The global physiotherapy devices market is anticipated to experience a prominent surge in demand over the coming years. Hence, the market players want to optimize the lucrativeness of their operations within the market by resorting to a range of business strategies. The coexistence of huge market players with several local and regional vendors has birthed intense competition within the market. To retain their dominance and gain a greater market share, the well-established players are aiming to differentiate their products from the products developed by competitors. Moreover, the market would excavate positive results for market player who succeed in dispelling innovative products at affordable prices. Mergers and acquisitions are expected to define the crux of the market as a large number of international players incline towards these strategies. The contemporary players in the market include Dynatronics Corporation, EMS Physio Ltd., BTL, DJO Global, Patterson Medical Ltd.,and Enraf-Nonius.
Transparency Market Research produced a report that estimates the progress of the market along key parameters. It is prognosticated that the market value would elevate to US$2,838.9 mn by the end of 2025 as compared to a value of US$1,686.1 mn in 2016. These robust growth figures are expected to reap a CAGR of 6.1% over the period from 2017 to 2025. Based on the type of products available in the market, the electrotherapy equipment is likely to dominate the segment due to its expansive usage. Along regional lines, North America is expected attain supremacy over all other players during the forecast period.
Increase in Strenuous Activities and Ailments of Geriatric Populace to Bolster Market
Physiotherapies are an effective option to treat a medley of disabilities and neurological disorder, which is the prime reason behind the popularity of physiotherapy devices. The instance of musculoskeletal diseases has risen in recent years that has created room for these devices across various public healthcare units and private hospitals. The entire world is now driven towards engaging in sportive endeavors that has increased the possibility physical injuries, thus, escalating the demand within the market. The prevalence of neurological disorders and muscular amongst the geriatric populace calls for physiotherapies due to their non-intrusive nature. Henceforth, the growing geriatric population is also skyrocketing the demand for these products. Due to the relative effectiveness of these therapies as against surgical treatments, the medical practitioners have also been recommending physiotherapies to patients.
Advancements in physiotherapy devices has instilled renewed hopes amongst people disables for prolonged periods of time, which is another important standpoint for the growth of the market. A number of healthcare centers have surfaced across the globe that inhabit the patients in their premises and administer long-term physiotherapy plans. This has propelled the growth of the market across the globe and has spiked up opportunities for market players.
Lack of Skilled Therapists Leads to Distrust Amongst Patients
Physiotherapy devices are technologically advanced which means that the therapists require palpable knowledge to operate them. The lack of skilled physiotherapists has placed a negative toll upon the market, especially in the developing economies. Moreover, the apprehensions associated with the lack of knowledge amongst the physiotherapists has given rise to distrust amongst the patients. Another hindrance for the global market is the high cost of these devices that holds back several practitioners to install these devices within their framework. However, in the absence of viable alternatives, the devices are expected to gain popularity and perpetuate market growth.
The review is based on a report produced by Transparency Market Research (TMR) titled, “Physiotherapy Devices Market (Product Type – Equipment (Hydrotherapy Equipment, Electrotherapy Equipment, and Heat & Cold Therapy Equipment), Kit, Accessories (Orthoses and Assistive Devices); Application – Musculoskeletal, Neurology, Cardiovascular, and Others; End User – Hospital, Physiotherapy Clinic, Rehabilitation Center, and Others) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025”
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