Number of pages: 100 | Report Format: PDF | Published date: April 17, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
According to the deep-dive market assessment study by Growth Plus Reports, the global physiotherapy equipment market was valued at US$ 19.86 billion in 2022 and is expected to register a revenue CAGR of 6.93% to reach US$ 36.29 billion by 2031.
Physiotherapy Equipment Market Fundamentals
Physiotherapy is a branch of healthcare that promotes healing, recovery, and rehabilitation after injuries, surgeries, or chronic diseases by utilizing various physical treatments and exercises. Physiotherapists frequently use several types of physiotherapy equipment in their work. The continuous growth of the physiotherapy equipment market revenue can be attributed to several factors, such as rising sports injuries, the rising frequency of chronic diseases, and an aging population. Moreover, increasing road accident rates are expected to fuel market revenue. The growing number of functional impairments in the elderly population is also among the primary factors driving the revenue growth of the global physiotherapy equipment market. Moreover, top players and researchers increasingly focus on innovations and technical improvements. For instance, the University of South Florida is experimenting with virtual reality technology to investigate if it can aid people with impairments, strokes, or catastrophic injuries.
Market players in physiotherapy equipment employ various techniques to enhance their revenue share. Introducing new and innovative physiotherapy equipment that provides increased functionality, convenience, and better patient outcomes can attract more clients and raise income. This might involve using cutting-edge technology like wireless networking, data analytics, and virtual reality to improve the efficacy of physiotherapy treatments.
Physiotherapy Equipment Market Dynamics
Key factors supporting the global physiotherapy equipment market are the growing incidences of joint disorders and sports injuries. Muscle strain, often called a pulled muscle, is one of the most prevalent sports injuries when a muscle is overstretched and separated. Muscle strains are most common in the quadriceps, calves, quadriceps, groin, lower back, and shoulder. According to the estimates by the Orthopedic Journal of Sports Medicine, the most common sports injuries in 2022 were hamstring strains (12.3%), ankle sprains (8.5%), and groin strains (7.6%). These rates are expected to increase in the forecast period as more people engage in sports and physical activities and as the level of competition becomes more intense, leading to higher risks of injuries. Athletes must take proper precautions and seek medical attention to prevent and treat these injuries.
Additionally, market players are increasingly focusing on improving their product portfolio by introducing technologically advanced products. For instance, Nevro, in July 2021, announced the FDA approval for 10 kHz high-frequency spinal cord stimulation therapy for treating chronic pain caused by painful diabetic neuropathy (PDN). This approval is expected to boost the demand for physiotherapy equipment in the forecast period. It provides a new treatment option for patients with chronic pain caused by painful diabetic neuropathy. The market revenue is expected to be driven by further advancements and innovations in physiotherapy equipment to meet the growing demand.
The rapid growth in the number of physiotherapy clinics and the increase in physiotherapeutic services are also some of the factors propelling the revenue growth of the physiotherapy equipment market. This trend is expected to increase due to the increasing demand for physiotherapy services and advancements in technology and treatment methods that have made establishing and operating clinics easier. However, it also highlights the need for proper regulation and authorization to ensure quality care for patients. The rise of telehealth and virtual physiotherapy sessions has also contributed to market revenue growth, allowing patients to receive treatment from the comfort of their homes.
However, the physiotherapy equipment market may experience high equipment costs and a lack of skilled professionals in underdeveloped countries, restraining the market revenue growth.
Physiotherapy Equipment Market Ecosystem
The global physiotherapy equipment market is analyzed from four perspectives: application, equipment type, end-user, and region.
Physiotherapy Equipment Market by Application
Based on application, the global physiotherapy equipment market is segmented into neurology, musculoskeletal, cardiovascular & pulmonary, and others.
In 2022, the musculoskeletal segment dominated the global physiotherapy equipment market in terms of revenue share. This is mainly attributed to the rising prevalence of musculoskeletal disorders and injuries and the increasing demand for non-invasive treatment options. The availability of advanced physiotherapy equipment for musculoskeletal conditions also contributed to the segment's dominance in the market.
However, the cardiovascular & pulmonary segment is expected to show significant revenue CAGR during the forecast period. This rise in revenue share is attributed to the rising prevalence of cardiovascular and pulmonary diseases and technological advancements in cardiovascular and pulmonary rehabilitation equipment. Additionally, government initiatives to promote awareness about these diseases and their prevention are expected to boost the segment's revenue growth further.
Physiotherapy Equipment Market by Equipment Type
Based on equipment type, the global physiotherapy equipment market is segmented into ultrasound therapy, electric stimulation, heat therapy equipment, hydrotherapy equipment, cryotherapy equipment, continuous passive motion (CPM) equipment, therapeutic exercise equipment, and others.
The ultrasound therapy segment accounts for the largest revenue share in the global physiotherapy equipment market. Ultrasound therapy is a non-invasive and painless treatment that can effectively reduce pain, inflammation, and muscle spasms. It also promotes tissue healing and regeneration, making it an ideal physiotherapy equipment. Additionally, ultrasound therapy can be easily integrated into physiotherapy modalities such as exercise and manual therapy. Ultrasound therapy uses high-frequency sound waves to penetrate deep into the tissue, which can help reduce pain and inflammation. This non-invasive treatment option is also safe and effective for various conditions, including sports injuries and chronic pain.
Hydrotherapy equipment in physiotherapy is particularly effective in treating musculoskeletal conditions. They allow patients to exercise with less weight and pressure on their joints, making it easier to perform movements that might otherwise be too painful or difficult. Hydrotherapy can also help reduce inflammation and swelling, which can further aid in the recovery process.
Moreover, therapeutic exercise equipment is expected to account for the fastest-growing segment with the highest revenue CAGR in terms of the global physiotherapy equipment market forecast. Therapeutic exercise equipment in physiotherapy offers many benefits, including improved mobility, increased strength and flexibility, reduced pain and inflammation, and enhanced overall physical function. Furthermore, this equipment is designed to provide personalized treatment plans that cater to each patient's unique needs.
Physiotherapy Equipment Market by End User
Based on end-users, the global physiotherapy equipment market is segmented into hospitals, physiotherapy clinics, rehabilitation centers, and others.
In 2022, the hospital's segment accounts for the majority of the global physiotherapy equipment market revenue share. This can be attributed to the increasing number of hospitals globally and the rising demand for advanced physiotherapy equipment in these facilities. Furthermore, the hospital segment is expected to maintain its dominance during the forecast period due to continuous advancements in healthcare infrastructure and increasing investment in hospital facilities.
The rehabilitation centers segment is expected to grow in the global physiotherapy equipment market. This revenue growth is attributed to the increasing prevalence of chronic diseases and injuries and the growing awareness about the benefits of physiotherapy in improving physical function and reducing pain. Moreover, the rising geriatric population and their susceptibility to age-related musculoskeletal disorders are also expected to drive the demand for physiotherapy equipment in rehabilitation centers.
Physiotherapy Equipment Market by Region
Based on the region, the global physiotherapy equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounted for the highest revenue share in 2022. North America is expected to continue dominating the global physiotherapy equipment market due to the region's increasing prevalence of chronic diseases and rising geriatric population. Moreover, favorable reimbursement policies and growing healthcare expenditures are also driving the market's revenue growth in North America.
The European physiotherapy equipment market is expected to experience significant revenue growth due to the increasing prevalence of chronic diseases and the growing geriatric population. Moreover, the rising awareness regarding the benefits of physiotherapy is anticipated to drive market revenue growth in the European region. Furthermore, the development of advanced physiotherapy equipment and the increasing adoption of technology in the healthcare sector is also expected to contribute to market revenue growth.
Asia Pacific is expected to grow significantly in terms of the physiotherapy equipment market revenue share due to the increasing prevalence of chronic diseases and the rising incidences of road accidents. Additionally, increasing densities of physiotherapy and rehabilitation centers in the Asia Pacific region are progressively supporting the global physiotherapy equipment market. Moreover, adopting technologically advanced equipment and rising healthcare expenditure in emerging economies contribute to the revenue growth of the physiotherapy equipment market in Asia Pacific.
Physiotherapy Equipment Market Competitive Landscape
The market for physiotherapy equipment is highly competitive, with key players focusing on product innovation and strategic partnerships to expand their market presence. Moreover, the increasing adoption of telemedicine and virtual physiotherapy sessions is expected further to drive the market's revenue growth in the coming years. Some of the prominent companies having the largest revenue share in the global physiotherapy equipment market are,
Physiotherapy Equipment Market Strategic Developments
The development of technologically advanced products and increasing healthcare expenditure are anticipated to boost market revenue growth. Moreover, the increasing number of rehabilitation centers in many developing countries is heavily supporting the revenue growth of the global physiotherapy equipment market.
The global physiotherapy equipment market was valued at US$ 19.18 billion in 2022.
Some major strategies key market players adopt in the physiotherapy equipment market include mergers, acquisitions, and collaborations.
The ultrasound therapy segment accounted majority of the global physiotherapy equipment market revenue share in 2022.
The global physiotherapy equipment is expected to register a revenue CAGR of 6.93% during the forecast period.
*Insights on financial performance are subject to the availability of information in the public domain