Telerehabilitation Services Market

Telerehabilitation Services Market Size and Growth Rate (2023-2028)

The Global Telerehabilitation Services market was valued at USD 4.6 billion in 2023 and is anticipated to reach nearly USD 10.8 billion by 2028, with a rise in CAGR of 14.78% from 2023 to 2028.

Impact of Covid-19 on the Telerehabilitation Services Market:

The pandemic crisis has impacted the worldwide economy and significantly affected the various sector by directly affecting the production, demand, and supply chain of various sectors. Telerehabilitation services played a prominent role in rapid and convenient communication between patients and healthcare consultants. During the pandemic telerehabilitation software solutions were reported to be emerging in demand due to social isolation, lockdown, strict restrictions and to limit the risk of transmitting the virus either to the patients or healthcare workers. The rising cases of COVID-19 globally surge demand for telehealth and remote healthcare services. The pandemic accelerated the adoption of digital health technologies, including telehealth platforms, this helps to quickly adoption of teleconferencing tools, remote monitoring devices, and mobile applications to deliver telerehabilitation services effectively. The pandemic crisis creates an opportunity for the various digital platform including telerehabilitation services to shift patient preferences, with many individuals becoming more comfortable with receiving healthcare services remotely. Telerehabilitation services help to improve patient outcomes, thus the rising adoption of telerehabilitation services positively impacted the worldwide Telerehabilitation services market.

MARKET DRIVERS:

One of the major key factors boosting the growth of the market is the rising incidences of various disorders such as traumatic brain injury, cerebrovascular accidents, and other various disorders in the pediatric population expected to drive the market growth. These disorders hamper the physical movement of the patient thereby rising the demand for these services worldwide. Telerehabilitation services help to reduce the healthcare cost considerably as the patient visit to the hospital to meet the physician for rehabilitation services are reduced which is anticipated to drive the market growth. Globally 69% of people suffer from chronic diseases, and the rising incidences of chronic diseases and age-related condition increases, thus the overall patient population requires rehabilitation services, and this larger patient population pool creates a greater demand for accessible and efficient healthcare services, thus rapidly boosting the growth of the market.

The second factor propelling the growth of the market is the rapidly rising adoption of digital technologies in the healthcare industry. The pandemic crisis helped the rapid adoption of digital technologies due to several restrictions during a pandemic crisis. High-quality video conferencing, remote monitoring devices, and wearable sensors have revolutionized the telerehabilitation services delivered remotely. The advancement in digital technology helps to enhance the effectiveness and efficiency of telerehabilitation. The expansion of internet connectivity and the availability of high-speed internet in many regions help many patients and healthcare providers to easily access telehealth services, the advancement in technology also helps to better connectivity to ensure smooth video consultation and seamless transmission of patient data this benefits associated with the advancement in the technology help to fueling the growth of the market in upcoming years.

The third key factor fueling the growth of the market is the rising geriatric population. The rising geriatric population is associated with many disease conditions, the long-term disease condition in the patient requires constant monitoring and proper medication, telerehabilitation services are more cost-effective and highly adaptable options for the patients to communicate with doctors remotely, it also time-saving services, with the aging individual are more susceptible to various age-related conditions such as arthritis, osteoporosis, strokes, this condition often require rehabilitation services to improve functionality. These services also offer a convenient and accessible way to receive the necessary care without the need for frequent visits to healthcare facilities, thus this factor is anticipated to rapidly favor the market growth during the forecasted period.

The other factor fueling the growth of the telerehabilitation services market are technological adoption, rising adoption of digital technologies in the healthcare sectors, increase penetration of the internet and smartphones globally, various initiatives undertaken by public and private institutions, rising awareness, rapid adoption of digital technology are the major factor propelling the growth of the market.

MARKET RESTRAINTS:

Telerehabilitation services offer several benefits even though some factors are restraining the growth of the market. The rising integration of advanced technology in the telerehabilitation solution is majorly concerned with privacy and security this is a major factor that limits the growth of the market. Other factors restraining the growth of the market are a lack of reimbursement policies and privacy and security concerns are major factors restraining the growth of the global telerehabilitation services market. Telehealth services involve the transmission and storage of sensitive data related to patient health history. Many healthcare providers and patients are more concerned about the confidentiality of medical information and the risk of major issues such as hacking, data breaches, or unauthorized access to personal health records. Failure while implementation of robust security measures can lead to legal and reputational consequences for healthcare providers. Many healthcare providers are resistant to adopting telehealth services due to concerns about the efficacy of remote care compared to traditional in-person care. These all factors hamper the overall growth of the worldwide telerehabilitation services market.

REPORT COVERAGE:

This research report on the global Telerehabilitation Services Market has been segmented and sub-segmented based on the Component, Therapy, Application, and region.

Telerehabilitation Services Market- Based on Component Type

• Hardware
• Software

Based on the component type, the software segment held a market share of 61.7% in 2022. The rising adoption of various software has significantly risen to assist the healthcare system. The software also helps to achieve greater engagement and improved outcomes. Thus this segment is expected to grow at the fastest CAGR due to rising demand for reducing the rapidly rising medical cost, the growing need for accurate and timely information procurement, and rising patient care costs.

The hardware segment is also anticipated to grow at a healthy CAGR and anticipated to boost market growth during the projected period.

Telerehabilitation Services Market- Based on Therapy Type

• Clinical Therapy
• Physical Therapy
• Occupational Therapy
• Others

Based on the therapy type, the clinical therapy segment held the largest market share of 64.2% in 2022 and is anticipated to continue to dominate the market during the projected period. The conditions such as physical, occupational, speech, neurological as well as drug addiction treatment among all of these the clinical therapies provided by telerehabilitation. Thus this segment drives the market growth during the projected period.

The physical therapy segment also dominate the market in 2022. It held a 42.5% market share in 2022. The rising prevalence of illness, accidents, and disabilities driving the segment's growth. The rising number of people participating in fitness programs as well as the increasing number of outdoor activities rapidly demand physical therapy. During the pandemic with the help of telerehabilitation services, physical therapists remotely attend several patients and prescribe their physical activities, thus this segment is also anticipated to fuel the market growth during the projected period.

Telerehabilitation Services Market- Based on Application Type

• Cardiovascular
• Orthopedic
• Neurology
• Pediatric
• Others

Based on Application type, the orthopedic segment dominate the market in 2022 with a share of 32.5%. The rapid adoption of telerehabilitation services among orthopedic surgeons due to their efficacy, drive the growth of this segment also, patient satisfaction was higher for telerehabilitation with a machine learning algorithm, also various software solutions are being developed which permit the monitoring of exercise time, local temperature, and biomechanics of active movements of patients this all factor contributing to the growth of this segment during the forecasted period.

The cardiovascular segment is also expected to grow at the fastest CAGR during the projected period. The rising adoption of digital health services and the emerging use of these services for cardiac patients found to be safe, beneficial, and cost-effective, also the emerging use of different technologies such as smartphones, mobile apps, and the internet has demonstrated the efficient use of this services to monitor patients associated with cardiovascular disease thus this factor helps in boosting the overall growth of the market during the projected period.

Telerehabilitation Services Market- Based on Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

The North American region is anticipated to dominate the market during the projected period. This region held the largest market share around 42.3% in 2022. The factors such as the existence of cutting-edge healthcare technologies and an increase in remote patient monitoring are the main factor propelling the growth of the market in this region. The rising prevalence of chronic diseases and well-established healthcare infrastructure, technological advancement in rehabilitation, and rising awareness among the population regarding remote patient monitoring These factors boost the growth of the market in this region.

Asia-Pacific is the second-largest region anticipated to grow at the fastest CAGR during the projected period. The factors such as the rapid use of telerehabilitation services in Japan and India are majorly fueled by the growing elderly population and well-established healthcare infrastructure, also the various government initiative undertaken by the countries in this region promote digital health technologies, these all factors boost the growth of the market in this region.

Europe region is anticipated to grow at a significant CAGR during the projected period. A rising aging population, growing prevalence of chronic diseases, increasing government initiatives, technological advancement, and rapid adoption of telerehabilitation services in this region, all factors contribute to the overall growth of the market during the projected period.

The Latin America region is also expected to grow the market at a healthy CAGR during the forecasted period. A major factor contributing to the growth of the market in this region is the rising prevalence of chronic diseases, geographical challenges, and rising demand for telehealth and telerehabilitation services this all factors contributing to the overall growth of the market in this region.

The Middle-east and African regions also expect to dominate the market at a significant CAGR during the forecasted period.

KEY MARKET PLAYERS:

The prominent key player in the global Telerehabilitation services market are American Well, Doctor On Demand, Inc., Hinge Health, Inc., MIRA Rehab Limited, Koninklijke Philips N.V, Cisco, NeoRehab, Jintronix, C3O telemedicine, Care Innovation, LLC., Bosch Healthcare, Cloud Physio-Medvivo Group, led the worldwide telerehabilitation Services market.

RECENT MARKET DEVELOPMENTS:

• In February 2021, Evolv Rehabilitation Technologies S.L. has donated virtual rehabilitation technology to help hospitals in New York, London and Milan to provide telerehabilitation services. The software platform EvolvRehab and a hardware unit known as a RehabKit allows patients to perform videogame-like activities called exergames that are prescribed by therapists. This strategy helped the company to increase its customer base and drive revenue growth.
• In October 2020, Teladoc Health launched telemedicine service, Mental Health Care. This service enabled employees to get access to psychologists, psychiatrists, and therapists through their phone, web or mobile app. This new service helped the company to expand its business in mental care and strengthen its market position.