The global telerehabilitation market size is poised to rise remarkably in the coming years attributable to the technological advancements in the field of healthcare services in collaboration with information, technology, and communications. Telerehabilitation is a medical service for people preferring to stay at home and avail treatment and services. As per a recent report by Fortune Business Insights, titled, “Telerehabilitation Market Size, Share and Covid-19 Impact Analysis, By Type (Products, Services), By Application (Occupational Therapy, Physical Therapy, Chronic Diseases, and Others), By End-User (Healthcare Facilities and Homecare); and Regional Forecast, 2020-2027,” the market value stood at USD 3.32 billion in 2019 and is expected to rise at a CAGR of 13.4% to reach USD 9.13 billion by 2027. The forecast period is set between 2020 to 2027.
As per Fortune Business Insights™, some of the significant players in this market include:
- MIRA Rehab Limited (UK)
- (United States)
- Doctor On Demand, Inc. (United States)
- Care Innovations, LLC. (United States)
- American Well (United States)
- Hinge Health, Inc. (United States)
- Koninklijke Philips N.V. (Netherlands)
- Other players
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Drivers & Restraints-
Increasing Geriatric Population Vulnerable to Various Diseases will Promote Growth
Telerehabilitation can address a wide variety of medical services through the means of telecommunication and technology. This is especially helpful in the case of patients residing in remote locations with mobility issues and for the aged population. The increasing geriatric population is a key factor promoting the telerehabilitation market growth. Additionally, a rise in the patient pool for chronic diseases is also set to aid in the expansion of the market in the coming years.
On the flip side, in several nations, telehealth services do not count as a part of the medical treatment and therefore, it becomes a tedious task to avail reimbursement for such services. The lack of or total absence of proper reimbursement policies for telehealth services are likely to cause hindrance to the market growth in the coming years.
Nevertheless, the additional beneficiaries associated with this service such as audiology, speech and language therapy, neurophysiology that offer advanced medical ailment are likely to create lucrative growth opportunities for the market in the coming years.
Services Segment to Gain Significant Position Owing to Increasing Number of Service Providers:
Based on segmentation by type, the services segment dominated the market in 2019 on account of the rising adoption of telerehabilitation services and the increasing number of service providers.
Major Industry Developments of this Market Include:
January 2019 – The 3.0 version of PHZIO Digital treatment platform was launched by eWellness Healthcare Corporation for telehealth and physiotherapy markets.
April 2018 – TheraNow, a new platform for connecting physical therapists with their patients via teretherapy was launched by Thera Inc.