Hong Kong Physiotherapy Market Analysis Report [2022-30] I Insights10

Hong Kong Physiotherapy Market Analysis

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The Hong Kong physiotherapy market size was valued at $77 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.85% from 2022 to 2030 and will reach $145 Mn in 2030. Hong Kong's physiotherapy market is expected to grow due to, increasing geriatric population, increasing chronic conditions such as obesity and diabetes. The market is segmented by Product Type, Application Type, and End User. The major players in the Hong Kong physiotherapy market are SBM Medical Equipment Company, Hong Kong Medix Co. Ltd, Hong Kong Medical and Biotech Industries Association (HKMBIA) and others.

ID: IN10HKHS016 CATEGORY: Healthcare Services GEOGRAPHY: Hong Kong

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Hong Kong Physiotherapy Market Executive Summary

The Hong Kong physiotherapy market size was valued at $77 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.85% from 2022 to 2030 and will reach $145 Mn in 2030. According to World Bank data, in 2020, Hong Kong's GDP was $355.2 Bn and healthcare expenditure was $18.5 billion. In terms of GDP, healthcare expenditure in Hong Kong represents around 5.2%. The healthcare system in Hong Kong is a mixture of public and private healthcare and is considered one of the best in the world, with a high number of hospitals, clinics, and medical professionals per capita. The government provides subsidies for certain types of healthcare services, such as those provided in public hospitals. Additionally, many residents also have private health insurance to help cover the costs of healthcare services.

Physiotherapy can both prevent and treat injuries, especially in athletes and other physically active persons. As more people engage in sports and physical activity, physiotherapy services are becoming more and more essential to help manage and prevent injuries. Physiotherapy is used as a form of treatment for patients who have undergone surgeries or other medical treatments. As more surgeries and medical procedures are performed, there is an increasing need for physiotherapy services to help patients recuperate and return to their regular activities.

In Hong Kong, the usage of physiotherapy services has increased recently due to a variety of factors, including an ageing population, an increase in chronic diseases, and a growing focus on preventative care. A growing number of people are turning to physiotherapy to treat chronic conditions like osteoporosis, arthritis, and other age-related problems. As more people develop chronic conditions including obesity, diabetes, and heart disease, physiotherapy is more necessary to manage symptoms and improve overall health.

hong-kong-physiotherapy-market-analysis

Market Dynamics

Market Growth Drivers

In Hong Kong, age 65 and above accounted for 20.5% of the population in 2022. Hong Kong's population of people 65 and over has increased significantly during the past 50 years, going from 4.9 to 20.5%, rising at an increasing yearly rate that peaked in 1976 at 4.62% and then fell to 4.43% in 2022. Due to the aging population, the need for physiotherapy services is increasing. Elderly people are more prone to chronic diseases like arthritis, osteoporosis, and other age-related conditions that require physiotherapy.

Moreover, the prevalence of chronic diseases increasing, and old aged people also require physiotherapy to help manage the symptoms of chronic conditions such as obesity, diabetes, and heart disease, and to prevent falls and other injuries. Furthermore, awareness of physiotherapy benefits among the population is leading the market in the coming years.

Market Restraints

Due to the high cost of physiotherapy services, lack of trained physiotherapy professionals, and lack of reimbursement policies for physiotherapy in Hong Kong, the physiotherapy market in Hong Kong market will be hampered in coming years.

Competitive Landscape

Key Players

Medel Medical Equipment Co. Ltd (HKG)
SBM Medical Equipment Company (HKG)
Hong Kong Medix Co. Ltd (HKG)
Hong Kong Medical and Biotech Industries Association (HKMBIA) (HKG)
Medtecs International Corporation Limited (HKG)
Mettler Electronics
Chattanooga Group
EMS Physio Ltd.
DJO Global, Inc.
Dynatronics Corporation, Inc.

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario of the Hong Kong Physiotherapy Market

In Hong Kong, physiotherapy is regulated by the Physiotherapists Board (PTB) under the Allied Health Professions Council (AHPC). The PTB is responsible for registering physiotherapists and enforcing standards of practice and ethics. The AHPC is responsible for ensuring the professional conduct of physiotherapists in Hong Kong, including handling complaints and disciplinary action. Physiotherapists found to have engaged in professional misconduct can face penalties such as fines, suspension, or revocation of their registration.

In Hong Kong, physiotherapy is not covered by the government's public healthcare system, so patients typically have to pay for physiotherapy services out of pocket, either from their own savings or from private health insurance. The government does not have a fixed reimbursement rate for physiotherapy services. There are provide subsidies available for certain types of physiotherapy services for eligible individuals. Reimbursement for physiotherapy is generally based on a fee schedule set by the government, which takes into account the type of treatment, the location of the treatment, and the qualifications of the therapist.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Physiotherapy Market Segmentation

By Product: (Revenue, USD Billion):

Based on product, the physiotherapy equipment market is divided into two major segments, namely, equipment and accessories. The equipment segment accounted for the largest share of the physiotherapy equipment market in 2021. The equipment segment is further segmented into electrotherapy equipment, ultrasound equipment, exercise therapy equipment, heat therapy equipment, cryotherapy equipment, combination therapy equipment, continuous passive motion therapy equipment, shockwave therapy equipment, laser therapy equipment, magnetic pressure therapy equipment, traction therapy, and other physiotherapy equipment (hydrotherapy and vacuum therapy). Owing to the increasing use of electrotherapy equipment in the treatment of musculoskeletal disorders and owing to increasing concerns for patients’ safety and minimal/no side-effects during the physiotherapy treatments.

Equipment

Electrotherapy equipment
Ultrasound equipment
Exercise therapy equipment
Heat therapy equipment
Cryotherapy equipment
Combination therapy equipment
Continous passive motion therapy equipment
Shockwave therapy equipment
Laser therapy equipment
Magnetic pressure therapy equipment
Traction therapy
Other physiotherapy equipment

Accessories
Manual Therapy
Specialized treatment
Joint Mobilization Techniques
Suspension Therapy

By Application (Revenue, USD Billion):

Based on application, the physiotherapy equipment market is segmented into musculoskeletal applications, neurological applications, cardiovascular and pulmonary applications, pediatric applications, gynecological applications, and other applications (including sports and palliative care). The musculoskeletal applications segment holds a dominating share attributed to the increasing adoption of physiotherapies to accelerate recovery of accidental injuries, rising incidence of musculoskeletal disorders, and growth in the geriatric population.

By Applications

Musculoskeletal applications
Neurological applications
Cardiovascular and pulmonary applications
Pediatric applications
Gynecological applications
Other applications

By End-user (Revenue, USD Billion):

Based on end users, the physiotherapy equipment market is segmented into physiotherapy & rehabilitation centers, hospitals, home care settings, physician offices, and other end users (community health centers and elderly care facilities). In 2021, the physiotherapy & rehabilitation centers segment accounted for the largest share of the physiotherapy equipment market due to increasing demand for advanced physiotherapy equipment and their wide usage across the care continuum across these centers.

Physiotherapy & Rehabilitation centers
Hospitals
Home care settings
Physician offices

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.