Physiotherapy Equipment Market to Hit USD 27.03 Billion by 2029 with 6.1% CAGR | MarketsandMarkets™

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By product, the physiotherapy equipment market is segmented into equipment and accessories. In 2023, the equipment segment accounted for largest share in the physiotherapy equipment market due to essential role of physiotherapy equipment's in rehabilitative care. The demand for physiotherapy equipment such as electrotherapy, ultrasound, cryotherapy and others has increased with the increased incidences of sports related injuries, rising consumer expenditure and expansion of healthcare infrastructure. Additionally, rising geriatric population and the growing demand for home healthcare services have further contributed to the segment's growth.

By application, the physiotherapy equipment market is segmented into musculoskeletal conditions, neurological conditions, cardiovascular and pulmonary conditions, pediatric conditions, gynecological conditions and others. Musculoskeletal conditions dominate the physiotherapy equipment market due to increased incidences of sports-related and lifestyle-related injuries and disorders. With an increasing aging population that is more susceptible to conditions like arthritis, osteoporosis, cardiovascular disease, and diabetes, a growing demand for physiotherapy services is increasing. The advancement of miniaturized physiotherapy devices, alongside home healthcare, to facilitate the treatment of patients outside of hospitals has further propelled its growth.

By end user, the physiotherapy equipment market is segmented into hospitals, physiotherapy and rehabilitation centers, home care settings, physicians' office and other end users. Rising demand for rehabilitation services has made physiotherapy and rehabilitation centers the leading segment of the physiotherapy equipment market in 2023. The rising demand has also redefined the healthcare industry by positioning physiotherapy as an integral part of patient care. Such centers offer intensive rehabilitation to patients who are undergoing rehabilitation from injuries, surgeries, or suffering from chronic conditions. These centers house diverse range of physiotherapy equipment to address various conditions, treatment modalities, and offer personalised rehabilitation plans. Physiotherapy and rehabilitation centers are also often the early adopters of new technology, as they seek innovative equipment's to enhance treatment effectiveness. Also, the growing number of qualified physiotherapists is driving many professionals to establish their own rehabilitation centres.

In 2023, North American region accounted for the largest share of the physiotherapy equipment market due to several factors, such as region's advanced healthcare infrastructure with high healthcare expenditure leading to significant demand for physiotherapy equipment's. Due to the large population with high disposable income, there is a strong acceptance of cutting-edge physiotherapy equipment in North America. Some of the leading companies that manufacture physiotherapy equipment are in the region. Favourable reimbursement policies, rising geriatric population, increased prevalence of lifestyle diseases, and growing awareness of preventive care are some of the reasons that make the North American region a leading market for physiotherapy equipment.

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The Physiotherapy Equipment market is highly competitive and fragmented. The prominent players in the Physiotherapy Equipment market are Enovis Corp. (US), BTL Industries (UK), Performance Health (US), ITO Co., Ltd. (Japan), Enraf-Nonius B.V. (Netherlands), Dynatronics Corporation (US), Mectronic Medicale (Italy), EMS Physio Ltd. (UK), Whitehall Manufacturing (US), Zimmer MedizinSysteme GmbH (Germany), Zynex Inc. (US), Richmar (US), Life Care Systems (India), Storz Medical AG (Germany), Mettler Electronics Corp (US), Algeos (UK), Gymna (Belgium), Astar (Poland), HMS Medical Systems (India), Embitron s.r.o (Czech Republic), Physiomed Elektromedizin AG (Germany), Tecnobody (Italy), Johari Digitals (India), PowerMedic (Denmark), and CoolSystems Inc. (US). These players have adopted various growth strategies such as product launches, acquisition, collaboration, agreements, and expansion to increase their presence and reach in the physiotherapy equipment market.

Enovis Corporation (formerly Colfax Corporation):

Enovis Corporation is a medical technology company that designs, manufactures and markets high quality physiotherapy equipment's. The company's prevention and recovery (P&R) business segment provides a comprehensive range of physiotherapy equipment to orthopedic specialists, pain management specialists, physical therapists, and athletic trainers, and other healthcare professionals for treating musculoskeletal conditions caused by degenerative diseases, deformities, traumatic events, and sports-related injuries. These include orthopedic braces, hot and cold therapy, electrotherapy, laser products among others.

Its subsidiary, DonJoy, was the first to develop the concept of a functional knee brace more than four decades ago, and today, DonJoy braces have become standard equipment for athletes in 44 nations. DonJoy's "Defiance" branded knee brace is the top selling custom knee support globally, with more than 2 million units recommended to individuals. Another division, LiteCure, offers industry leading medical laser therapy solutions that are utilized for pain management in approximately 1.2 million treatments each month across 29 countries.

The company aims to maintain its market-leading position by focusing on innovation-oriented research and development and improving its products' efficiency and performance.

Zimmer Medizinsysteme GmbH:

Headquartered in Germany, Zimmer Medizinsysteme GmbH is a top European medical device firm specializing in manufacture of innovative physiotherapy equipment's. In addition to its position as a global leader in cryotherapy, the company provides devices for electrotherapy, laser therapy, shockwave treatment, and ultrasound therapy. The company has increased its dominance in the market through balanced growth strategies in the physiotherapy equipment market. Organic growth is supplemented by innovative new-product launches, while inorganic growth takes shape with strategic acquisitions. The company acquired FREI Capital, a leading innovator in training equipment manufacturing, in 2019. Then, in 2021, the company further consolidated its global position as top player by acquiring Enraf Nonius, another global leader in the field of physiotherapy and rehabilitation. However, both the companies will keep own production and R&D, as well their own distribution channels.

With the help of its subsidiaries and partnerships, the company has established a strong global presence by operating in over 110 countries through a network of over 400 distributors. With the support of All Seas Capital Fund, a pan-European private capital fund, the company intends to accelerate its expansion through product line investments and mergers and acquisitions.

Zynex, Inc.:

Zynex is a leading player in the physiotherapy equipment market. Its core competence comes through electrotherapy devices, which. In addition to these, the firm offers braces and traction systems, and hot/cold therapy solutions as adjunct products. All their products are USFDA approved and hold significant advantages such as being small, portable and battery operated. The company is focused on expansion of its salesforce to take advantage of attractive electrotherapy market in USA. As part of its revenue diversification plan, the company plans to offer complementary products to its existing portfolio. Through its salesforce, it also sells several private labelled supplies and complementary products from other manufacturers. A large part of the company's revenue is recurring, i.e., it derives majority of sales from sale of surface electrodes and batteries for its portfolio of physiotherapy devices. The company derives all its revenue from North American region.

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