The rehabilitation equipment market is projected to reach USD 14.91 billion by 2021 from USD 9.86 billion in 2016, at a CAGR of 8.6% during 2016-2021. The market for rehabilitation equipment is expanding due to the increasing incidence of disabilities resulting from non-communicable diseases, favorable healthcare reforms, and rapid growth in the geriatric population, coupled with the rising prevalence of chronic diseases. On the other hand, the high cost & maintenance expense of rehabilitation equipment are limiting the growth of the market to a certain extent.
Based on type, the rehabilitation equipment market is segmented mobility equipment, body support devices, exercise equipment, and daily living aids. The mobility equipment segment is expected to grow at the highest CAGR during 2016–2021. The growth in this segment is attributed to the increasing the number of elderly people suffering from orthopedic impairments which is creating a demand for mobility equipment worldwide. Moreover, the increasing number of disabled people and growing awareness on safety measures in handling patients are driving the demand for mobility equipment.
North America is projected to be the fastest-growing region in the rehabilitation equipment market during the forecast period. High growth in this region can be attributed to factors such as growth in geriatric population and the subsequent increase in the prevalence of lifestyle diseases and the presence of favorable healthcare reforms.
Various companies are focusing on technological advancements to improve the rehabilitation equipment offerings. The market is a rapidly growing market hence; many companies are launching new products to meet the increasing demand and niche requirements of the stakeholders. Invacare Corporation (U.S.) launched Kite electric powered wheelchair and TDX2 Low Rider power wheelchair (October 2016), and power chair control system – Invacare LiNX, Simply SMART (July 2016). Also, the company upgraded its rehabilitation products such as K?schall Champion SK, folding wheelchair (February 2017) and its LiNX power wheelchairs by modifying and programming it wirelessly via Bluetooth (December 2016).
This market is categorized on the basis of type, application, end user, and region. Apart from comprehensive geographical analysis, product analysis, and market sizing, the report also provides a competitive landscape that covers growth strategies adopted by industry players in the last three years. In addition, the company profiles comprise basic views on the key players and their product portfolios, developments, and strategies adopted. The above-mentioned market research data, current market sizes, and forecast of future trends will help key players and new entrants make informed decisions regarding product offerings, geographical focus, changes in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms garner greater market shares. Firms purchasing the report can use any one or a combination of the below-mentioned five strategies for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of top players in the rehabilitation equipment market. The report analyzes this market by type, application, end user, and region
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the rehabilitation equipment market
- Competitive Assessment: In-depth assessment of market strategies, geographical and business segments, and product portfolios of the leading players in the rehabilitation equipment market
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the market for rehabilitation equipment across regions
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the rehabilitation equipment market