Market Trends of Global Outpatient Rehabilitation Centers Industry
This section covers the major market trends shaping the Outpatient Rehabilitation Centers Market according to our research experts:
Pediatric Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The Pediatric segment is expected to have a significant share in the growth of the market during the forecast period. Children under five are especially vulnerable to infectious diseases like malaria, pneumonia, diarrhea, HIV, and tuberculosis. For older children, non-communicable diseases, injuries, and conflict pose significant threats. According to the United Nations International Children's Emergency Fund (UNICEF)s report titled 'The State of Food Security and Nutrition in the World 2022,' over 45 million children aged below five years of age suffer food issues due to the mass level of food wastage. Over 149 million children have stunted growth and developmental issues due to the chronic dearth of a nutritious diet, and over 39 million children are living overweight. Similarly, in May 2021, WHO stated that 1.2 million children aged below 15 years suffer from tuberculosis (TB) every year, and over 67 million cases of TB exist in children. According to a United Nations International Children's Emergency Fund (UNICEF) study published in 2020, out of the 1.72 million children aged 0-14 living with HIV globally, only 54% were receiving life-saving antiretroviral therapy (ART) in 2020.
Similarly, according to the American Cancer Society, Inc, around 10,500 children in the United States under the age of 15 will be diagnosed with cancer in 2021. Childhood cancer rates have been rising slightly for the past few decades. After accidents, cancer is the second leading cause of death in children ages 1 to 14. Since these chronic diseases require longer treatment with huge intervals between the treatments, hence, it is not idle to keep the patient for a longer time as it would cost additional. Hence, increasing chronic diseases would increase the demand for outpatient rehabilitation centers' growth for the segment.
Hence, owing to the above conditions, the studied market is expected to grow over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
The North American Outpatient rehabilitation centers market has dominated the global market and is estimated to show a similar trend during the forecast period. Factors such as the rising geriatric population, the launching of new centers, and joint ventures by key market players are one of the key reasons for the growth of the market in the region.
An increase in the geriatric population will eventually drive the demand for several medications, as this age group is more vulnerable to a variety of metabolic and lifestyle disorders, diminished bodily functions, cognitive impairment, and less mobility. For instance, according to data published by the Minister responsible for Statistics Canada in September 2020, the Canadian population would grow between 44.4 million (low-growth (LG) scenario) and 70.2 million (high-growth (HG) scenario) by 2068 and 55.2 million in 2068 under the medium-growth scenario.
Similarly, launches and joint ventures are other key factors for the growth of the market. In September 2020, Rush University System for Health and Select Medical Corporation, a wholly-owned subsidiary of Select Medical Holdings Corp., announced a joint venture agreement to manage operations of a critical illness recovery hospital, inpatient rehabilitation hospital, and 63 physical therapy centers throughout the greater Chicago and northwest Indiana region. Under the agreement, the combined outpatient rehabilitation centers that contributed to the joint venture include 62 NovaCare Rehabilitation, Select Physical Therapy, and Michiana Orthopaedic & Sports Physical Therapy locations from Select Medical, as well as the Rush Rehabilitation center. All 63 outpatient centers will be rebranded as Rush Physical Therapy. As of June 30, 2020, Select Medical operated 101 critical illness recovery hospitals in 28 states, 29 rehabilitation hospitals in 12 states, and 1,757 outpatient rehabilitation clinics in 37 states and the District of Columbia. Select Medical's joint venture subsidiary Concentra operated 522 occupational health centers in 41 states. Such joint ventures would increase the market growth in the region by increasing the number of centers for the wider patient population.
Thus, due to the above-mentioned factors, the market is likely to grow in the future.
