According to a new report published by Allied Market Research, titled, “Massage Equipment Market by Type, by Product, by End User, by Distribution channel: Global Opportunity Analysis and Industry Forecast, 2021-2031,”. The massage equipment market size was valued at $6.54 billion in 2021, and is estimated to reach $15.08 billion by 2031, growing at a CAGR of 8.9% from 2022 to 2031. The report offers an extensive analysis of changing market trends, key segments, top investment pockets, regional scenario, Porter’s Five Forces, and competitive scenario.
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High cost of the electrical massagers, lack of awareness regarding the benefits of the massages, and availability of the other therapeutic treatments to get relief & relaxations such as aromatherapy & its growing popularity are some of the factors that are likely to hinder the massage equipment market growth during the forecast period.
Going to a professional spa or masseuse is a pricey proposition, which everybody might not be able to afford on a recurring basis. Thus, cost effective non-electrical massagers are good options to buy, which are likely to contribute to the growth of the market through non-electric segment. Furthermore, one of the key factors that propel the expansion of the massager equipment market in the developed region is the accessibility of cutting-edge technology.
According to the massage equipment market analysis, the massage equipment market is segmented into type, product, end user, distribution channel, and region. The basis of type, the electric segment was the significant contributor to the market, and is estimated to reach $10,537.8 million by 2031, at a CAGR of 9.5% during the forecast period. Electrical segment has been gaining major traction among the people and is expected to sustain its traction throughout the forecast period owing to benefits offered by electrical massagers such as easy to use and can provide relaxation with minimal efforts. Electric massagers provide massage of professional quality while having the comfort of performing it at home.
Furthermore, various strategies adopted by the massage equipment manufacturing companies and vendors such as promotional activities, advertisements digital platforms, product launch in electrical massage equipment category, merger and acquisitions are likely to support for the growth of the massage equipment market through electrical segment during the forecast period.
The basis of product, leg and foot massagers segment was the highest contributor to the market and is estimated to reach $3,795.8 million by 2031, at a CAGR of 10.7% during the forecast period. A foot massager is a device that is used to calm the feet and, in the process, calms the nerves in the feet, increases blood flow, reduces pain, releases toxins, replenishes energy, and lifts the mood. Numerous people are affected by chronic pain especially elderly people, and foot massagers are now the best drug-free treatment for it. The market for foot massage devices is expanding due to rising demand from the elderly population, a rise in disposable income, and product affordability.
Basis of distribution channel, the specialty store segment was the significant contributor to the market in 2021 and is estimated to reach $3,786.9 million by 2031, at a CAGR of 9.8% during the forecast period. Specialty stores for massage equipment has gained significant share in the global massage equipment market and is expected to sustain its market share during the forecast period.
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Region wise, Asia-Pacific garnered the second highest massage equipment market share in 2021, and is expected to maintain its share throughout massage equipment market forecast period. The growth of the Asia-Pacific market is driven by increased awareness of massage equipment and its benefits among the youth & elderly population. Furthermore, rapid urbanization in developing economies, increase in youth population, and rise in per capita disposable income are expected to motivate people to buy massagers in the region.
The key players profiled in this report RoboTouch, HoMedics, OSIM International Pte. Ltd., JSB Wellness, Beurer, Dr. Physio, LG Electronics Inc., Luraco Technologies Corporation, Medisana gmbh, Medmassager, Omron Corporation, Panasonic Corporation, Samsung Electronics Co., Ltd., Shenzhen Relcare Electronics, and Zyllion.
Key Findings of Study:
○ The massage equipment market size was valued at $6,535.4 million in 2021, and is estimated to reach $15,083.6 million by 2031, registering a CAGR of 8.9% from 2022 to 2031.
○ In 2021, on the basis of type, the non-electric segment acquired $2,182.4 million, exhibiting 33.4% of the global market share.
○ In 2021, by product, the head massagers segment was valued at $978.1 million, accounting for 15.0% of the market share.
○ In 2021, on the basis of end user, the commercial segment acquired $4,577.2 million, exhibiting 70.0% of the global market share.
○ In 2021, on the basis of distribution channel, the hypermarket and supermarket segment acquired $2,287.7 million, exhibiting 35.0% of the global market share.
○ U.S. was the most prominent market in North America in 2021, and is projected to reach $3,628.3 million by 2031, growing at a CAGR of 6.3% during the forecast period.
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Source: https://www.alliedmarketresearch.com/press-release/massage-equipment-market.html
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