SEATTLE–(BUSINESS WIRE)–#CardiovascularPhysicalTherapy–According to Coherent Market Insights, the global telerehabilitation services market is estimated to be valued at US$ 953.6 million in 2027 and is expected to exhibit a CAGR of 15.0 % during the forecast period (2020-2027).
Key Trends and Analysis of Global Telerehabilitation Services Market:
Key trends in the market includes low price of physical therapy and telerehabilitation solutions, which is expected to drive the growth of the global telerehabilitation services market over the forecast period. For instance, according to the Journal of Bone and Joint Surgery, in an article published in January 2020, the study of two academic medical centers and two independent private practices carried out in 2017-2018 in North Carolina states that telerehabilitation therapy had lower total post-hospital costs as compared to patients of traditional care. The median total costs were US$ 1,050 for virtual care and US$ 2,805 for traditional care. The cost difference was US$ 2,745 of cost savings in telerehabilitation therapy.
Key Market Takeaways:
The global telerehabilitation services market is expected to exhibit a CAGR of 15.0 % during the forecast period. The key players in the market focusing on adopting growth strategies such as product launch which is expected to drive the global telerehabilitation services market growth over the forecast period. For instance, In February 2020, XRHealth (formerly VRHealth) launched the first virtual reality (VR) telehealth clinic, which offers VR therapy to patients. The new VR Telehealth Clinics are certified in Massachusetts, Connecticut, Florida, Michigan, Delaware, California, New York, Washington D.C., and North Carolina. These XRHealth telehealth services are covered by Medicare and most major insurance providers.
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Among End User, Rehabilitation Centers segment is estimated to hold dominant position in the global telerehabilitation services market over the forecast period. For instance, in September 2020, Ivy Rehab announced the launch of Ivy Rehab Physical Therapy clinic at the Gillette, New Jersey, which offers wide range of physical therapy and telerehabilitation services for soft tissue mobilization, orthopedic therapy, post-surgical treatment, arthritis treatment, pediatric physical therapy, and vertigo treatment.
On the basis of region, North America estimated to hold largest market share in the global telerehabilitation services market over the forecast period. Increasing number of geriatric care agencies, and rising falls and injury cases are also expected to aid in growth of the market in North America. For instance, according to the Centers for Disease Control and Prevention (CDC) report, in 2016, around one-quarter of the people in the U.S. over the age of 65 experience a fall and at least 300,000 of them are hospitalized for hip fractures annually. CDC further states that over 95% of hip fractures are a result of falling, costing US$ 31 billion annually.
Competitive Landscape:
Key players operating in the global telerehabilitation market are MTI America, UnaliWear Inc., Virtual Physical Therapists, Conversa Health, Rehab Management Pty Ltd, MindStreet Inc., MedRisk, NeoRehab, Global Outreach TeleRehabilitation Services, Inc., and Empatha.
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Market Segmentation:
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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