Physical therapy rehabilitation solutions market is estimated to witness high growth, owing to rising incidences of sports injuries and growing geriatric population
Physical therapy rehabilitation solutions market is estimated to be valued at 27.12 Bn in 2024, exhibiting a CAGR of 7.6% over the forecast period 2024-2031. Physical therapy rehabilitation aids is used for treating conditions such as arthritis, stroke, cervical spondylosis, and sports injuries. Furthermore, rising awareness regarding physical therapy solutions along with growing focus on preventing long term disabilities can drive the market growth during forecast period.
Market Dynamics:
Rising incidence of sports injuries - Increasing popularity of recreational sports and adventure sports worldwide has led to rise in sports injuries. According to recent estimates, over 30 million kids and teens in the U.S. play sports. Physical therapy rehabilitation aids treat conditions caused by sports injuries and expedite recovery.
Growing geriatric population - The risk of physical disabilities increases with age. According to WHO, the global geriatric population is expected to reach around 2 billion by 2050. As physical therapy improve mobility and muscle strength in elderly patients, it is increasingly used for age-related conditions like arthritis, osteoporosis, and others.
Rising Prevalence of Chronic Diseases
Growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, cancer, and neurological disorders can drive the physical therapy rehabilitation solutions market growth. Chronic diseases require long-term treatment and management, and physical therapy plays a vital role in chronic disease rehabilitation and improving patients' quality of life. According to WHO, chronic diseases accounted for over 70% of global deaths in 2020. The number of people suffering from chronic conditions is expected to increase further in the near future. This growing chronic disease burden boosts demand for physical therapy services and rehabilitation solutions.
Growing Geriatric Population Needs Rehabilitation Services
Rising global geriatric population can drive the physical therapy rehabilitation solutions market growth. Older adults are more prone to mobility issues, musculoskeletal disorders, and injuries from falls which require physical rehabilitation solutions. The number of people aged 65 years and above is projected to double from 2018 to 2050. According to the data from United Nations, nearly one in six people in the world will be over 65 years by 2050. This expansion of the aging demographic will boost demand for physical therapy rehabilitation services to promote independent living among the elderly.
Limited Healthcare Budgets
Tight healthcare budgets, especially in developing nations, can hamper the physical therapy rehabilitation solutions market growth. Physical therapy requires considerable investments in equipment, infrastructure, hiring skilled professionals and is generally not covered by basic health insurance plans. This increases patients' out-of-pocket costs and deters many people from opting for physical therapy. Limited funding for healthcare and non-communicable diseases further restricts governments from prioritizing rehabilitation services. The high costs can hamper widespread adoption of various physical therapy rehabilitation solutions.
Reimbursement Challenges in Many Countries
Unfavorable reimbursement policies for physical therapy services can hamper the market growth. Private insurance coverage and public reimbursement programs vary greatly across countries. In many developing nations, physical therapy is not adequately covered or reimbursement is provided only for a limited number of sessions. Such reimbursement challenges and complexity of the process discourage patients from following through with their prescribed physical therapy routines, negatively impacting compliance and treatment outcomes. Therapists also face difficulties in recovering costs, limiting their willingness and ability to invest in new rehabilitative technologies and solutions.
Growing Adoption of Telehealth
The COVID-19 pandemic accelerated the adoption of telehealth and remote patient monitoring solutions. This offers lucrative opportunities for physical therapy rehabilitation solution providers. Telehealth allows physical therapists to evaluate, develop treatment plans, and provide virtual guidance to patients remotely using telecommunications and digital technologies. Adopting tele-rehabilitation services expands treatment accessibility in underserved areas while maintaining social distancing. This model of physical therapy delivery through digital platforms is gaining popularity and opening up new revenue streams.
Growing Focus on Preventive Healthcare
Increasing focus on preventive healthcare and wellness by governments and healthcare agencies can offer opportunities for physical therapy rehabilitation solutions market. Preventive approaches aim to reduce risk factors, promote healthy lifestyles, manage chronic conditions better, and delay disabilities. Regular physical therapy can help achieve preventive healthcare goals by encouraging physical activity, improving strength and mobility, managing pain, and educating patients. As more emphasis provided to population health management and disease prevention, investments in community-based physical therapy and wellness programs are likely to rise over the next decade.
Key Developments
- In March 2024, the European Union (EU) and the United Nations Development Programme (UNDP) launched the "School of the Physical Therapist of the Future" initiative. This program aims to address the increasing demand for rehabilitation services in conflict-affected areas of Ukraine.
- In October 2023, PT Solutions Physical Therapy (PTS), a provider of physical therapy services, announced its acquisition of ActivePro Rehab Partners (ActivePro), a physical therapy practice operating in New Jersey, Pennsylvania, and Maryland. This acquisition underscores PT Solutions’ commitment to broadening access to top-tier physical therapy services across the country.
- In April 2023, Physical Rehabilitation Network (PRN), a prominent U.S.-based owner-operator of more than 200 physical therapy clinics, and Medical City Healthcare, a major healthcare provider within HCA Healthcare, formed a joint venture partnership. This partnership aims to manage a network of 24 comprehensive outpatient physical therapy clinics across the Dallas-Fort Worth area.
Key Players: Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc., Therapy Sync, eviCore Healthcare, Meditab, Isalus, Smith+Nephew, CoRehab SRL, Hinge Health, Inc., SWORD Health, Inc., MIRA Rehab Limited , Motekforce Link, Gesture Tek Health
