India's healthcare sector has witnessed a notable transformation in recent years, with a growing importance given to preventive care, specialized treatments, and rehabilitation services. As the population ages and lifestyle-related diseases become more prevalent, the demand for rehabilitation services has surged. Let's explore the current state of the rehabilitation services market in India, its growth drivers, challenges, and future prospects.
RISING DEMAND
The global rehabilitation services market was valued at $7.26 billion in 2023 and is projected to reach $11.43 billion by the end of 2030, according to data released by Virtue Market Research. Over this forecast period (2024-2030), the market is projected to grow at a compound annual growth rate (CAGR) of 6.7 percent. Increasing number of senior people around the world and new technological advancements are seen as the key factors driving growth for this category, worldwide.
According to another report, released by Grand View Research (GVR), the worldwide medical rehabilitation services market was estimated to be $254.82 billion in 2023 and is expected to grow at a CAGR of 6.14 percent during the forecast period (till 20230). Increasing number of patients with neurological, musculoskeletal, and cardiologic conditions is expected to drive the growth of the market over the forecast, states the GVR report.
Rehabilitation services play a pivotal role in helping individuals recover from illnesses, injuries, or disabilities. The demand for these services has been on a steady rise due to several factors.
This story is from the October 2024 edition of Healthcare Radius.
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This story is from the October 2024 edition of Healthcare Radius.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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