Published Date : 11 Nov 2022
The global home rehabilitation products & services market size was evaluated at USD 144.41 billion in 2022 and is projected to hit around USD 230.16 billion by 2030 with a registered CAGR of 5.9% during the forecast period 2022 to 2030.
The rising incidences of road accidents, growing geriatric population, and rising prevalence of diseases are the major factors that fuel the growth of the global home rehabilitation products and services market. The rise in the population of persons with disabilities is a significant driver of the market. It is estimated that around 700 million people in the Asia Pacific region are suffering from some type of disability. The major reasons behind the disabilities are road traffic accidents, aging, and natural disasters. Moreover rising prevalence of respiratory diseases among the population is boosting the growth of the market. As per the data published by the WHO, chronic obstructive pulmonary disease (COPD) causes around 2.7 million deaths each year across the globe and it is the fourth major reason for deaths. Moreover, the growing geriatric population and rising number of orthopedic surgeries are boosting the adoption of rehabilitation products and services. The rising popularity of telerehabilitation is further fueling the demand among the global population. The consultants can offer consultations to their patients through online platforms that offer convenience to the patients and hence its adoption is rising among patients.
Home Rehabilitation Products And Services Market Report Scope
|Market Size In 2022||USD 144.41 Billion|
|Market Size By 2030||USD 230.16 Billion|
|Growth Rate from 2022 to 2030||
CAGR of 5.9%
|Forecast Period||2022 to 2030|
Driver: Growing prevalence of the respiratory disorder among the population
According to the World Health Organization, various respiratory disorders such as COPD, lung cancer, and CVDs are rapidly surging among the population. COPD is estimated to become the third leading cause of global deaths by 2030. Hence the rising prevalence of COPD and the rising number of deaths associated with it are expected to drive the demand for home rehabilitation products and services during the forecast period.
Restraints: High cost of rehabilitation services and products
The high costs associated with the acquisition of rehabilitation products and services make it unaffordable for patients in low and middle-income countries. This may hinder the growth of the market during the forecast period.
Opportunities: The adoption of AI and digital technologies
The rapid surge in the telerehabilitation platforms and the use of the latest technologies like AI, VR, and IoT in digital platforms are expected to provide growth avenues to the market players in the foreseeable future and drive market growth.
Challenges: Lack of awareness
The lack of awareness among the population especially in developing and underdeveloped countries is a major challenge faced by the market players in the home rehabilitation products and services market. Moreover, the lack of proper healthcare infrastructure is also a major challenge that may restrict the market growth.
North America dominated the global home rehabilitation products and services market in 2020. The rising geriatric population in the US is boosting the market growth. According to the US Census Bureau, more than 20% of the US population will be over the age of 65 years by 2029. Furthermore, more than 16 million people in the US are suffering from a respiratory disorder, as per the CDC. Hence the rising case of COPD is a major factor that augments the demand for home rehabilitation products and services in North America. Furthermore, various factors such as increased adoption of advanced products, increased per capita healthcare expenditure, increased penetration of retail stores, and presence of strong healthcare infrastructure are the major drivers of the market.
Asia Pacific is estimated to be the most lucrative market during the forecast period owing to the surging geriatric population. According to the United Nations, around 80% of the global geriatric population is expected to be living in low and middle-income nations. Furthermore, the rising number of road traffic accidents may potentially drive the market demand. According to the WHO, around 93% of road traffic accident cases are recorded in the low and middle-income countries
Key Players in the Report
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