Hydrotherapy Equipment Market Trends
Growth Drivers
- Growing Elderly Population – Older people are more susceptible to diseases that affect their ability to move. It is estimated that the increasing number of elderly people worldwide will drive market growth. Currently, over 8% of the world's population is over 65 years old, and this number is expected to rise to over 15% of the world's population by 2050.
- Unhealthy Lifestyles on the Rise – Many health problems, including chronic pain, obesity, stress, and other musculoskeletal disorders, are caused by millions of people's poor lifestyles. Such ailments can be treated with hydrotherapy, providing symptom relief and many other benefits.
- Growing Demand for Non-Drug Alternatives – Rising concerns about drug side effects are expected to further increase the demand for drug substitutes. More and more people are turning to alternative medicine such as yoga, meditation, and hydrotherapy for their effectiveness. For example, hydrotherapy is a completely natural therapy that is non-invasive, has few side effects, and is an excellent way to relieve symptoms without the use of drugs or other more intrusive procedures.
Challenges
- Risk of Infection Associated with Contaminated Water – The risk of infection is one of the significant factors predicted to slow down the market growth. For instance, hydrotherapy demands the use of water, which, if contaminated with hazardous bacteria can provide a high risk of mild to serious illnesses.
- Exorbitant Cost of Equipment
- Availability of Alternative Therapies
Hydrotherapy Equipment Market: Key Insights
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
5.5% |
|
Base Year Market Size (2024) |
USD 3.33 billion |
|
Forecast Year Market Size (2037) |
USD 6.68 billion |
|
Regional Scope |
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