As per The Institute of Physical Therapy and Applied Science, physical therapy is a holistic approach based on the manual treatment of soft tissues, i.e. muscles, tendons, ligaments and fascia. Hence, physical therapy differs greatly from physiotherapy as it does not specially treat the spine. The main equipment used for physical therapy include ramps, exercise balls, resistance exercise bands, Nordic Track, treatment tables, ultrasound, Isokinetic devices, electrical muscle stimulation equipment, etc. The global physical therapy supplies market is likely to witness sustained growth in the next 10 years.
Physical Therapy Supplies Market: Drivers
In countries such as United States, there is a huge growth in the demand for physical therapy and this field is exhibiting a dynamic expansion in variety of new areas such as eldercare and sports medicine. As per the figures released by the World Health Organization, till 2014, 13% of the total world population was suffering from obesity. This has a direct impact on the number of people needing physical therapy and hence the physical therapy supplies market is expanding. This is likely to boost the growth of the physical therapy supplies market in the coming years.
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In addition, there is a noticeable increase in the number of disabled people in the world and they are likely to develop chronic conditions. Also, the baby boomer generation is now getting old and they are likely to suffer from ailments such as heart diseases and stroke. Hence, the demand of physical therapists treating this segment of population is also increasing and this has a positive effect on the physical therapy supplies market. The other major contributing factor in the increasing demand for the physical therapy supplies market is the rise in unhealthy lifestyle habits.
Physical Therapy Supplies Market: Segmentation
The physical therapy supplies market is classified into physical therapy services, occupational therapy services, respiratory therapy services and other kind of therapies. Amongst these, the physical therapy services market is the largest market, as such kind of services are being increasingly used by the elderly population to counter the ill effects of illnesses such as arthritis and osteoporosis.
Physical Therapy Supplies Market: Key Regions
As far as the geographical spread is concerned, North America is the leading market in the global physical therapy supplies market due to a growing geriatric population and increasing incidences of neurological and cardiopulmonary diseases. In addition to this, the initiatives by the government are also supporting the growth of the physical therapy supplies market in the region. In Europe, the physical therapy supplies market is expected to witness moderate growth due to increasing prevalence of neurological disorders, musculoskeletal problems and cardiopulmonary diseases in the region. Also, an ageing population is also aiding the increase in demand of the physical therapy supplies market. As far as Asia is concerned, it represents the fastest growing region in the physical therapy supplies market. The reason for this is an increasing geriatric population and a large number of patients suffering from neurological diseases in Japan and China. As per the scenario in United States, even though the physical therapy supplies market being a multibillion dollar industry, it is highly fragmented and extremely competitive.
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Physical Therapy Supplies Market: Key Market Players
The largest 50 competitors in the global physical therapy supplies market comprise less than 25% of the global physical therapy supplies market. The reason for this is that the physical therapy supplies market is largely comprised of small independent practices rather than one consolidated entity.