WILMINGTON, DE / ACCESSWIRE / June 13, 2023 / Transparency Market Research Inc. – During the evaluation period, the home rehabilitation products and services market is expected to grow at a 7% CAGR. The global home rehabilitation products and services market was worth US$ 130 billion and is expected to reach US$ 265 billion by the end of 2031.
To address patient needs, companies could capitalize on the incremental potential of virtual reality (VR) and innovate at-home fitness programs. Patients who are learning to walk correctly can use VR games to visualize reaching a finish line. The hybrid virtual practices are assisting in keeping patients engaged in their care while reducing carer strain.
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During the coronavirus pandemic, home-based rehabilitation has emerged as one of the supportive programs, decreasing the pressure on healthcare workers in hospitals. To maintain economic functioning during the pandemic, the home rehabilitation products and services sector is broadening the supply chain through eCommerce as well as digital pharmaceuticals.
The growing number of elderly individuals, an elevated rate of chronic diseases, boosting caseload on medical facilities, increased number of road accidents, significant developments in technology, growing adoption of home care, and programs to raise public understanding of rehabilitation equipment and treatments are all expected to Favour the market’s opportunity for home rehabilitation products and services through 2031.
The global population is aging, and this trend is predicted to continue into the projected time frame. Nations such as Japan, the United States, and China are likely to see a significant increase in their senior populations, which will Favour the prospective market for home rehabilitation products and services in these countries.
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Home Rehabilitation Products & Services Market: Prominent Drivers and Trends
- Wearable sensors that allow patients to undertake exercises with biofeedback and gain an appropriate range of movements are being developed by med-tech corporations and startups in the home rehabilitation products and services industry. Exoskeletons and smart gloves are two examples of gadgets that are becoming increasingly popular.
- The rising percentage of people with disabilities increases the demand for rehabilitation products and services delivered at home by rehabilitation service providers.
- The overall number of disabled people is proportional to the consumption of rehabilitation products and services. Furthermore, because they are unable to travel to hospitals, patients favor rehabilitation therapies at home. The requirement for home rehabilitation products and services rises as a result.
Home Rehabilitation Products & Services Market: Regional Analysis
- The North American home rehabilitation products and services industry is expected to grow due to an expanding senior population and the increasing recognition of the home care approach. The presence of significant home rehabilitation service companies in this region is also expected to boost the market potential for home rehabilitation products and services in this region.
- The Asia Pacific home rehabilitation products and services business is expected to grow steadily due to the increased emphasis on medical infrastructure development and the low cost of rehabilitation treatment as compared to outpatient therapies. The untapped revenue opportunity for the home care equipment business in this region is anticipated to draw fresh market competitors as well as major players.
Transparency Market Research has profiled the following players in its global home rehabilitation products & services market report:
- Stryker Corporation
- Prism Medical (subsidiary of Handicare Group AB)
- Invacare Corporation
- DJO Global
- Hocoma AG
- Ekso Bionics Holdings, Inc.
- AliMed, Inc.
- Active Medical & Rehabilitation Services Pvt. Ltd.
- ergoline GmbH
- Performance Health
- Medline Industries, Inc.
Key Market Developments
- Sony Group and its subsidiary medical network operator M3 revealed the introduction of innovative smartphone software that gamifies patient rehabilitation by employing Artificial Intelligence (AI) in April 2022. This service, which may be accessed via a wearable gadget, enables stroke sufferers to regain mobility.
- GrandCare, an acknowledged leader in home health services, declared the extension of its operations into in-home outpatient therapy in April 2022. This is anticipated to meet patients’ outpatient therapy demands while also expanding GrandCare’s therapy services offering.
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By Product Type
- Positioning Devices
- Body Support Devices
- General Aids
- Other Product Types
- Physical Therapies
- Occupational Therapies
- Speech Therapies
- Respiratory Therapies
- Other Therapies
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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