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The Telerehabilitation Systems Market is estimated to be valued at US$ 254.6 Mn in 2023 and is expected to exhibit a CAGR of 14.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Telerehabilitation systems enables remote delivery of rehabilitation therapies through digital platforms. It incorporates use of internet, mobiles, video conferencing and sensors to assess patients and design customized treatment plans remotely. Key applications of telerehabilitation systems include stroke, orthopedic injuries, neurological disorders among others. It provides cost effective alternative to traditional therapy and improves access to care in remote and underserved areas.
Market Dynamics:
Rising geriatric population susceptible to chronic diseases and growing demand for virtual care during COVID 19 pandemic are expected to propel growth of telerehabilitation systems market over the forecast period. Additionally, technological advancements in digital healthcare, increasing investments by key players and favorable regulations are also boosting adoption. However, lack of clinically validated products, data privacy concerns and reimbursement issues present few challenges. Ongoing research and development activities by industry players to develop innovative platforms leveraging VR/AR and integration with AI are anticipated to offer lucrative growth opportunities in coming years.
Telerehabilitation Systems Market
Segment Analysis
The telerehabilitation systems market is dominated by the hardware segment, which accounted for more than 50% share in 2022. The hardware used in telerehabilitation systems includes sensors, cameras, computers, and other equipment to enable remote monitoring and delivery of rehabilitation services. This segment is dominating as hardware forms the basic infrastructure required for any telerehabilitation system to function properly.
PEST Analysis
Political: Regulatory bodies are supporting the use of telehealth and telemedicine services with favorable regulations to improve access to care. This is driving adoption of telerehabilitation systems.
Economic: The high costs of conventional rehabilitation therapies are pushing healthcare providers to adopt more cost-effective telerehabilitation solutions. This is positively impacting the market growth.
Social: Growing geriatric population, rising cases of disabilities, and increasing prevalence of chronic diseases are creating more demand for telerehabilitation services.
Technological: Advancements in virtual reality, internet connectivity, and digital health are enhancing the delivery of virtual rehabilitation services. Developments in areas such as exoskeletons and prosthetics are also boosting the market.
Key Takeaways
The global Telerehabilitation Systems Market is expected to witness high growth, exhibiting 14% CAGR over the forecast period of 2023 to 2030, due to increasing prevalence of chronic diseases and disabilities. The market size is estimated to reach US$ 912.2 Mn by 2030 from US$ 254.6 Mn in 2023.
Regional analysis: North America dominated the global market in 2022 and is expected to continue its lead, growing at a CAGR of over 15% during the forecast period. This can be attributed to rising healthcare costs and focus on providing affordable care through telehealth initiatives in the region.
Key players: Key players operating in the telerehabilitation systems market share are Reflexion Health, Inc., 270 Vision Ltd., CoRehab srl, Hinge Health, SWORD Health, MIRA Rehab Limited, Flex, Neuro Rehab VR, Evolv Rehabilitation Technologies SL, Yancheng Tianrun Medical Technology Co., Ltd, Tyromotion Gmbh, Brontes Processing Ltd., Bridgeway Senior Healthcare, Rehametrics, Geminus-Qhom, MindMaze, DIH Medical, and Doctor Kinetics. Hinge Health and Reflexion Health are identified as the prominent players owing to their innovative virtual and cloud-based rehabilitation solutions.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
