducted remotely through video conferencing. This helps physical therapists to continue providing care to patients during lockdowns and social distancing, while ensuring safety. Moreover, continuous technological advancements are witnessing incorporation of robotic and artificial intelligence into physiotherapy equipment. This is improving treatment efficacy and enabling remote patient monitoring. For instance, companies are developing robotic exoskeletons for gait training and lower limb rehabilitation. Growing awareness about benefits of physiotherapy and insurance coverage is also augmenting the market growth.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as this is a well-established market. However, the significant production costs and strict regulatory requirements pose barriers for new entrants.

Bargaining power of buyers: The bargaining power of buyers is high due to the presence of many established players offering similar products. Buyers can negotiate on prices, availability, and services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many equipment and component suppliers in the industry. Suppliers are dependent on equipment manufacturers for sales.

Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for physiotherapy equipment. However, new treatment techniques can pose a potential threat.

Competitive rivalry: The competitive rivalry is high due to the presence of many global players offering similar products. Players compete on the basis of product features, innovation, pricing, and services.

Key Takeaways

The Global Physiotherapy Equipment Market Size is expected to witness high growth, exhibiting a CAGR of 6.9% over the forecast period, due to increasing aging population and rising prevalence of musculoskeletal disorders.

Regional analysis: North America dominates the physiotherapy equipment market, followed by Europe. This is attributed to highly developed healthcare systems and facilities in these regions. However, Asia Pacific is expected to exhibit the fastest growth rate owing to growing medical tourism and improving healthcare infrastructure in emerging countries like China and India.

Key players: Key players operating in the physiotherapy equipment market are Enraf-Nonius B.V., DJO Global, EMS Physio Ltd., Dynatronics Corporation, A. Algeo Limited, BTL Industries, Inc., HMS Medical Systems, Whitehall Manufacturing, Patterson Companies, Inc., and Isokinetics, Inc. Players are focusing on new product launches and geographical expansion to strengthen their market position.

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