Global PhysicalTherapy Rehabilitation Solutions Market, by Solution (Software andHardware), by Application (Hip Joint, Spinal Cord Injuries, Forearms and WristJoints, Shoulder and Elbow Joint, Knee Join, and Others), by Deployment(On-premise, Cloud-base, and Hybrid), by End User (Ambulatory Surgical Center,Self-insured Employer, Healthcare IDN (Integrated Delivery Network), Commercialpayer, Govt. Organization, Physiotherapy Clinics, Hospitals, and Homecare &Rehabilitation Centers), and by Region (North America, Latin America, Europe,Asia Pacific, Middle East, and Africa), is estimated to be valued at US$ 23.1billion in 2020 and is expected to exhibit a CAGR of 7.7 % during the forecastperiod (2020-2027), as highlighted in a new report published by Coherent MarketInsights.
Key players are focusing onproduct approvals and launches to strengthen their position in the globalphysical therapy rehabilitation solutions market. For instance, in May 2019,Reflexion Health received 510(k) approval from the U.S. FDA for its VirtualExercise Rehabilitation Assistant (VERA). The platform is featured with a 3Dscan of the patient in order to measure movement and analyze functionalassessment of patients suffering from injury. Patients and providers areenabled to view progress and statistics on a dashboard. Previously, in 2015,VERA was already approved by the U.S. FDA for the treatment of lowerextremities i.e. knee and hip replacement surgery.
Moreover, key companies arefocusing on strategic collaborations for the development of novel andtechnologically advanced physical therapy rehabilitation solutions fordifferent indications, which is driving growth of the global physical therapyrehabilitation solutions market. For instance, in October 2016, Zimmer BiometHoldings Inc. acquired RespondWell, a telerehabilitation platform, fromRespondWell LLC. Zimmer Biomet integrated the novel platform into its ZimmerBiomet Signature Solutions to further enhance patient compliance with physicaltherapy.
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Global Physical TherapyRehabilitation Solutions Market – Impact of Coronavirus (COVID-19)
The COVID-19 pandemic hasaffected several markets across the globe and is also expected to hamper theglobal physical therapy rehabilitation solution market growth
Moreover, pre-COVID physicaltherapy rehabilitation solutions market had gained significant growth due toincreasing demand for rehabilitation services for orthopedic indications acrossthe world. For instance, in 2018, Reflexion Health, Inc. entered into anagreement with Delta Joint Management. As per the agreement, Reflexion Health'sU.S. FDA cleared VERA platform will remotely monitor Delta Joint Management'spatients to ensure that they receive high-quality physical therapy in thecomfort of their homes.
The COVID-19 pandemic hasaffected the economy in three main ways; by directly affecting the productionand demand; by creating disruptions in distribution channels; and through itsfinancial impact on companies and financial markets. Supply chain andmanufacturing activities in India, China, the U.S., and others have beendisrupted due to lockdowns, while countries such as Thailand, Indonesia,Singapore, and others are facing problems with regards with maintainingrehabilitation services such as physical therapy. The demand for virtualrehabilitation has increased during COVID 19 situation, as it is safe and followssocial distancing.
Browse 44 Market Data Tables and36 Figures spread through 207 Pages and in-depth TOC on “Global PhysicalTherapy Rehabilitation Solutions Market, by Solution (Software and Hardware),by Application (Hip Joint, Spinal Cord Injuries, Forearms and Wrist Joints,Shoulder and Elbow Joint, Knee Join, and Others), by Deployment (On-premise andCloud-base, Hybrid), by End User (Ambulatory Surgical Center, Self-insuredEmployer, Healthcare IDN (Integrated Delivery Network), Commercial payer, Govt.Organization, Physiotherapy Clinics, Hospitals, and Homecare &Rehabilitation Centers), and by Region (North America, Latin America, Europe,Asia Pacific, Middle East, and Africa)”
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The market is expected to witnesssignificant growth during the forecast period, as key players are focusing ontechnological advancements in the field of physical therapy rehabilitationsolutions. For instance, in January 2019, MbientLab, a company building the nextgeneration of sensors and tools for the healthcare industry, launched a novelMIOTherapy (MIO), a wearable technology for physical and occupationaltherapists. This platform integrates the effectiveness of traditional physicaltherapy with smart sensors, therapeutic exercises, games, and 3D visualizationtechnology to personalize and improve outpatient rehabilitation and acceleraterecovery.
Key Takeaways of the GlobalPhysical Therapy Rehabilitation Solutions Market:
The global physical therapyrehabilitation solutions market is expected to exhibit a CAGR of 7.7 % duringthe forecast period, as key companies are focusing on technologicaladvancements in physical therapy rehabilitation solutions
Among solution, the hardwaresegment is estimated to hold largest market share in 2020, as manufacturers areengaged in the development of hardware to support physical therapyrehabilitation solutions
Among application, hip jointsegment is estimated to hold largest market share in 2020, owing to increasingnumber of surgical procedures such as total hip replacement in individuals
Among deployment, on-premisesegment is estimated to hold largest market share in 2020, as key players areengaged in providing on-premises rehabilitation solutions for individuals forbetter treatment
Companies operating in the globalphysical therapy rehabilitation solutions market include Reflexion Health, ACINTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCorehealthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc,SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH
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