by Physical therapy rehabilitation solutions are used for the treatment of various chronic diseases such as musculoskeletal disorders, neurological disorders, cardiovascular & pulmonary disorders, and others. These solutions assist patients experiencing debilitating effects of conditions such as arthritis, stroke, injury trauma, cerebral palsy, and Parkinson’s disease. The global physical therapy rehabilitation solutions market is estimated to be valued at US$ 28.86 billion in 2023 and is expected to exhibit a CAGR of 15% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
The global physical therapy rehabilitation solutions market has witnessed significant growth due to the increasing prevalence of chronic diseases worldwide. According to the World Health Organization, chronic diseases accounted for approximately 60% of the 57 million global deaths in 2005, and this figure is expected to rise further in the coming decade. Physical therapy rehabilitation solutions effectively deal with various musculoskeletal disorders such as low back pain, neck pain, and arthritis which are on the rise, thus driving the market growth. The growing geriatric population is also contributing to the higher demand for these solutions as elderly people are at a higher risk of chronic conditions.
Market Dynamics:
The growing prevalence of chronic diseases, as referred to in the heading, is one of the key drivers boosting the physical therapy rehabilitation solutions market. According to the Centers for Disease Control and Prevention, six in ten American adults suffer from at least one chronic disease including heart disease, cancer, and diabetes. Additionally, around 75% of the total healthcare expenditure in the U.S. is spent on dealing with chronic conditions. Hence, with the rising number of patients suffering from long-term health issues, the demand for physical therapy rehabilitation solutions is expected to increase during the forecast period.
Another major factor driving the market is the increasing geriatric population worldwide which is more prone to chronic diseases owing to aging. As per the United Nations, there were around 727 million people aged 65 years or over globally in 2020 and the figure is projected to reach 1.5 billion by 2050. This demographic shift is slated to augment the adoption of physical therapy rehabilitation solutions over the next few years as they assist the elderly patients in managing their health conditions.
Segment Analysis
The physical therapy rehabilitation solutions market is segmented based on application and end user. The application segments are musculoskeletal injuries, neurologic injuries, cardiovascular and pulmonary injuries, and others. Among these, musculoskeletal injuries dominates the market as it is the most common type of physical injury requiring physical therapy rehabilitation. It includes conditions like joint pain, muscle pain, repetitive strain injuries, etc.
PEST Analysis
Political: Governments in many countries are offering reimbursements for physical therapy procedures to improve accessibility. They are also implementing various initiatives to promote an active lifestyle and prevent disabilities, driving the need for physical therapy rehabilitation.
Economic: Rising healthcare expenditure and growing geriatric population prone to disabilities are fueling the demand. The economic burden of injuries and diseases also promotes the adoption of physical therapy rehabilitation solutions for faster recovery.
Social: Growing awareness about the benefits of physical activity is encouraging people to seek physical therapy rehabilitation for various conditions. Sedentary lifestyles are also prompting people to opt for physical therapy to remain active.
Technological: Advancements like virtual reality, biofeedback, robotics are allowing physical therapists to adopt digital tools for customized rehabilitation programs. Wearables and sensors for remote monitoring are also gaining popularity.
Key Takeaways
The Global Physical Therapy Rehabilitation Solutions Market is expected to witness high growth over the forecast period. North America currently dominates the market due to the rising prevalence of orthopedic and musculoskeletal disorders. The Asia Pacific region is anticipated to witness fastest growth with increasing medical tourism and focus on preventive healthcare in countries like India and China.
Key players operating in the physical therapy rehabilitation solutions market include Teva Pharmaceutical Industries Ltd., AbbVie Inc, Pfizer Inc., Reddy’s Laboratories Ltd, Zydus Cadila, ReNetX Bio, Inc, InVivo Therapeutics Holdings, Lineage Cell Therapeutics, Inc, Kringle Pharma, Inc., Acorda Therapeutics, Inc., Bioaxone Biosciences, Inc, RespireRx Pharmaceuticals Inc., NervGen, Rising Pharmaceuticals, Inc, ScieGen Pharmaceuticals, Inc, MSN Laboratories Private Limited, and Lannett Co Inc. Companies are focused on developing innovative rehabilitation solutions through R&D and new product launches.
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Source: Coherent Market Insights, Public sources, Desk research
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