Albany, NY, June 01, 2018 (GLOBE NEWSWIRE) -- The global home rehabilitation products & services market was valued at US$ 88,484.0 Mn in 2017 and is projected to expand at a CAGR of more than 7.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Home Rehabilitation Products & Services Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” The report suggests that surge in population with disabilities and increase in prevalence of chronic diseases are boosting the demand for home rehabilitation products and services. This trend is expected to continue during the forecast period. North America and Western Europe are likely to account for major share of the global home rehabilitation products & services market in the near future, as key players in these regions are following strategies of judicious pricing and competent marketing. Presence of numerous customer service hubs and onshore distribution centers; and implementation of inside and outside sales force distribution model in developed markets are also helping these regions garner higher market share. Significant increase in patients with chronic diseases that require long-term care in emerging markets such as China and India is estimated to enable the home rehabilitation products & services market to expand at a CAGR of 8.3% from 2018 to 2026.
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Rise in number of people diagnosed with chronic conditions is boosting the demand for various home rehabilitation products and services
Rehabilitation programs are measures that help people suffering from disabilities by improving, maintaining, and restoring physical strength and mobility. Home rehabilitation products comprise positioning devices, body support devices, general aids, wheel chairs, and others (walkers, canes, crutches, arm and shoulder slings, etc.). Rise in the number of individuals with disabilities; and baby-boomer generation that is approaching the susceptible age for cardiovascular diseases, chronic conditions, and stroke are expected to augment the demand for physical therapists (PTs) and occupational therapists (OTs) and subsequently cardiac and physical rehabilitation equipment. Chronic diseases such as arthritis, cancer, acquired immunodeficiency syndrome (AIDS), chronic obstructive pulmonary disease (COPD), stroke, and respiratory diseases are major health concerns across the globe. Home health care devices and services offer prominent alternatives for diagnosis, treatment, and management of these diseases. Rise in prevalence of chronic diseases coupled with an aging population is driving the home rehabilitation products & services market.
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Low prices and ease of moving manual chairs are fueling wheelchairs segment
The report offers detailed segmentation of the global home rehabilitation products & services market based on type (products & services) and geography. In terms of product type, the wheelchairs segment is poised to account for leading share of the global market during the forecast period. The wheelchairs segment is projected to expand owing to the increase in demand for rehabilitation products in emerging markets, low prices of these products, and ease of moving manual chairs. The wheelchairs segment is anticipated to expand at a CAGR of 4.6% from 2018 to 2026. The general aids segment is estimated to lose its market share during the forecast from ~18.0% in 2017 to ~17.0% in 2026.
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Physical therapy segment to drive home rehabilitation services market
In terms of services, physical therapy was the leading segment of the global home rehabilitation products & services market. The segment is projected to hold dominant share of the global home rehabilitation services market during the forecast period. It is likely to expand at a CAGR of 8.0% from 2018 to 2026. Common conditions requiring physical therapy include burn injuries, neurological injuries, balance or fall prevention, neck and back pain, postural dysfunction, sports injuries, occupational injuries, and gait abnormalities and disorders. Physical home rehabilitation services comprise therapies such as back-to-work training programs to improve the mobility of injured body parts and medical treatment of patients.
Physical therapy is a service provided only by or under the direction and supervision of a physical therapist/physiotherapist. It includes evaluation, prognosis, examination/assessment, diagnosis, plan of care/intervention, and re-examination. Physiotherapy services are increasingly availed by the elderly for the treatment of conditions such as arthritis, hip and joint replacements, and osteoporosis.
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Asia Pacific to resister exponential growth and offer higher incremental opportunity
In terms of value, North America held large share of the global home rehabilitation products & services market in 2017. Factors attributed to the rapid growth of the home rehabilitation products and services market in Asia Pacific are rise in geriatric population; and increase in the prevalence of mobility related injuries, strokes, burn injuries, and neck and back pain in the region. Japan dominates the home rehabilitation products & services market in Asia Pacific. Asia Pacific is considered emerging market for home rehabilitation products and services due to the rise in demand for low-cost alternatives for home rehabilitation services in the region. Health care infrastructure is underdeveloped in some countries in Asia. In-hospital health care can be prohibitively expensive in Asia Pacific. Thus, large number of patients prefer to recover at home. There is also a significant increase in patients with chronic diseases that require long-term care. This, in turn, is fueling demand for in-home medical services. Rise in patient awareness about home care and expansion in the middle class population are drive the demand for home health care in Asia Pacific. These factors are expected to boost the home rehabilitation products & services market in the region. Aging population of Japan is also expected to be a major driver of the home rehabilitation products & services market in the country. According to an article published in Pacific Bridge Medical, Japan is one of the most rapidly aging countries in the world. It also stated that 36% of the population of Japan will be over the age of 60 by 2035.
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Key players such as Performance Health (Patterson Medical) and DJO Global are likely to continue to lead the global rehabilitation products & services market
The report also provides profiles of leading players operating in the global home rehabilitation products & services market. These include Stryker Corporation, Prism Medical (subsidiary of Handicare Group AB), Invacare Corporation, DJO Global, Hocoma AG, Ekso Bionics Holdings, Inc., RehabCare, AliMed, Inc., Active Medical & Rehabilitation Services Pvt. Ltd., ergoline GmbH, Performance Health (formerly Patterson Medical), and Medline Industries, Inc.
Easy commercial availability of products, superior distribution channels, and ample supply capabilities are the other major factors that play an important role in determining the market position of these players. Furthermore, acquisitions, collaborative agreements with other companies, and business divestiture are important part of business strategies usually adopted by established players to secure and strengthen their position in the market. Performance Health (Patterson Medical) was identified as the leading player in the global home rehabilitation products & services market in 2017. This is due to its judicious pricing; competent marketing strategies; presence of numerous customer service hubs and onshore distribution centers; implementation of inside and outside sales force distribution model; and expansion of geographical reach.
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