At a significant Compound Annual Growth Rate of 5.4%, the global cardiac rehabilitation market is set to gain from an increase in geriatric population and an ever increasing burden of cardiovascular diseases. To add on, there is also a growing awareness regarding concerns related to the heart, thanks to multiple global initiative and government policies. The market worth towards the end of the forecast period is pegged at over USD 1622 mn.
One of the most potent markets for cardiac rehabilitation would be Asia Pacific, housing half of the global population. Besides, the region includes India and China, which are the fastest growing economies and show immense promise of growth. It is expected to chart a steady Compound Annual Growth Rate of about 6.80%.
Besides, the market offers tremendous opportunities for investors, mainly owing to advancement in technology. And, to top it all, it is not just rivalry between key players that intensifying, but also the demand for the products. Lucrative opportunities are therefore available for almost all stakeholders.
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Product Innovation to Decide Course of Competitive Landscape
The competitive landscape is quite consolidated with a small number of players holding a large chunk of the global cardiac rehabilitation market. The entry and settling of new players is also not very easy. But as per Transparency Market Research study, product innovation would define the competitiveness of the market in the coming years. Some of the most prominent players in the market are Technogym, Brunswick Corporation, Amer Sports, and Johnson health Tech Co.
Rising Awareness and Measures to Bring Down Mortality Rates Due to Cardiovascular Disease to Drive Market Growth
A large section of the population is now into minimal physical exercise and the eating habits aren’t getting any better either. With more people eating out more frequently and at odd hours coupled with a sedentary lifestyle, case of Cardiovascular Diseases is set to rise. Complicating this scenario is an increase in stress levels. All of this is bound to facilitate the global cardiovascular rehabilitation market
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Another factor leading to an uptick in the demand for the cardiovascular rehabilitation market is the number of measures taken to beat the rising instance of cardiovascular diseases. As stated earlier, the free fall in healthy living lifestyle has increased demand within the global cardiovascular rehabilitation market. Governments across the globe have taken upon themselves to better this particular health parameter. India has an ongoing National Programme for Prevention and Control of Cancer, Diabetes, Cardiovascular Diseases and Stroke (NPCDCS). There also international bodies, bringing in concerted efforts to help the situation. For instance there is The World Hypertension League and partner organizations that have developed the ‘Sao Paulo Call to Action for the Prevention and Control of High Blood Pressure: 2019’.
High Costs to Restrict Growth of Global Cardiac Rehabilitation Market
The high costs involved in the technology behind the products make them to expensive for a major populace. This situation is further aggravated when new technology enters marketplace. High capital investment and intensive research makes it impossible to regulate costs beyond a certain level. Then, there is also the problem of low enrollment in cardiac rehabilitation programs which contribute to major market pains. But, this can be fixed with flexible schedules. All in all market is looking at an upward slope for the forecast period.
This review is based on a report by TMR titled, “Cardiac Rehabilitation Market (Device Type – Seated and Upright Elliptical Trainer, Stabilization Ball, Stationary Bicycle, Treadmill, Rower, Heart Rate Monitor, Blood Pressure Monitor) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024”
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Key Takeaways:
- The initiatives of healthcare centers to inform people on the importance of cardiovascular health has created a sense of awakening across the world.
- The technologies employed within the domain of cardiac rehabilitation are complex and expensive.
The market is segmented along the following lines:
Global Cardiac Rehabilitation Market, by Device Type
- Seated and Upright Elliptical Trainer
- Stabilization Ball
- Stationary Bicycle
- Treadmill
- Rower
- Heart Rate Monitor
- Blood Pressure Monitor
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