Latin America Physiotherapy Market Analysis Report 2022 to 2030

Latin America Physiotherapy Market Analysis

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Latin America's physiotherapy market size was valued at $2.3 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.85% from 2022 to 2030 and will reach $4.06 Bn in 2030. The physiotherapy market in Latin America is expected to see steady growth in the coming years, as the rising demand for physiotherapy services is mostly due to the rising incidence of traffic accidents and sports injuries. The market is segmented by Product Type Application Type and End User. The major players in the Latin America physiotherapy market are BTL Industries, Kinetec, Thera-Band, Mettler Electronics, Chattanooga Group, and others.

ID: IN10LAHS016 CATEGORY: Healthcare Services GEOGRAPHY: Latin America AUTHOR: Chandani Patel

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Latin America Physiotherapy Market Executive Summary

Latin America's physiotherapy market size was valued at $2.3 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 6.85% from 2022 to 2030 and will reach $4.06 Bn in 2030. Over the past five years, health spending has outpaced economic development in many Latin American nations, leading to an increase in the proportion of the GDP that is devoted to health. The Latin America region had a growth of around 0.09 % points from 2010 to 2017, with current health spending accounting for 6.6% of GDP.

Physical therapy is used to both prevent and treat injuries, particularly in athletes and other active persons. As more people participate in sports and physical exercise, physical therapy services are becoming more and more vital to help manage and prevent injuries. Latin America spends a lot of money on healthcare, which can be attributed to many factors, such as an aging population, high medication and medical equipment prices, and a fee-for-service reimbursement system that promotes excessive use of healthcare services. Despite significant investment, the healthcare system still has problems, including a high frequency of chronic diseases, limited access to healthcare for specific groups, and poor health results in contrast to other industrialized countries.

In recent years, there has been an increase in the adoption of physical therapy services in emerging Latin American countries such as Mexico, Brazil, Argentina, and Ecuador Service providers can focus on these countries to increase their market share.

latin america physiotherapy market analysis

Market Dynamics

Market Growth Drivers

The rising demand for physiotherapy services in Latin America is mostly due to the rising incidence of traffic accidents and sports injuries. According to the World Health Organization (WHO), there were 21.5% more road accident fatalities per 100,000 people in Colombia, Ecuador, Venezuela, Brazil, Chile, Peru, and Argentina than in Colombia, 20.2% more in Brazil, 10.2% more in Chile, and 40.8% more in Venezuela.

Additionally, the region's sector is anticipated to expand as a result of the improvement in hospitals and testing facilities. The majority of sales come from mature markets in countries like Brazil, Mexico, and others in Latin America. Bad eating habits, a stressful lifestyle, and pain in the ligaments, nerves, muscles, back, and neck in these countries as well as the rest of the region are all factors in the industry's growth.

Market Restraints

There are several factors that may act as restraints on the physiotherapy market in Latin America, such as limited access to healthcare: In some parts of the country, access to healthcare, including physiotherapy, may be limited due to a lack of facilities or trained professionals. This can make it difficult for individuals to receive the treatment they need.

The high cost of physiotherapy services can be a barrier for some individuals, particularly those who do not have insurance or are underinsured. Moreover, the stigma surrounding physiotherapy can discourage individuals from seeking treatment.

Lack of awareness regarding physiotherapy among individuals may not be aware of the benefits of physiotherapy or may not understand how it can help them. This can lead to a lack of demand for physiotherapy services.

Competitive Landscape

Key Players

BTL Industries
Kinetec
Thera-Band
Mettler Electronics
Chattanooga Group
EMS Physio
Isokinetics
Algeo Limited
DJO Global
Dynatronics Corporation
Medline Industries
Performance Health
Halyard Health
Patterson Medical

Healthcare Policies and Regulatory Landscape

In Brazil, the regulatory agency responsible for the approval and safety of medical equipment, including physiotherapy equipment, is the National Health Surveillance Agency (ANVISA). In order for physiotherapy equipment to be used in Brazil, it must be registered with ANVISA and meet the technical standards set by the agency. Physiotherapists are also required to be properly trained in the use of the equipment before they can use it on patients. it's important to note that ANVISA requirements may change over time and it is recommended to check with the agency for the most up-to-date information.

In Mexico, the regulatory agency responsible for the approval and safety of medical equipment, including physiotherapy equipment, is the Federal Commission for the Protection against Sanitary Risk (COFEPRIS). In order for physiotherapy equipment to be used in Mexico, it must be registered with COFEPRIS and meet the technical standards set by the agency. Physiotherapists are also required to be properly trained in the use of the equipment before they can use it on patients.

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.