Pune, India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The US occupational & physical therapy services market size was valued at USD 49.19 billion in 2022 market is projected to grow USD 92.38 billion by 2030 exhibiting CAGR of 8.2% during forecast period. Outpatient Clinics Segment to Lead due to the Rising Increasing Number of Physical Therapy Outpatient Clinics
Occupational & physical therapy services are used to treat different chronic diseases. These services help to improve the quality of life of people suffering from chronic pain, injuries, cognitive disabilities, and movement disorders. The rising incidences of chronic diseases and increasing awareness in the U.S. is anticipated to drive market growth during the forecast period.
Fortune Business Insights™ mentioned this in a report titled “U.S. Occupational & Physical Therapy Services Market, 2023-2030.”
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Notable Industry Development
June 2022 – Upstream Rehabilitation Inc. partnered with Ascension Saint Thomas to include BenchMark Physical Therapy. The partnership helped Upstream Rehabilitation Inc. to include 104 clinics and strengthened its presence in Tennessee.
Key Takeaways :
- Market Growth Hampered Due to Reduction in Patient Visits amid COVID-19 Pandemic
- Growing Emphasis on Patient Engagement Integrated with Wearable Technologies Adoption to Drive Market Growth
- Market Growth Propelled by Growing Prevalence of Chronic Disorders and Geriatric Population
- Shifting Preference Toward Non-Opioid Alternatives for Pain Management to Propel Market Growth
- Reimbursement Capping for Therapies to Impede Market Growth
List of Key Players Present in the Report:
- ATI Physical Therapy (U.S.)
- Athletico Physical Therapy (U.S.)
- Enhabit Home Health & Hospice (U.S.)
- Upstream Rehabilitation Inc. (U.S.)
- Select Medical (U.S.)
- U.S. Physical Therapy (U.S.)
- PT SOLUTIONS (U.S.)
- LifePoint Health, Inc. (U.S.)
COVID-19 Impact-
Decreased Hospital Visits during Pandemic Hampered Market Growth
The COVID-19 pandemic negatively impacted the U.S. occupational & physical therapy services market. The market plunged due to the rapid decline in hospital visits caused by a temporary halt in the elective and non-emergency procedures that disrupted the demand and supply of occupational & physical therapy services in the U.S.
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2021 to 2028 CAGR | 8.8% |
| 2030 Value Projection | USD 92.38 Billion |
| Base Year | 2022 |
| U.S. Occupational & Physical Therapy Services Market Size in 2022 | USD 49.19 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 86 |
| Segments covered | By Setting, By Application, By Payor |
Drivers & Restraints
Shifting Preference of Patients toward Occupational & Physical Therapy Services to Aid Market Growth
The rapidly changing preference of patients toward physical & occupational therapies owing to side effects associated with medication therapies will drive the U.S. occupational & physical therapy services market growth during the forecast period. Moreover, factors such as overdose, prescription misuse, and deaths caused by opioids are causing patients to shift toward these services.
The growing price capping instigation by the public and private insurance companies may hamper market growth during the forecast period.
Segments:
Outpatient Clinics Segment to Lead due to the Rising Increasing Number of Physical Therapy Outpatient Clinics
By setting, the market is segmented into hospitals, outpatient clinics, and others. The outpatient clinics segment is expected to hold the largest U.S. occupational & physical therapy services market share during the forecast period. The segment’s growth is attributed to the increasing number of industrial accidents and physical therapy outpatient clinics, and the augmented demand for occupational & physical therapy services.
Orthopedic Therapy Segment Proliferates Owing to the Rising Prevalence of Orthopedic Diseases
Based on application, the market is segmented into orthopedic therapy, general therapy, geriatric therapy, pediatric therapy, neurological therapy, and others. The orthopedic therapy segment dominated the market in 2022 due to the rising incidence of orthopedic diseases, the growing number of sports injuries, and the rising cases of bone fractures.
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Private Health Insurance/Out-Of-Pocket Segment Steers with Growing Number of Insurance Holders
By payor, the market is segmented into public health insurance and private health insurance/out-of-pocket. The private health insurance/out-of-pocket segment held the largest market share in 2022. The growth is attributed to the rising number of insurance holders, growing partnerships between healthcare institutions and health insurance companies, and private insurance companies’ initiatives to cover occupational & physical therapy services.
Report Coverage
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- The latest industry developments include product launches, partnerships, mergers, and acquisitions.
Competitive Landscape
Growing Key Players’ on Collaborative Strategies Adoption to Drive Market Growth
The market is fragmented with several players, including Select Medical Corporation, Athletico Physical Therapy, Upstream Rehabilitation Inc., and ATI Physical Therapy. The increasing focus of these players on adopting collaborative and partnership strategies to strengthen their market position is estimated to propel market growth during the forecast period.
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Table of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Number of Occupational & Physical Therapists, 2022
- Occupational & Physical Therapy – Overview
- Number of Occupational & Physical Therapy Clinics, 2012-2022
- Distribution of Occupational Establishments, 2022
- Average Cost of Key Services, 2022
- Overview of Reimbursement Scenario - U.S.
- Key Industry Developments Such as Mergers, Acquisitions, and Collaborations
- Prevalence/Incidence of Key Conditions, U.S., 2022
-
- Impact of COVID-19 on the Market
- U.S. Occupational & Physical Therapy Services Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Setting
- Hospitals
- Outpatient Clinics
- Others
- Market Analysis, Insights and Forecast – By Application
- Orthopedic Therapy
- General Therapy
- Geriatric Therapy
- Pediatric Therapy
- Neurological Therapy
- Others
- Market Analysis, Insights and Forecast – By Payor
- Public Health Insurance
- Private Health Insurance/Out-of-pocket
- Market Analysis, Insights and Forecast – By Setting
- Competitive Analysis
-
- Market Share Analysis (2022)
- Company Profiles (Overview, Services, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
- ATI Physical Therapy
- Athletico Physical Therapy
- Encompass Health Corporation
- Upstream Rehabilitation Inc.
- Select Medical
- U.S. Physical Therapy
- PT SOLUTIONS
- LifePoint Health, Inc.
Toc Continue…
FAQs :
How big is the U.S. Occupational & Physical Therapy Services Market ?
- The U.S. occupational & physical therapy services market size was valued at USD 49.19 billion in 2022. The market is projected to grow from USD 53.08 billion in 2023 to USD 92.38 billion by 2030, exhibiting a CAGR of 8.2% during the forecast period.
What are the key factors driving the U.S. Occupational & Physical Therapy Services Market?
- The increasing prevalence of chronic diseases, the growing burden of the old age population in the U.S., and favorable reimbursement policies are the key drivers of the market.
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