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Physiotherapy Equipment Market is projected to reach USD 21,130.5 million by 2024 from USD 15,065.0 million in 2018, at a CAGR of 5.8% during the forecast period. The growth of this market is primarily driven by rapidly growing geriatric population and the subsequent increase in the global prevalence of chronic diseases, and Growing incidence of sports injuries, degenerative joint disorders, and cerebrovascular disease.
However, unstable reimbursement scenario for physiotherapy and shortage of skilled personnel are the major factors that are expected to restrain the growth of this market during the forecast period.
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How are emerging markets an opportunity for Physiotherapy Equipment market?
China, Japan, India, Brazil, and Australia are emerging markets for physiotherapy equipment. These markets lack proper standards and government regulations and offer huge potential for providers unable to meet US standards.
In China, the healthcare infrastructure is in urgent need of modernization, owing to the growth in the aging population and the rising incidence of chronic disorders. In 2013, China had 83.7 million people with disabilities, of which 65 million cannot survive without assistive devices. The aging population (60+ years) will make up 20% of the Chinese population by 2025.
Japan is another country with one of the most rapidly increasing aging populations in the world. By 2025, 36% of the Japanese population will have crossed 60 years. India is also a high potential market for physiotherapy equipment on account of its huge aging population base, growing healthcare standards, and flourishing home healthcare sector.
Moreover, the increasing competition in mature markets will compel physiotherapy manufacturers to focus on emerging markets.
How skilled personnel is a challenge for Physiotherapy Equipment market?
Across the globe, there is a serious shortage of physiotherapists. According to the Chartered Society of Physiotherapy (CSP), there is a serious shortage of physiotherapists in England. It is estimated that a minimum of 500 additional physiotherapists need to be trained each year until 2020 to meet the current shortfall.
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In 2013, the American Physiotherapy Association (APTA) projected a shortage of more than 27,000 physical therapists by 2020 in the US. According to Data USA, approximately half of the total PTs licensed to practice are 40 years and above and will soon retire. Thus, the dearth of skilled professionals will restrict market growth.