Market Size of Global Reflex Hammer Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Reflex Hammer Market Analysis
The Reflex Hammer market is expected to witness an estimated CAGR of 6.2% over the forecast period (2022-2027).
Globally, the rising number of COVID-19 cases has had a profound impact on the reflex hammer market, as diagnostic and surgical procedures initially had to be postponed or delayed. For instance, according to the research study published in the National Library of Medicine in November 2021, titled "Neurosurgery and Coronavirus: Impact and Challenges-Lessons Learned from the First Wave of a Global Pandemic," there has been a reduction in neurosurgical emergencies by 33.6% and operations by 55.6% during the COVID times. As reflex hammers are used for the diagnosis of the reflex of the tendon, mostly in neurological conditions, the demand for these products reduced substantially. However, after regaining normalcy and resuming diagnostic procedures worldwide, patients are recommencing their treatments and check-ups for several other diseases that may have a positive impact on the reflex hammer industry in the near future. Hence, considering all the COVID-19 and post-COVID-19 impacts, the studied market is expected to have a steady growth rate during the forecast period.
Further, factors driving the market growth are an increase in the number of patients suffering from musculoskeletal and neurological disorders along with growth in patient examinations and awareness. Additionally, a rise in the commercial availability of products and growing healthcare expenditure for improving healthcare services are some of the major factors propelling the market growth.
Growing awareness among healthcare professionals, as well as a surge in the patient population, are some of the major factors that are anticipated to have a positive impact on the market growth. The main purpose of the reflex hammer is to diagnose neurological disorders that range from a headache to Alzheimer's disease, getting a stroke, or epilepsy. As per the data published by the Texas Department of State Health Services in June 2021, 6.2 million people in the United States are affected by Alzheimer's disease, and 3.4 million people are affected by epilepsy. Moreover, neurological diseases are the second leading cause of death globally, particularly with the increase in the elderly population. This number seems to rise, leading to the higher usage and demand for early diagnosis. This is likely to increase the adoption of reflex hammers across healthcare diagnostic settings.
Moreover, as per the September 2020 published article titled "World Brain Day 2020: Move Together to End Parkinson's Disease", neurological disorders are a leading cause of death worldwide. Neurological disorders were responsible for approximately 9 million deaths, or approximately 16.5% of all global fatalities. Parkinson's disease and Alzheimer's disease are two of the most common illnesses, and their prevalence has been steadily increasing. Such an increase in the prevalence of diseases is expected to impel the rate of diagnosis, ultimately fueling the market's growth over the coming years.
On the other hand, higher costs associated with reflex hammers can act as a restraining factor for the market.
