Europe Telerehabilitation Skilled Nursing Care Center Market Gaining Traction Among Ageing Population
Europe Telerehabilitation Skilled Nursing Care Center Market
The Europe Telerehabilitation Skilled Nursing Care Center Market is estimated to be valued at US$ 14.07 Mn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period 2022-2028, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Telerehabilitation utilizes technology such as video calls, sensors, and mobile applications to deliver rehabilitation services remotely. These services help patients to receive therapy and treatment from the comfort of their own homes. This reduces the need for patients to travel long distances to visit rehabilitation centers regularly. This is beneficial especially for older adults and those with limited mobility.
Market Key Trends:
Europe has a large aging population that is driving the demand for telerehabilitation services in skilled nursing care centers. According to data, nearly 20% of Europe's population will be aged 65 or over by 2030. This growing geriatric population is more likely to require long-term care and is also less mobile. Telerehabilitation provides a suitable solution to address the rehabilitation needs of this demographic efficiently without requiring their physical presence at care centers. It allows therapy sessions to be scheduled frequently in a way that is convenient for this patient group. This trend is expected to significantly contribute to the growth of the Europe telerehabilitation skilled nursing care center market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low capital requirement and established distribution channels have lowered the barriers for new companies to enter the market. However, existing major players have strong brand recognition and customer loyalty which protects their market share.
Bargaining power of buyers: Buyers have high bargaining power due to the availability of substitutes and competition among existing players driving prices down. They can negotiate on pricing and demand value-added services.
Bargaining power of suppliers: A few large suppliers have some bargaining power due to their technical expertise and economies of scale. However, switching costs are low owing to availability of alternative suppliers.
Threat of new substitutes: Technological advancements have increased the risk of substitution from other telehealth and remote patient monitoring services. However, rehabilitation services need specialized equipment and trained professionals.
Competitive rivalry: The market has a few strong regional players competing on the basis of product differentiation, quality and customer service.
SWOT Analysis
Strengths: Remote care helps improve access and quality of care. Growing elderly population drives the demand.
Weaknesses: High upfront equipment and training costs. Risk of technology and data security issues. Physicians' reluctance to adopt new modes of practice.
Opportunities: Untapped rural areas present an opportunity. Growing applications in post-operative and chronic care management. Collaboration with healthcare IT players.
Threats: Data privacy regulations. Reimbursement and regulatory policies. Resistance from patients accustomed to face-to-face interactions.
Key Takeaways
The Europe Telerehabilitation Skilled Nursing Care Center Market size is expected to reach US$ XX Mn by 2028, expanding at a CAGR of 11.2% during the forecast period. The growing geriatric population suffering from chronic conditions and limited access to specialized therapists are major market drivers.
Germany dominated Europe market to show substantial growth, followed by UK and France. This is attributed to supportive regulatory guidelines and reimbursement policies promoting digital health adoption in these countries.
The key players operating in the market are DyCare, Costaisa, Meditouch, Signo Motus srl, MEYTEC GmbH Informationssysteme, and Raccoon Technologies Poland LLC. Players are focusing on technological advancements like virtual reality, IoT integration and telemonitoring devices to consolidate their market position.
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