Healthcare is of utmost importance for all but not every patient can visit physicians or therapy facilities, particularly when the illness is chronic and requires repeated maintenance. Consequently, the market for home rehabilitation products and services is flourishing, as they can adequately meet the healthcare requirements of the patients. While geriatrics are the primary targets, the home rehabilitation products and services is gaining further traction from the increasing prevalence of several long-term disorders such as diabetes and cardiovascular diseases. According to this business and commerce study, the demand in the global home rehabilitation products and services market will expand at a notable CAGR of 8.5% during the forecast period of 2015 to 2023. The analysts of the report have evaluated that the opportunities in the market for home rehabilitation products and services, across the world, constituted to a revenue of US$84.2 bn in 2014 and have estimated the valuation to swell up to US$176.1 bn by the end of 2023.
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APAC Demand for Home Rehabilitation Products and Services to Surge
North America took up the leading share in the held the largest share in the global home rehabilitation products and services market for 2014, driven by a large elderly population percentage suffering from chronic diseases and a growing number of available surgical procedures in a highly advanced healthcare industry. Over time, Asia Pacific will be showing a much higher growth rate in its demand for home rehabilitation products and services, owing to an increasing count of patients suffering from strokes, mobility-related conditions, neck and back pain-related conditions, and burn injuries.
Wheelchairs led the global home rehabilitation products and services market in 2014 based on products, owing to the rising incidence of disabilities and rising global aging population. Based on services, the market was dominated by the demand for physical therapy due to factors such as the increasing financial ability of the elderly to treat conditions such as osteoporosis, arthritis, and hip and joint surgeries and replacements.
Increasing Geriatric Patient Count Propels Market Demand
“The global home rehabilitation products and services market is currently being driven by the growing prevalence of chronic diseases. The spike in chronic illness cases is directly proportional to the staggering rise in the geriatric population, as the baby boomer era comes to a close. This is creating a shift in core demographics for the healthcare industry and is expected to further fuel the need for home rehabilitation products and services over the coming years,” states a TMR analyst. As stated before by the U.S. Census Bureau, 76.4 mn baby boomers were present in the U.S. in 2014. This is a massive consumer base for the healthcare industry and is creating the need for several specializations in healthcare, especially in home healthcare areas.
The future of the global home rehabilitation products and services market is also likely to show a positive growth rate, owing to the advancements in the healthcare industry that are leading to a lower mortality rate among the elderly. Emerging economies are also expected to increase their demand for home rehabilitation products and services due to the swiftly expanding healthcare infrastructure in these regions and growing medical outreach towards remote areas.