The global home rehabilitation products and services market, according to Transparency Market Research, is poised to expand at a healthy CAGR of 8.50% from 2015 to 2023. The value of this market was pegged at US$84.2 bn in 2014 and this is forecast to rise to US$176.1 bn by 2023. This growth can be attributed to a number of factors, including the burgeoning presence of chronic diseases, the growing base of major consumers, the changing demographics of the global population, and the significantly rising patient pool and disposable income in emerging economies.
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Looking to make the most of these growth factors are the major players within the global home rehabilitation products and services market: Stryker Corporation, Invacare Corporation, ergoline GmbH, Prism Medical Ltd., TecnoBody S.r.l., Active Medical & Rehabilitation Services Pvt. Ltd., Ekso Bionics Holdings, Inc., Patterson Medical Holdings, Inc., Medline Industries, Inc., AliMed, Inc., Hocoma AG, DJO Global, Inc., and RehabCare.
Rising Trend of Home Rehabilitation Spurring Technological Innovations
Recognizing the success of the home rehabilitation products and services market, a number of players in various verticals of the healthcare industry have begun focusing on developing equipment and gadgets that can benefit patients undergoing rehabilitation at home. Earlier this month, researchers at the Imperial College London and the University of Southampton announced their plan to develop a wearable technology that will help stroke victims with their recovery. One of the main inspirations for this new tool, as told by Jane Burridge, the lead researcher of the project, is the fact that stroke rehabilitation is becoming increasingly home-based owing to the rapid discharge of patients from the hospital. Home rehabilitation, Burridge says, encourages independence among the patients and also avoids a number of problems associated with prolonged stays in hospitals.
The wearable sleeve works with an app and uses MMG microphone-like sensors and inertial measurement units. The sensors are capable of detecting muscle vibrations and can produce the required data, which can then be transferred on to a tablet with the help of an app. Doctors can use this information to evaluate a patient's recovery.
Why North America Holds the Largest Share in the Global Market
Among the five major regional segments that comprise the global home rehabilitation products and services market, namely Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa, North America dominates the overall market. In 2014, North America held the largest share in the home rehabilitation products and services market owing to a number of factors such as the growing prevalence of geriatrics, the rise in access to quality healthcare, the availability of reimbursement policies from private and public health insurance companies, the increased prevalence of chronic diseases, the surge in the number of surgical procedures, the rising incidence of respiratory infections, and the mounting cost of hospital stay.