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Physiotherapy Equipment Market Dynamics
Driver: Growing demand for rehabilitative care
The general aim of physiotherapy and rehabilitation therapies are to improve strength and mobility and find ways around any problems. If someone has had a fall, a physiotherapist may recommend using some equipment to help with walking and an exercise program to improve balance and strength. Rehabilitation can also help with stamina management for asthma, chronic fatigue syndrome, or after major surgery.
Restraint: Unstable reimbursement scenario for physiotherapy
Changes in healthcare insurance policies and coverage substantially influence out-of-pocket costs for patients. This may lead to variabilities in services and impact the quality of care. The variability in coverage between and within federal and private payers often leaves patients paying out of pocket. Patients may be responsible for a co-pay, co-insurance, facility fees, and meeting a high deductible until co-insurance begins. Co-pays can cost significantly high for certain physiotherapy treatments. The associated costs can limit patients’ access to services, resulting in instances where patients do not get therapy. In contrast, some patients may be unable to resume work or engage in daily activities.
Opportunity: Rising technological advancements
Players in the global market are increasingly focusing on technological advancements and developing new products to bring out advanced, easy-to-use devices. Advancements such as virtual reality, robotics, exoskeletons, implanted devices, and interactive video games are expected to provide market players with a wide range of opportunities. Interactive video games are increasingly being used in physical and rehabilitation centers to speed up the recovery of patients suffering from neurological disorders. Cybertherapy is another technological advancement spurring market growth. In cybertherapy, patients use a wireless interface with their doctors. The use of eTherapy is also gaining wider acceptance as it is associated with a wide range of benefits for medical professionals and patients needing physiological treatments. Such technological advances will propel the demand for physiotherapy products in the forecast period.
Challenge: Alternative therapies such as Acupuncture
Acupuncture is widely used and accepted throughout the medical community as a viable alternative to physiotherapy owing to numerous benefits, such as high patient compliance and low cost. Many physiotherapists offer acupuncture as a treatment modality as part of physiotherapy management. Acupuncture may be suggested for a variety of conditions. It is often used as an adjunct in managing acute and chronic injuries, back and neck pain, muscle and joint problems, nerve pain, headaches and migraines, and sports injuries. Owing to its wide range of benefits and low costs, many patients opt for acupuncture over other physiotherapy options, which challenges the market growth to a certain extent.
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Europe accounted for the highest growth rate in the physiotherapy equipment industry.
The large share of this regional segment of the physiotherapy equipment market is attributed to a significant contribution from an economically stable and technologically advanced countries such as Germany, UK, and France. Additionally, increasing inclination for active lifestyles, rising geriatric population in Europe, increasing penetration of physiotherapy services, and favorable healthcare reforms are driving the market growth in Europe. The Asia Pacific market is projected to register the highest CAGR during the forecast period.
The physiotherapy equipment market is dominated by few globally established players such as Colfax Corp. (US), Zimmer MedizinSysteme GmbH (Germany), Zynex, Inc. (US), Performance Health (US), and ITO Co., Ltd. (Japan).
Recent Developments of Physiotherapy Equipment Industry
- In February 2022, Colfax Corp (US), announced the renewal of the partnership with Professional Football Athletic Trainer Society (PFATS, US), that allowed the company to endorse and recommend its products to certified athletic trainers.
- In January 2022, BTL Industries (UK) acquired Schepp MedTech (US). This acquisition was carried out for robots to enhance BTL's already very complex physiotherapy product portfolio.
- In January 2022, Zynex, Inc. (US) announced the launch of Post-operative and OA (Osteoarthritis) knee braces. The Knee braces can limit the wear and tear on the affected joint, enabling inflammation to settle and reduce pain/degeneration of the affected knee joint and thereby delaying or minimizing the need for surgery.
- In January 2021, Dynatronic Corporation (US) launched a new bariatric stand-in table with a motorized patient lift and an H-brace treatment table.
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