Musculoskeletal Disorders (MSDs) - Focal Point Driving Demand for Physiotherapy Equipment
Rising incidences of musculoskeletal disorders are expected to drive the use of physiotherapy equipment. According to WHO, over 1.7 billion people are suffering musculoskeletal problems across the world and disabilities related to MSDs will further increase over the next few decades. This fact associated with the YLD (years lived with disability) factor continues to influence the use of physiotherapy equipment. According to the data given by GBD (Global Burden of Disease), combined with WHO’s analysis, the high-income regions are likely to be the most affected. For instance, according to this analysis, around 427 million from the Western Pacific region are likely to get affected in the coming years.
Physiotherapy equipment help in restoring movement and body function to near normal when the individual is affected by MSDs. This combined with increasing consumer awareness regarding effectiveness of various physiotherapy equipment against MSDs are likely to fuel demand in the coming years. Against this backdrop, use of physiotherapy equipment to treat MSDs is expected to witness a boost, in turn fuelling sales.
Physiotherapy Equipment to Witness Significant Demand from Asian Countries; US and Europe Likely to Maintain Status Quo
Global demand for physiotherapy equipment is expected to grow at a moderate pace in the coming years. However, demand for physiotherapy equipment in Asian countries, especially India and China, is likely to witness a boost in the years to follow. Growing geriatric population coupled with increasing number of private hospitals and rising awareness towards active lifestyle have been fuelling the use of physiotherapy equipment in this region.
Sales of physiotherapy equipment in Europe and North America are expected to maintain their dominance. This can be attributed towards factors such as superior healthcare infrastructure, healthcare policies and reimbursements that are favourable for manufacturers of physiotherapy equipment. Moreover, governments in these regions conducted programs with physiotherapy societies across Germany, France and UK. For instance, GCU (Glasgow Caledonian University) launched Caledonian Clinic which provides advisory and specialist physiotherapy services such as manipulative therapy, acupuncture and sports massage, which is likely to favour the market for physiotherapy equipment.
Pervasiveness of Technology to Re-Shape the Physiotherapy Equipment Market
Proliferation of AI, machine learning (ML) and digitization has not only transformed consumer lifestyle but also changed industry leaders’ vision towards consumer success. Healthcare is no exception, as physiotherapy start-ups are focused on innovating new pathways to ensure patient outcomes. For example, WeAR Technologies, a Spanish start-up, provides AI-powered wearables to monitor to observe patient’s progress. ML algorithm of this tool helps therapists plan recovery schedule for each patient. This tool also allows conducting remote physiotherapy. Likewise, PlayWork, an Israeli start-up has introduced concept of gamification, especially for children. It has come up with Playball, a smart physiotherapy ball for patients affected by cerebral palsy. Playball is combined with the company’s interactive physical rehabilitation program, “Playwork”, functions like a gaming tool for ball-based physiotherapy regimes while monitoring progress simultaneously. Albeit their higher market share, manufacturers of physiotherapy equipment are likely to meet stiff competition from such start-ups in the near future, with the backing of pervasive digitization platforms and technology.
Physiotherapy during COVID-19: Usual Business, in Unusual Times
In the wake of COVID-19 outbreak in early 2020, physiotherapy service businesses disrupted abruptly worldwide. In a recent survey, 87% of World Physiotherapy member organisations reported physiotherapy practice had been disrupted during the pandemic in the respective territories. Private practices have been particularly affected due to lockdown restrictions, given the patients’ fear of acquiring infection if they attend for physiotherapy treatment.
Physiotherapy Equipment Market: Competitive yet Opportunistic
The physiotherapy equipment market has witnessed stiff competition among big brands and start-ups since past few years. Manufacturers of physiotherapy equipment are focusing on strategic alliances and mergers and acquisitions in a bid to maintain their market position. In 2019, Colfax acquired DJO Global for $3.15 Bn. The motive of this acquisition was to expand Colfax’s product portfolio in its orthopaedic segment. May 2019 witnessed acquisition of MIPT (Maximum Impact Physical Therapy) by Athletico, which helped its expansion in Tucson and Texas markets. Likewise, in March 2019, MedX Health Corp and Richmar formed strategic alliance to manufacture private label light and laser systems for US. Physiotherapy equipment market continues to witness an upward trajectory, providing a positive landscape for physiotherapy equipment manufacturers.
DJO Global, Performance Health, BTL Industries, ITO Co., Ltd., Zimmer Medizin Systeme GmbH, Life Care Systems, Storz Medical AG. and EMS Physio Ltd., are few of the key players operating in the physiotherapy equipment market.
Key Elements Included In The Study: Global Physiotherapy Equipment Market
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