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The global 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 refer to remote physical and occupational therapy programs that are conducted through telecommunications technology. They enable virtual session between patients and healthcare providers to provide assessment, monitoring and therapy of patients suffering from conditions such as stroke, traumatic brain injury and other mobility impairments. Benefits of telerehabilitation systems include expanded access to care especially in rural areas, reduced costs associated with travel for patients and convenience of receiving therapy at home. They are also useful for continuation of therapy post hospital stay and during injury recovery phase at home.
Market key trends:
One of the major trends in the telerehabilitation systems market is growing adoption of virtual and augmented reality technologies. Devices such as VR headsets and smartphones are being integrated into telerehabilitation programs to provide immersive experience to patients for gait training, balance and range of motion exercises. They help enhance patient engagement and experience during remote sessions. Another trend is increasing number of startups offering innovative telehealth solutions. Numerous startups are focusing on developing advanced telerehabilitation platforms and mobile apps to expand access to therapy and drive market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The need for high capital investments in equipment, skilled workforce, and technology and regulations pose high entry barriers for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market offering customized solutions.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and inability to switch costs.
Threat of new substitutes: Threat from new substitutes is low as telerehabilitation systems offer non-invasive and cost-effective solutions for remote patient monitoring and care.
Competitive rivalry: The market is competitive with the presence of established international players.
Key Takeaways
The global telerehabilitation systems market is expected to witness high growth, exhibiting CAGR of 14.% over the forecast period, due to increasing demand for cost-effective chronic disease management solutions and growing geriatric population.
The North America region is expected to dominate the global market owing to supportive government policies for telemedicine and reimbursement schemes for remote physical therapy in the US and Canada. Growing awareness about virtual care, advanced healthcare infrastructure, and higher adoption of digital health technologies also contribute to the largest share of the region.
Key players operating in the telerehabilitation systems market size 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. Major players are focusing on new product launches and business expansions to strengthen their market presence. For instance, in 2022, Reflexion Health partnered with Virginia Mason to deploy its full-body digital rehabilitation platform for home-based physical therapy.
