02-Mar-2020 | Syndicate Market Research
Rehabilitation also referred to as physiatry, is a medical science branch that intends to assist the course of recovery from injury or illness to the normal state. This illness or injuries are associated with ligaments, muscles, nervous system, and bones. Usually, the treatment is supervised by the physiatrist who is an expert in the field of reinstating optimal functioning to individuals with the assistance of counseling and physiotherapy therapy. As a broad array of tools is re-usable, their implementation is escalating among users. A rise in the interest of the public in rehabilitation equipment has been witnessed following the implementation of the long-term care insurance system in 2000 and thus, a rise in the number of users was also observed. This trend further leads to enhancements in the functioning and designing of such devices that significantly benefitted the physically challenged and aged population to obtain better independence and chip in the community. Rehabilitation equipment is re-usable support that helps the patient with their everyday activities.
The rehabilitation equipment market in the past decade has bloomed significantly as a result of technological advancements and government support to cope with the requirements of the physically challenged and rising geriatric individuals around the globe. The key factors propelling the expansion of this market comprise the rising prevalence of disabilities caused by non-communicable diseases, the growing frequency of chronic diseases, and constructive healthcare reforms. Apart from this, the rising incidence of degenerative diseases like Alzheimer’s, Parkinson’s, and arthritis coupled with the rising count of trauma patients who need rehabilitation therapy are also anticipated to drive the growth of the rehabilitation equipment market during the forecast period.
In addition, innovations in this domain have resulted in the introduction of smart assistive devices, incorporating hardware as well as software parts, which are revolutionizing the rehabilitative regimes of several patients with a range of rehabilitation equipment, spanning from huge medical equipment to small household items. Further, the broader application of virtual reality, brain-computer interfaces, artificial intelligence, and other avant-garde techniques within the rehabilitative domain are the major aspects of the huge spending in rehabilitation sector by top market players. One such firm is the Shenzhen Children Laugh Recreation Equipment, an expert in the cerebral palsy and autism segments with its equipment assisting kids experiencing such disorders with their vestibular balance, while also helping in the development of their auditory and visual senses.
The requirement for daily assistive devices is rising swiftly among the handicapped populations across the world. Further, alertness about new products accessible in the market is also rising on account of new communication channels that are being implemented by producers. Thereby, patients stay updated about imminent products within the market. Also, the local governments in numerous nations have offered easy subsidies, financing, and substitute financing alternatives for rehabilitation equipment that are anticipated to drive stipulation for the assistive products and thus, result in market expansion. Conversely, high prices and maintenance charges of rehabilitation equipment is projected to obstruct the growth of the rehabilitation equipment market. Nevertheless, developments in technology like the introduction of smart accessible gadgets are expected to provide a chance for market players over the forecast period.
To cite, the University of Iowa Health Care has collaborated with Encompass Health to set up a new rehabilitation unit in Coralville. The unit is expected to start operating in May, and would be the foremost hospital Encompass builds in the Iowa state. Suresh Gunasekaran, the UI Hospitals & Clinics CEO, stated the last summer consent was received by Encompass for a certificate of need, which offered data of a dearth of rehabilitation services in the region, and thus it started thinking of the project. As per Tom Moore, the UIHC spokesperson, the construction and equipment will collectively cost $27 million, with the expenditure divided equally between Encompass and UIHC.
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