The global medical rehabilitation services market is experiencing growth due to several factors, including a rise in the incidence of chronic diseases, a growing incidence of drug abuse, addiction, and alcoholism, and an upsurge in the geriatric population.
PORTLAND, Ore., Aug. 17, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Medical Rehabilitation Services Market by Product (Thoracolumbar Devices, Cervical Fusion Devices, and Interbody Fusion Devices), Surgery (Open Spine Surgery and Minimally Invasive Spine Surgery), End User (Hospitals, Specialty Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032." According to the report, the global medical rehabilitation services industry was valued at $167.8 billion in 2022 and is estimated to reach $305.7 billion by 2032, exhibiting a CAGR of 6.2% from 2023 to 2032.
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Medical rehabilitation services refer to a range of healthcare aids and therapies aimed at regaining, improving, or maintaining the physical, cognitive, and emotional well-being of individuals who have experienced injury, illness, or disability. These services are provided by a multidisciplinary team of healthcare professionals, including physicians, physiotherapists, occupational therapists, speech-language pathologists, psychologists, and social workers. Rehabilitation has the potential to improve day-to-day life and function.
Prime Determinants of Growth:
The global medical rehabilitation services market is experiencing growth due to several factors, including a rise in the incidence of chronic diseases, a growing incidence of drug abuse, addiction, and alcoholism, and an upsurge in the geriatric population. However, the high cost of these rehabilitation services may restrict the market growth. Moreover, a rise in the number of key players and developing economies presents new opportunities in the coming years.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $167.8 Billion |
Market Size in 2032 | $305.7 Billion |
CAGR | 6.2 % |
No. of Pages in Report | 230 |
Segments Covered | Services, Therapy, End User, and Region |
Drivers | A rise in the incidence of chronic diseases |
A growing incidence of drug abuse, addiction, and alcoholism | |
An upsurge in the geriatric population | |
Opportunities | The increase in number of rehabilitation centers |
Restraints | High cost of rehabilitation services |
Impact of Covid-19 on Medical Rehabilitation Services Market-
- The outbreak of the COVID-19 pandemic had a negative impact on the global medical rehabilitation services market, owing to the decrease in the demand for medical rehabilitation services and the decline in several surgeries.
- The companies are more focused on COVID-19 vaccine development.
- However, the pandemic has now recovered, and the market is growing rapidly.
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The inpatient rehabilitation services segment to maintain its leadership status throughout the forecast period-
By services, the inpatient rehabilitation services segment held the largest market in 2022, accounting for more than half of the global medical rehabilitation services market revenue, and is expected to maintain its leadership status throughout the forecast period. Due to the rise in the prevalence of chronic diseases such as rheumatoid arthritis, Parkinson's disease, and chronic obstructive pulmonary disease (COPD). In addition, an increase in awareness regarding rehabilitation, improving health care services, and rapid economic growth in developing countries further boosts market growth. However, the outpatient rehabilitation services market would showcase the fastest CAGR of 6.5% during the forecast period.
The physical therapy segment to maintain its lead position throughout the forecast period-
By therapy, the physical therapy segment held the major share in 2022, contributing to around two-fifths of the global medical rehabilitation services market revenue, and is expected to maintain its lead position during the forecast period. Owing to an increase in incidences of accidents and a rise in prevalence of disability. On the other hand, the speech therapy would portray the fastest CAGR of 7.3% during the forecast period.
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The hospitals segment to rule the roost by 2032-
By end user, the hospitals segment to held the largest market share in 2022, garnering more than two-fifths of the global medical rehabilitation services market revenue, and is projected to rule the roost by 2032. This is due to an increase in the number of hospitals, initiatives taken by governments to provide healthcare services, and a rise in awareness among patients regarding rehabilitation services. Furthermore, the homecare segment would cite the fastest CAGR of 6.8% during the forecast period.
North America to maintain its dominance by 2032-
By region, North America held the highest market share in 2022, holding more than two-fifths of the global medical rehabilitation services market revenue, and is projected to maintain its dominance throughout the forecast period. Owing to the presence of well-established healthcare infrastructure. However, the Asia-Pacific region would exhibit the fastest CAGR of 7.5% during the forecast period. High burden of chronic diseases, increase in affordability, and improvements in healthcare access in developing countries such as India and China are the key driving factors that boost the growth of the market in the region.
Leading Market Players-
- The University of Chicago Medical Center
- Therapy Solutions for Kids
- nMotion Physical Therapy
- Lifespan PT
- Suvitas
- Shirley Ryan Abilitylab
- Athletico Physical Therapy
- MindMaze
- Prism Medical
- Paradigm Healthcare
The report provides a detailed analysis of these key players in the global medical rehabilitation services market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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"We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market."
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