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 enable remote delivery of rehabilitation therapies through virtual sessions. They allow patients to receive physical, occupational or speech therapy in their own home through video conferencing technology. These systems offer advantages like accessibility to therapy from distant locations and reduction in travel costs for patients. The rising need for cost-effective and convenient therapy options is driving the adoption of telerehabilitation systems.
Market key trends:
One of the key trends driving growth in the telerehabilitation systems market is the rising adoption of virtual and remote care due to the COVID-19 pandemic. The restrictions imposed during the pandemic accelerated the shift towards telehealth and virtual consultations. Telerehabilitation systems enable the continuity of care while maintaining social distancing. Their demand increased significantly as therapists searched for options to treat patients remotely. Furthermore, the growth in disabled and geriatric population who require long-term rehabilitation is also propelling the market forward. Various players are intensifying their R&D to develop more advanced and user-friendly telerehabilitation solutions, which is expected to support the market expansion over the forecast period.
Porter’s Analysis
Threat of new entrants: The high capital requirements and presence of established players make the threat of new entrants low in the telerehabilitation systems market. Bargaining power of buyers: Buyers have high bargaining power in the market due to the presence of multiple vendors providing similar products and services. Bargaining power of suppliers: Suppliers have moderate bargaining power due to differentiated products and services and high switching costs for buyers. Threat of new substitutes: The threat of new substitutes is low as telerehabilitation systems provide unique digital rehabilitation services that cannot be easily substituted. Competitive rivalry: Intense competition exists among existing vendors to gain more market share.
SWOT Analysis
Strength: Telerehabilitation systems enable remote rehabilitation and improve access to care. They provide flexibility and are more cost-effective than traditional therapy models.
Weakness: Data privacy and security concerns, lack of real-time interaction, and requirement of digital infrastructure and skills are key weaknesses.
Opportunity: Rising geriatric population, increasing prevalence of chronic diseases, and growing adoption of digital health and remote patient monitoring create market opportunities.
Threats: Slow adoption due to clinicians’ reluctance to change, reimbursement issues, and lack of evidence for equivalence to in-person care are threats.
Key Takeaways
The global telerehabilitation systems market is expected to witness high growth, exhibiting CAGR of 14% over the forecast period, due to increasing adoption of virtual care and remote patient monitoring solutions during the COVID-19 pandemic.
Regional analysis: North America dominates the market currently owing to advanced digital infrastructure and growing geriatric population. Asia Pacific is expected to grow at the fastest pace due to rising cases of chronic diseases, large patient pool, and investments by regional governments to strengthen telehealth frameworks.
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. These players are focusing on product approvals, partnerships, and geographical expansion to consolidate their market presence.
