PHYSICAL THERAPY REHABILITATION SOLUTIONS MARKET ANALYSIS

The high cost of physical therapy services can hamper the global physical therapy rehabilitation solutions market growth. Physical therapy can be expensive for many patients who have to pay partially or fully out of their own pockets. One session of physical therapy costs between US$ 50 to US$ 150 in the U.S. depending on the type, intensity and duration of therapy. For many patients suffering from chronic pain or mobility issues, these may need therapy sessions multiple times a week for several weeks or months. This significant financial commitment is a barrier for many people who do not have adequate health insurance coverage or lack the means to afford such high costs. According to the survey by American Physical Therapy Association, between 2010 to 2020, the cost of an average one-hour session of physical therapy had increased by over 32%, which is much higher than the general medical cost inflation rate of 26% during the same period. Increasing healthcare costs, decline in comprehensive insurance coverage for therapy and growing out-of-pocket expenses have contributed to this rise. This has made physical therapy unaffordable for many patients, especially those with low incomes, no insurance or limited coverage in their insurance plans.

Market Opportunities: Development of telehealth solutions

Ongoing COVID-19 pandemic has significantly accelerated the adoption of telehealth solutions across the healthcare industry globally. With social distancing measures and restrictions on in-person visits, telehealth has enabled physical therapists to continue delivering care and rehabilitation services to patients remotely. This shift to virtual care delivery models have long lasting effects even post-pandemic. Many patients have found telehealth appointments to be more convenient as people do not require travel. Physical therapists have also appreciated the flexibility and ability to see more patients. Development of advanced telehealth platforms and virtual solutions for physiotherapy can offer growth opportunity in the near future. Companies operating in the physical therapy rehabilitation solutions market now have a chance to invest in building sophisticated telehealth products and services. This includes developing virtual reality and augmented reality-based systems that can assess range of motion, balance, strength and allow therapists to remotely monitor exercises and progress. Integration of wearable sensors, remote patient monitoring devices and digital tools for therapy planning would make remote care delivery even more effective. According to the International Telecommunication Union Data in 2020, as 5G networks expand globally, high quality real-time audio and video interactions will become the norm, improving patient and therapist experience with virtual physical therapy.