Since the enactment of the long-term care insurance system in 2000, public interest in rehabilitation equipment, and thereby the number of users has increased. This trend further resulted into improvements in the function and design of such equipment, which greatly benefits the aged population and physically challenged to achieve greater independence and participate in society. Rehabilitation equipment is a re-usable aid which assists the patient with their daily activities.
In the past decade, the market for these devices has expanded considerably due to government support and technological advancements to address the needs of the increasing geriatric and physically challenged population in developed countries with the purchasing power as well as need for rehabilitation equipment. However, high cost and maintenance expenses may hinder the growth of this market in developing and under-developed countries, which is otherwise estimated to be significant. This could be attributed to the entry of various government and private insurance players who cover various assistive devices under reimbursement plans, making them more affordable to consumers and enhancing the demand for them in the market. The combined effect of these factors is predicted to drive the rehabilitation equipment market during the forecast period.
The global market is segmented on the basis of product into the following categories: personal care aids, mobility devices, exercise equipment, respiratory & pressure care products, and other. The mobility devices segment, which is expected to register high growth in the near future, covers wheelchairs, scooters, and walking assistance devices. Wheelchairs are designed for physically challenged customers who face problems with mobility. The elderly and individuals with leg injuries, spinal cord injuries (SCIs), multiple sclerosis (MS), hemiplegia & other types of paralysis, cerebral palsy (CP), spinal bifida, amyotrophic lateral sclerosis (ALS), lower limb amputees, and arthritis are major customers too. There are wheelchairs specially designed to perform in different infrastructural setups. Physically challenged sportspersons are also a major target segment for wheelchair manufacturers. Additionally, with advancements in technology, wheelchairs feature Bluetooth, Wi-Fi connectivity, and smart gadget access, which allow the users to lead a modern lifestyle.
By application, the global rehabilitation equipment market is divided into two groups: physiotherapy and occupational therapy. The former is anticipated to hold a major market share owing to the increasing need for it among the aging population. Human life expectancy has increased worldwide due to general health consciousness and advancements in medical science to deal with fatal diseases. The total world population in 2014 was beyond 700 billion and is anticipated to rise to 714 million in 2020.
In terms of end-user, the global rehabilitation equipment market is categorized into hospitals & clinics, ambulatory surgery centers, home health care, long-term care centers, and others. Hospitals & clinics are projected to constitute a prominent market share, while home health care is estimated to witness a major CAGR during the forecast period.
Geographically, North America is likely to account for a major share in the global rehabilitation equipment market during the forecast period. The rising preference for an independent lifestyle, the elderly and physically challenged individuals’ need to explore the world, increased longevity, and the staggering cost of caregiver services have fuelled the demand for mobility devices globally, apart from increased government support and reimbursement facilities. Moreover, recent industry estimates suggest that over 1,60,000 people in the U.S. use electric wheelchairs and scooters.
Key players operating in the global market include Amigo Mobility International, Inc., Argo Medical, Access Rehabilitation Group, GF HEALTH PRODUCTS, INC., Stryker Corporation, Medline Industries, Inc., Invacare Corporation, Dynatronics Corporation, Drive DeVilbiss Healthcare, and Caremax Rehabilitation Equipment Co. Ltd.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.