Published: Oct, 2016
About 46% of the global cardiac rehabilitation market in 2015 was taken up by the top two players: Brunswick Corporation and Technogym. Both companies have attained key shares in a largely consolidated market and are working to gain even more.
As stated in a report released recently by Transparency Market Research, the threat of new entrants in the global cardiac rehabilitation market is expected to be very high over the years to come. Product differentiation is very low for cardiac rehabilitation, and new players are also aware of the sparse legal barriers while entering this market.
The degree of competitiveness in the global cardiac rehabilitation market is also expected to remain very high till 2024, owing to the maturation of the cardio fitness equipment segment. New entrants are constantly trying to add product innovations in this field, thereby generating heavy competition for larger players trying to maintain or expand their market shares.
The global market for cardiac rehabilitation is expected to reach US$1.62 bn by the end of 2024. Its revenue is projected at a CAGR of 5.4% within a forecast period from 2016 to 2024. Its predicted revenue by the end of 2016 is US$1.06 bn.
Treadmills have consistently been the leading product type among all cardiac rehabilitation devices. By the end of 2024, treadmills are expected to generate a revenue of US$454.4 mn within the conditions of this market. Meanwhile, heart rate monitors are expected to lead the market in terms of growth rate, at a predicted 7.3% CAGR from 2016 to 2024 in terms of value.
APAC Consumption of Cardiac Rehabilitation Devices on the Rise
North America providers of cardiac rehabilitation devices have consistently enjoyed a high rate of public awareness of the health benefits of their devices. This region is expected to remain dominant in terms of demand for cardiac rehabilitation. It is likely to generate a revenue of US$800.1 mn in this global market by 2024.
Meanwhile, owing to rising disposable incomes, a growing awareness of personal health and the availability of products and devices to maintain the same, have allowed Asia Pacific to be lead the global cardiac rehabilitation market in terms of growth rate. It is projected at a CAGR of 6.9% from 2016 to 2024.
Large Geriatric Demographic with High Spending Power Boost Cardiac Rehabilitation Device Demand
“The geriatric demographic has always had a huge impact on the healthcare sector in terms of medical products and services. The same can be said for cardiac rehabilitation, as the increasing population of the elderly across the globe is adding a massive volume to their demand. The elderly are specifically prone to CVDs including strokes, hypertension, myocardial infarction, and atherosclerosis. As a result, this demographic shows an especially high interest in cardiac rehabilitation devices,” states a TMR analyst.
The global cardiac rehabilitation market is also benefitting greatly from the worldwide increase in the number of CVD awareness initiatives and government support for players.
Investments Costs Very High for Cardiac Rehabilitation Devices
A large number of cardiac rehabilitation devices make use of iron or steel or both in their manufacture. Both raw materials are known for periodic changes in cost and therefore affect the overall cost structure of cardiac rehabilitation devices as well. The cost of cardiac rehabilitation devices increases even further upon the inclusion of the rapid rate of technological advancements in the field. With so many companies trying their innovative touch on these devices, the rate of replacement of each device is fairly high and is increasing over time. This creates a highly dynamic market that can eventually lead to inflation.
“A lot of the globally prominent manufacturers of cardiac rehabilitation devices are currently focusing on Asia Pacific for better sales. This region is showing massive promise of purchase and a vastly untapped market by even the regional players,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Cardiac Rehabilitation Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Key segments of the Global Cardiac Rehabilitation Market
Global Cardiac Rehabilitation Market, by Device Type
- Seated and Upright Elliptical Trainers
- Stabilization Balls
- Stationary Bicycles
- Blood Pressure Monitor
- Heart Rate Monitor
Cardiac Rehabilitation Market, by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Rest of the World
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