SAN FRANCISCO, March 24, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Home Rehabilitation Products and Services - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 10; Released: February 2022
Executive Pool: 7542
Companies: 168 - Players covered include AliMed, Inc.; DJO Global LLC; Ekso Bionics Holdings, Inc.; ergoline GmbH; Hocoma AG; Invacare Corporation; LL CORPUS COGERE Inc.; Medline Industries, Inc.; Norco Inc.; Performance Health, LLC; Prism Medical Products, LLC and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Wheelchairs, Body Support Devices, General Aids, Positioning Devices, Other Product Types); Therapy (Physical Therapy, Occupational Therapy, Speech Therapy, Respiratory Therapy, Other Therapies)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Home Rehabilitation Products and Services Market to Reach $123.4 Billion by 2026
Home rehabilitation is a suggested preventative and treatment approach for individuals with specific medical conditions that hamper their routine activities. The service is offered at home or in the community supporting care and rehabilitation of an individual. The concept of home rehabilitation also holds high relevance for people with a disability and debilitating condition, or chronic illness that affects their physical abilities and mobility. Growth in the global market is being driven by high unmet need for home rehabilitation, access to better healthcare services, aging population, overwhelming demand for rehabilitation due to illnesses and injuries, and rising incidence of human-induced hazards such as industrial accidents. Increasing prevalence of disabilities and chronic medical conditions such as stroke, diabetes and cancer, and rising incidence of child developmental issues and injuries such as burns and cerebral affecting functionality palsy creates demand for home rehabilitation. The growth in elderly population is straining healthcare systems across the world. Home-based care is being actively practiced as an alternative to prolonged hospital stays. Technological advances have enabled assistive devices to be connected to healthcare networks, and is aiding the shift to home-based care.
Amid the COVID-19 crisis, the global market for Home Rehabilitation Products and Services estimated at US$96.1 Billion in the year 2022, is projected to reach a revised size of US$123.4 Billion by 2026, growing at a CAGR of 5.6% over the analysis period. Wheelchairs, one of the segments analyzed in the report, is projected to grow at a 6.6% CAGR to reach US$43.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Body Support Devices segment is readjusted to a revised 5.3% CAGR for the next 7-year period. This segment currently accounts for a 24.8% share of the global Home Rehabilitation Products and Services market. Growth in the Wheelchairs segment is driven by continuous improvements in wheelchair technology and newer designs that use more lightweight materials or new technologies to facilitate smart energy use.
The U.S. Market is estimated at $37.2 Billion in 2022, While China is Forecast to Reach $15.6 Billion by 2026
The Home Rehabilitation Products and Services market in the U.S. is estimated at US$37.2 Billion in the year 2022. The country currently accounts for a 38.78% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$15.6 Billion in the year 2026 trailing a CAGR of 7.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.8% and 5.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR while Rest of European market (as defined in the study) will reach US$16.9 Billion by the end of the analysis period. While the US is considered the pioneer in home healthcare among developed nations, European countries are also picking up the trend. Several Western Europe countries are exhibiting an increasing affinity for adopting the US home healthcare model, resulting in a decrease in the length of hospital stays. The number of people undergoing treatment in sub-acute and homecare settings, apart from cases of same day surgery, is on the rise. Also reflecting this trend is the increase in the number of homecare equipment dealers in the region.
General Aids Segment to Reach $24 Billion by 2026
In the global General Aids segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$15.1 Billion will reach a projected size of US$20.7 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.2 Billion by the year 2026, while Latin America will expand at a 5.8% CAGR through the analysis period.
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SOURCE Global Industry Analysts, Inc.