Telerehabilitation systems enable physiotherapists, occupational therapists, and speech therapists to evaluate and treat patients remotely, without being physically present with them. Through video calling applications, these systems allow therapists to observe patients, educate and motivate them, and guide exercises and activities. This helps address barriers such as long wait times, limited access to specialists, and high travel costs that patients often face in conventional rehabilitation facilities.
Market Opportunity:
The growing elderly population in Europe presents a major market opportunity for telerehabilitation systems. With the number of people aged 65 years and above projected to increase from 141 million in 2019 to 151 million by 2030, addressing the rehabilitation needs of this demographic becomes imperative. Telerehabilitation solutions allow therapists to regularly monitor older adults and help them continue rehabilitation exercises at home between therapy sessions. This helps improve mobility and independence of the elderly who otherwise find it difficult to frequently visit clinics. By overcoming barriers of distance and limited mobility, telerehabilitation systems can play a vital role in optimizing post-illness care and recovery for the geriatric population.
Porter's Analysis
Threat of new entrants: The Europe telerehabilitation systems market requires high initial investments and established distribution channels which creates barriers for new entrants.
Bargining power of buyers: Individual consumers have low bargaining power due to lack of information however, large hospitals and healthcare organizations have moderate bargaining power.
Bargaining power of suppliers: The suppliers of key components like sensors and software have moderate bargaining power as there are few established suppliers.
Threat of new substitutes: There exists threat from substitute products like generic physiotherapy equipment however, telerehabilitation offers remote access and specialized therapy programs.
Competitive rivalry: The market comprises few major players and regional players resulting in high competitive rivalry based on product development and pricing.
SWOT Analysis
Strength: Telerehabilitation systems offer specialized therapy programs and remote access to patients. It provides cost effective alternative to conventional physiotherapy.
Weakness: Lack of reimbursement policies and unclear regulatory guidelines hinder market growth. Initial investments and set up costs are high for telerehabilitation systems.
Opportunity: Growing geriatric population, increasing cases of strokes and cardiac arrests create demand. Support from healthcare organizations to use technological solutions provides opportunities.
Threats: Data privacy and cyber security threats exist due to usage of internet and wireless networks for telerehabilitation systems. Lack of awareness among consumers regarding benefits of telerehabilitation.
Key Takeaways
Global Europe Telerehabilitation Systems Market Size is expected to witness high growth during the forecast period due to aging population, rising chronic diseases and rising healthcare costs.
Regional analysis: Germany dominates the Europe telerehabilitation systems market with highest adoption rate attributed to favorable reimbursement policies and initiatives taken by government and healthcare providers to use digital healthcare services. U.K and France are also among the major markets in the region.
Key players: Key players operating in the Europe telerehabilitation systems market are Philips Healthcare, Cisco Systems Inc., Care Innovations LLC., Bosch Healthcare, Arango Healthcare, and NeoRehab.
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