Malaysia Physiotherapy Market Analysis

Malaysia Physiotherapy Market Analysis


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The Malaysia physiotherapy market size was valued at $85 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.85% from 2022 to 2030 and will reach $135 Mn in 2030. The physiotherapy market in Malaysia is expected to see steady growth in the coming years, as more people seek out these services to improve their health and quality of life. The market is segmented by Product Type Application Type, and End User. The major players in the Malaysian physiotherapy market are PhysioMalaysia, PT Zone, Synergy Rehab Pinnacle Rehab, The Physio Company, and others.

ID: IN10MYHS016 CATEGORY: Healthcare Services GEOGRAPHY: Malaysia

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Malaysia Physiotherapy Market Executive Summary

The Malaysia physiotherapy market size was valued at $85 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 5.85% from 2022 to 2030 and will reach $135 Mn in 2030.  With a score of 95 points out of 100, Malaysia has been ranked first as the world's best in healthcare with its world-class healthcare services and sophisticated infrastructure. Total health expenditure covers the provision of health services (preventive and curative), family planning activities, nutrition activities, and emergency aid designated for health but does not include the provision of water and sanitation. In Malaysia Health expenditure per capita is US$ 437, healthcare expenditure per capita based on public-private partnership (PPP) is US$ 1,133, and government health expenditure per capita is US$ 219. A total of 52.2% of the current healthcare expenditure is a share of general government expenditure on healthcare.

The physiotherapy service is offered in cases when movement and function are in danger due to old age, injury, pain, illnesses, disorders, conditions, and/or environmental factors, with the premise that functional mobility is essential to being healthy. During physical therapy, the physical therapist collaborates with patients/clients, other medical specialists, families, carers, and communities. In order to examine/assess movement potential and create goals, physical therapists employ information and skills that are special to their field. Through promotion, prevention, treatment, and rehabilitation, physical therapists seek to identify and maximize each patient's potential for mobility and quality of life.

The physiotherapy services sector is characterized by high degrees of fragmentation and low levels of concentration. The top 4 businesses account for less than 10% of industry revenue. The majority of companies in this industry are small, and around half of the physiotherapy practices are sole proprietorships. It is evident that industry operators don't necessarily need to merge in order to obtain greater economies of scale because there are so many small businesses and so few larger ones, together with the strong profit margins of the industry.

Malaysia Physiotherapy Market

Market Dynamics

Market Growth Drivers

The physiotherapy market in Malaysia is likely to grow in the coming years due to an increase in the number of people suffering from chronic diseases, such as diabetes and obesity, as well as an aging population. This increase in demand for physiotherapy services is expected to create opportunities for physiotherapists and physiotherapy clinics in the country.

There are several factors that may impact the growth of the physiotherapy market in Malaysia. These include the availability of trained physiotherapists, the cost of physiotherapy services, and the level of insurance coverage for physiotherapy. In addition, the adoption of new technologies, such as telehealth, may also impact the market.

Market Restraints

There are several factors that may act as restraints on the physiotherapy market in Malaysia, such as limited access to healthcare: In some parts of the country, access to healthcare, including physiotherapy, may be limited due to a lack of facilities or trained professionals. This can make it difficult for individuals to receive the treatment they need.

The high cost of physiotherapy services can be a barrier for some individuals, particularly those who do not have insurance or are underinsured. Moreover, the stigma surrounding physiotherapy can discourage individuals from seeking treatment.

Lack of awareness regarding physiotherapy among individuals may not be aware of the benefits of physiotherapy or may not understand how it can help them. This can lead to a lack of demand for physiotherapy services.

Competitive Landscape

Key Players

  • PhysioMalaysia (MYS)
  • PT Zone (MYS)
  • Kinetik Wellness (MYS)
  • RehabZone (MYS)
  • Synergy Rehab (MYS)
  • Pinnacle Rehab (MYS)
  • The Physio Company (MYS)
  • Move Forward (MYS)
  • EMS Physio Ltd.
  • BTL Industries, Inc.
  • Isokinetics, Inc.
  • Algeo Limited
  • DJO Global, Inc.
  • Dynatronics Corporation, Inc.

Healthcare Policies and Regulatory Landscape

In Malaysia, the Ministry of Health is responsible for regulating the healthcare system. The Ministry sets policies and standards for healthcare services and oversees the operation of public hospitals and clinics. Private healthcare providers are also regulated by the Ministry of Health to ensure that they meet certain standards.

There are several professional bodies that regulate specific healthcare professions in Malaysia, including the Malaysian Medical Council (which regulates doctors), the Malaysian Dental Council (which regulates dentists), and the Malaysian Society of Physiotherapy (which regulates physiotherapists). These bodies are responsible for setting standards for education and practice, and for issuing licenses to practitioners. They also have the authority to discipline practitioners who violate professional standards.

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

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
  • Continous 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”.

 

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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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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

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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: 18 July 2023
Updated by: Bhanu Pratap Singh

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