India Physiotherapy Market Analysis

India Physiotherapy Market Analysis


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India's physiotherapy market size was valued at $0.96 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.85% from 2022 to 2030 and will reach $1.9 Bn in 2030. This market is expected to grow due to an increase in the number of people suffering from chronic conditions including diabetes and obesity as well as an aging population. The market is segmented by Product Type, Application Type, and End User. The key players are BTL Industries. Performance Health, ITO Co., Ltd., Enraf-Nonius B.V., and others.

ID: IN10INHS016 CATEGORY: Healthcare Services GEOGRAPHY: India

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India Physiotherapy Market Executive Summary

India's physiotherapy market size was valued at $0.96 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 8.85% from 2022 to 2030 and will reach $1.9 Bn in 2030. With a population of more than 1.2 Bn, India is the world’s largest democracy. Over the past decade, the country’s integration into the global economy has been accompanied by economic growth. India has now emerged as a global player. Since the 2000s, India has made remarkable progress in reducing absolute poverty. Between 2011 and 2015, more than 90 Mn people were lifted out of extreme poverty. Healthcare has become one of India’s largest sectors, both in terms of revenue and employment. Rising income, higher health awareness, lifestyle disorders, and more access to insurance are predicted to boost the Indian healthcare market to $ 372 Bn by 2022. As of 2021, the Indian healthcare sector is one of India’s largest employers as it employs a total of 4.7 Bn people. The sector generated 2.7 Mn additional jobs in India between 2017-22, over 500,000 new jobs per year.

The healthcare services industry is composed of businesses, single proprietorships, and partnerships that provide human healthcare services and sell healthcare services and associated products. Businesses in this industry provide nursing care, residential substance abuse, and mental health facilities, dental treatment, and medical and diagnostic laboratory services, among other healthcare services. The primary categories of healthcare services include residential substance abuse and mental health facilities, hospitals and outpatient care facilities, doctors and other health practitioners, all other ambulatory healthcare services, ambulance services, dental services, home health care, residential nursing care services, and medical and diagnostic laboratory services. Hospitals and outpatient care centers offer medical diagnosis and treatment to patients with a range of medical problems.

There is a huge burden of chronic diseases and a growing aging population which results in huge demand for the physiotherapy market in India. Physiotherapy is the major factor for standalone clinics/rehab centers and home healthcare careers in India, consequently, these factors provide an opportunity for industry growth. In India, the physiotherapy market is growing because of unhealthy eating habits and hectic lifestyles resulting in pain in the ligaments, nerves, muscles, back, and neck and increasing prevalence of stroke and Parkinson’s disease. There is a huge focus on sports in India which leads to great growth in the physiotherapy market. 

India Physiotherapy Market

Market Dynamics

Market Growth Drivers

The main objectives of physical therapy and other rehabilitation treatments are to increase strength and mobility and discover solutions for any issues. A physical therapist may advise using walking aids and engaging in exercises to strengthen the body and improve balance if a patient has fallen. In addition, rehabilitation can assist in managing exhaustion due to asthma, chronic fatigue syndrome, or following major surgery. For patients who experience or are at risk of having a short- or long-term disability as a result of their injuries or illnesses, rehabilitation therapy is a crucial component of their care. Both patients and caregivers have benefited greatly from the integration of rehabilitative treatment into the healthcare continuum. As a result, many healthcare facilities are integrating rehabilitation care as an essential part of their care continuum. This has resulted in an increasing demand for rehabilitation equipment and, indirectly, physiotherapy equipment as well.

Market Restraints

Changes in healthcare insurance coverage and rules have a significant impact on individuals' out-of-pocket expenses. This could result in differences in services and have an effect on the standard of care. Patients frequently have to pay out of cash due to differences in coverage between and between federal and private payers. Before co-insurance kicks in, patients can be responsible for a co-pay, co-insurance, facility fees, and reaching a large deductible. Co-pays for some physiotherapy procedures can be very expensive. The accompanying expenditures may restrict patients' access to treatments, preventing them from receiving therapy in some cases. On the other hand, some patients might be unable to return to work or carry out their daily activities.

Additionally, patients are subjected to arbitrary annual visit caps that do not correspond to the initial diagnosis or severity criteria.

Competitive Landscape

Key Players

The prominent players operating in this market include:

  • BTL Industries
  • Performance Health
  • ITO Co., Ltd.
  • Enraf-Nonius B.V.
  • Dynatronics Corporation
  • Medtronic
  • Whitehall Manufacturing
  • Zimmer MedizinSysteme GmbH
  • Zynex Inc
  • Richmar
  • Storz Medical AG
  • Mettler Electronics Corp,
  • Power Medic

Notable Recent Deals

September 5, 2019 - ProPhysio, a Bengaluru-based startup that deals in Physiotherapy and rehabilitation services have raised an undisclosed amount of funding from the NestaVera Group of companies. The company will use this investment to further accelerate its growth and build new products and services. It will also explore technology with AI-driven solutions to treat various health issues and reach out to a larger consumer demographic in multiple locations across India at the clinic and extended care at home.

Healthcare Policies and Regulatory Landscape

There are different government schemes and policies which offer cover for Physiotherapy under them, such as under Central Government Health Scheme (CGHS), the beneficiary has been permitted by the competent authority or treatment under emergency from the time of admonition to discharge including physiotherapy charges. In India private insurance cover physiotherapy charges, if a health insurance policy offers coverage for Out Patient Department (OPD) or day-care procedures, then physiotherapy is covered under it, even if it is not linked to surgery.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

India Physiotherapy Market Segmentation

By Product (Revenue, USD Billion)

Based on product, the physiotherapy equipment market is divided into two major segments, namely, equipment and accessories. The equipment segment accounted for the largest share of the physiotherapy equipment market in 2021. The equipment segment is further segmented into electrotherapy equipment, ultrasound equipment, exercise therapy equipment, heat therapy equipment, cryotherapy equipment, combination therapy equipment, continuous passive motion therapy equipment, shockwave therapy equipment, laser therapy equipment, magnetic pressure therapy equipment, traction therapy, and other physiotherapy equipment (hydrotherapy and vacuum therapy). Owing to the increasing use of electrotherapy equipment in the treatment of musculoskeletal disorders and owing to increasing concerns for patients’ safety and minimal/no side-effects during the physiotherapy treatments.

  • Equipment
  • Electrotherapy equipment
  • Ultrasound equipment
  • Exercise therapy equipment
  • Heat therapy equipment
  • Cryotherapy equipment
  • Combination therapy equipment
  • Continuous passive motion therapy equipment
  • Shockwave therapy equipment
  • Laser therapy equipment
  • Magnetic pressure therapy equipment
  • Traction therapy
  • Other physiotherapy equipment
  • Accessories
  • Manual Therapy
  • Specialized treatment
  • Joint Mobilization Techniques
  • Suspension Therapy

By Application (Revenue, USD Billion)

Based on application, the physiotherapy equipment market is segmented into musculoskeletal applications, neurological applications, cardiovascular and pulmonary applications, pediatric applications, gynecological applications, and other applications (including sports and palliative care). The musculoskeletal applications segment holds a dominating share attributed to the increasing adoption of physiotherapies to accelerate recovery of accidental injuries, rising incidence of musculoskeletal disorders, and growth in the geriatric population.

By Applications

  • Musculoskeletal applications
  • Neurological applications
  • Cardiovascular and pulmonary applications
  • Pediatric applications
  • Gynecological applications
  • Other applications

By End-user (Revenue, USD Billion)

Based on end users, the physiotherapy equipment market is segmented into physiotherapy & rehabilitation centers, hospitals, home care settings, physician offices, and other end users (community health centers and elderly care facilities). In 2021, the physiotherapy & rehabilitation centers segment accounted for the largest share of the physiotherapy equipment market due to increasing demand for advanced physiotherapy equipment and their wide usage across the care continuum across these centers.

  • Physiotherapy & Rehabilitation centers
  • Hospitals
  • Home care settings
  • Physician offices

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 12 December 2023
Updated by: Ritu Baliya

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