The global medical rehabilitation services market is projected to witness lucrative growth in the forecast period of 2022-2030. The growth of market is attributed to the growing geriatric population, the prevalence of chronic diseases, and an increase in the number of sports-related injuries as these medical rehabilitation services help patients in regaining their mental, cognitive and physical abilities. Furthermore, growing percentage of population dealing with alcoholism, drug abuse, and depression further boosts the market growth. The ongoing trend of tele-rehabilitation is further opening new opportunities for the market as it will help in spreading rehabilitation services in remote locations. Growing government initiatives are also fueling the market growth. For instance, the Indian Government launched Community Based Inclusive Development (CBID) program in May 2021. The program aimed at training rehabilitation workforce with ground level knowledge to manage cross-disability issues of each disabled individual that will work with Anganwadi and ASHA workers.
As per the calculations of WHO, about 2.4 billion population are currently living with health conditions that benefit from medical rehabilitation. The need for rehabilitation has also increased due to change in the characteristics and health of the population. For instance, population is having a longer life span but with more chronic diseases and disability. According to the stats of WHO, the need of medical rehabilitations is largely unmet, specifically in middle and low-income regions. About 50% of population do not get rehabilitation as per their requirement. Furthermore, the services were highly disrupted during COVID-19.
On the basis of therapy, the market can be segmented into occupational therapy, speech and language therapy, physical therapy, cognitive therapy, and others. A number of orthopedic disorders and increasing number of sports related injuries are driving the segment’s growth. Rehabilitation helps in reducing, managing, or preventing complications related with different health conditions, like stroke, spinal cord injury, or a fracture.
On the basis of service type, the market is segmented into outpatient rehabilitation services, and inpatient rehabilitation services. The number of users for outpatient services is larger due to easy access to support systems, availability of cheaper and regular short sessions, and growing trend of tele-rehabilitation services.
On the basis of application, the market is segmented into Orthopedic Rehabilitation Therapy Services, Neurological Rehabilitation Therapy Services, Cardiological Rehabilitation Therapy Services, Pulmonary Rehabilitation Therapy Services, Palliative Care, Sports Related Injuries, Integumentary Rehabilitation Therapy Services, Pelvic Care, Others. Increasing percentage of geriatric patients worldwide dealing with orthopedic disorders is projected to positively impact the market growth. Rehabilitation services slower down or minimize the disabling rate of chronic diseases. These services also help in medical and surgical interventions, by achieving the best possible outcomes through training users with self-management strategies and providing the assistive products required by them. Rehabilitation reduces the timeframe for hospital stays, and subsequently the chances of re-admission. The market can be further divided on the basis of age group, end-users, and service channels.
On the basis of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA. The growth of the market within economically stronger regions can be attributed to the presence of technologically advanced healthcare infrastructure, the presence of key players, and high disposable income. However, the less-developed or developing regions are expected to grow at a slower rate during the forecast period. This growth can be attributed to the rise in the geriatric population and the increasing prevalence of chronic diseases. Furthermore, growing initiatives for the rapid healthcare infrastructure advancements are further positively impacting the market growth.
The major market players include Shirley Ryan AbilityLab, Prism Medical, Icahn School of Medicine at Mount Sinai, Paradigm Healthcare, The University of Chicago Medical Center, MindMaze Healthcare, Lifespan Physical Therapy Services, SuVitas, nMotion Physical Therapy, Therapy Solutions For Kids, and Athletico Physical Therapy. Strategic initiatives such as mergers & acquisitions, collaborations, and the launch of new products are being undertaken by the key players to expand their market shares. For instance, in March 2022, Prism Medical collaborated with IoT Solution Group to improve its existing product range and expand its presence in the smart healthcare sector.
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