In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
December 2020- Raysut Cement Company inaugurated a hydrotherapy building, with the aim of rehabilitation of the gymnasium services at Al Wafa Social Center in Salalah.
November 2019- HydroWorx launched new plunge line designed to enhance athletic recovery. The design of the products is inspired by the Minnesota Vikings.
The global hydrotherapy equipment market is estimated to garner a sizeable revenue by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the increasing number of cases of spinal cord injuries, and growing applications of hydrotherapy in sports training and rehabilitation services. Along with these, ongoing technological advancements in the product, and rising number of awareness programs to educate people regarding hydrotherapy, especially in developed nations, are also expected to drive market growth in the coming years. Furthermore, surge in unhealthy eating habits, and escalating geriatric population, who are more vulnerable to pain, are projected to offer lucrative opportunities to the market in the near future. According to the United Nations organization, there were about 703 million persons aged 65 years or over in the world in 2019. The number of older persons is evaluated to double to 1.5 billion in 2050.
The market is segmented by end user into hospitals & rehabilitation centers, spa & wellness centers, and others, out of which, the spa & wellness centers segment is anticipated to hold the largest share in the global hydrotherapy equipment market. This can be accounted to the high availability of treatments that offer pain relief and overall health improvement in a wellness facility. Additionally, on the basis of application, the pain management segment is predicted to observe notable growth during the forecast period, which can be credited to the rising awareness levels about the benefits of hydrotherapy for pain management. Apart from this, aquatic environment is highly suitable for athletic training as it imparts less fatigue and joint stress, which is also assessed to boost the market segment growth in the future. CLICK TO DOWNLOAD SAMPLE REPORT
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global hydrotherapy equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. Asia Pacific is estimated to witness noteworthy market growth over the forecast period on the back of the growing healthcare spending, and increasing awareness about the use of hydrotherapy equipment in the region. The health spending in China reached a value of approximately USD 1,200 billion in the year 2020, up from USD 990 billion in 2019 and USD 900 billion in 2018 respectively.
Moreover, the market in North America is projected to occupy the largest share during the forecast period owing to the well-established healthcare infrastructure in the region. In addition, growing preference of injured and physically challenged people to opt for hydrotherapy for pain management is also expected to accelerate the market growth in the region in the coming years.
The global hydrotherapy equipment market is further classified on the basis of region as follows:
Our in-depth analysis of the global hydrotherapy equipment market includes the following segments:
By End User
Ans: The major factors driving market growth owing to the increasing number of cases of spinal cold injuries, and growing applications of hydrotherapy in sports training and rehabilitation services.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2022-2031.
Ans: Asia Pacific will provide more business opportunities for market growth owing to the growing healthcare spending, and increasing awareness about the use of hydrotherapy equipment in the region.
Ans: The major players in the market are Jacuzzi, Inc., Kohler Co., Narang Medical Ltd., Sidmar Manufacturing, Inc., HydroWorx International, Inc., and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, application, end user, and by region.
Ans: The pain management segment is anticipated to hold largest market size and is estimated grow at a steady CAGR over the forecast period and display significant growth opportunities.
Ans: High cost of hydrotherapy equipment is estimated to hamper the market growth.