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.
Request InsightsPurchasing power in the couPurchasing 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. Request Insights
IN THE NEWSJune 11, 2020: Interim HealthCare Inc., launched a free dementia caregiver’s guide for homecare for patients living with dementia or Alzheimer’s disease.
May 13, 2021: Hunterdon medical center announced to offer free virtual rehab programs for June 2021, National Men’s Health Month
The global rehabilitation therapy services market is estimated to grow at a CAGR of ~14% over the forecast period, i.e., 2022 – 2031. Rehabilitation therapy is used to improve functioning of day-to-day life, after any accident, disease, or surgery. The growth of the market can be attributed to the increasing demand for regular or close-to-regular lifestyle for differently abled individuals, along with the rising prevalence of disabilities across the world. Moreover, increasing global geriatric population is also foreseen to play a crucial role in the market growth, as older individuals are more likely to require physical therapy. Along with this, the favorable reimbursement policies for healthcare expenditure, along with growing healthcare expenditure are anticipated to encourage the market growth. As per the statistics by the World Bank, 9.856% of the global GDP was spent on healthcare in 2018.
The global rehabilitation therapy services market is segmented by type into speech therapy, physical therapy, occupational therapy, respiratory therapy, cognitive behavioral therapy, and others, out of which, the speech therapy segment is anticipated to hold the notable share in the market over the forecast period. This can be attributed to the growing prevalence of various diseases that impact the speech ability in children. Conditions, such as, dyslexia, dyspraxia, aphasia dysphagia, articulation problems, fluency problems, Parkinson’s disease, cerebral palsy, and cleft palate, cause difficulty in speaking, which is estimated to boost the segment growth. 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.
On the basis of geographical analysis, the global rehabilitation therapy services market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing health awareness, along with rising availability of rehabilitation services. Moreover, the increasing share of geriatric population in the APAC region, is estimated to fuel the market growth. According to the data by the World Bank, there are over 114,192,911 individuals above the age of 65 years in the South Asia region, as of 2020. Besides this, the market in the North America region is anticipated to gain the notable market share throughout the forecast period owing to the large number of physiotherapy and rehab clinics in the U.S. region, backed by rising cases of sport or accidental injuries.
The global rehabilitation therapy services market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global rehabilitation therapy services market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The increasing incidences of disability causing diseases or accidents is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~14% over the forecast period, i.e., 2022 – 2031.
Lack of awareness about rehabilitation therapy service is estimated to hamper the market growth.
The North America region is anticipated to provide more business opportunities over the forecast period owing to the rising health awareness amongst the people.
The major players in the market are The Priory Group, Hunterdon Medical Center, Genesis Rehab Services, Upstream Rehabilitation, Inc., Interim HealthCare Inc., and Prevea Health Services.
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.
The market is segmented by type, patient type, application, and by region.
The speech therapy segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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