The physiotherapy equipment market is expected to register a steep growth, exhibiting a CAGR of 7.2% in the forecast period between 2020 and 2030. Musculoskeletal physiotherapy will remain a key contributor to revenue generated in the market. Besides this, surging cases of orthopedic disorders in North America and East and South Asia are expected to fuel demand for physiotherapy equipment.
What are the Factors Driving Physiotherapy Equipment Market?
In a recent study published by the World Health Organization, over a billion adults are observed to live a sedentary lifestyle. They remain inadequately active at all times. High-stress levels from professional and personal responsibilities are the major causes of lethargy, thus leading to various orthopedic disorders.
Moreover, with the increase in pollution, people are often neglecting outdoor sports or activities, thus adding to the reduced levels of physical exertion. This has resulted in the weakening of bones and frozen joints that require immediate physiotherapy attention. Devices such as pain relievers, braces, and so on are widely being used to prevent physical injuries.
In another report, musculoskeletal disorders enclose over 150 diagnoses related to a person’s bones, muscles, tendons, joints, or ligaments. This includes short-term fractures or long term pain or disability. These conditions affect both the geriatric and the young generations thereby limiting their mobility. This is harming individuals who are considering early retirement, inability to fulfill social responsibilities, and reduced income. Thus, the demand for sophisticated treatment has provided the leading market players to manufacture technologically advanced physiotherapy units.
Impact of COVID-19 Pandemic In The Physiotherapy Equipment Market
The impact of the COVID-19 pandemic on a global scale has affected almost every type of industry. Healthcare industries mainly responsible for quick treatment of coronavirus patients and also preventing the spread of the virus have reported some benefits, unlike the other industries.
Physiotherapy is one such industry that faced a major decline in the global pandemic era. Physiotherapy is a branch of healthcare that demands patients to be in touch with their doctor to receive the necessary treatment. This makes patients extremely vulnerable to various communicable diseases. And one of the most contagious ones is the coronavirus itself. As the spread of coronavirus was due to physical contact, most physiotherapists opted to suspend their operations. This resulted in delays in procedures and thus the demand for physiotherapy equipment dropped rapidly.
Moreover, governments all over the world imposed strict lockdown rules that compelled people to stay indoors and halt industrial operations. This disrupted the global supply chain of physiotherapy equipment production because of the limited availability of raw materials.
For regions like North America where the COVID-19 daily spikes have been the highest with over 5.5 million cases in the first quarter itself. This forced a delay in elective procedures and thus the market faced even further downfall. In other parts of the world like East Asia and Oceania, the COVID-19 growth curve was slowly flattening, and stable recovery in the physiotherapy equipment market was observed. Whereas in regions like New Zealand and Australia, the cases were minimum. This allowed for the resumption of non-elective procedures and thereby promoted the growth of this market.
What Is The Regional Distribution Of The Physiotherapy Equipment Market?
The key regions dominating the physiotherapy equipment market are North America, South America, Europe, East, and South Asia, Oceania, and the MEA (the Middle East and Africa).
Due to the rapidly growing population, South and East Asia are slowly coming to dominance with over 25% of the total revenue of the physiotherapy equipment market. The ultrasound equipment will be the emerging trend in potential cash flow. The North American market will continue to dominate the market holding a value of 40% and more.
How Competitive is the Physiotherapy Equipment Market?
The physiotherapy equipment market is dominated by a few leading players. These are DJO Global, Enraf-Nonius, Kindred Healthcare, Inc., Select Medical, Concentra Operating Corporation, BTL Industries, U.S Physical Therapy, Inc., Isokinetic, Inc., EMS Physio Ltd and Zynex Medical Inc. These industries have been successful in recovering the current state of the market through new products, acquisitions, and improved marketing strategies. Recently, these companies have adopted Artificial Intelligence to mold their business practices following the post-pandemic situation.
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The physiotherapy equipment market will exhibit growth and development in the forecast period between 2020 and 2030 owing to the technological advancements and rise in developing economies. With the increase in physical healthcare problems all across the world and the demand for more and more physiotherapy equipment, the market will experience a bloom in their revenue during the forecast period.