U.S. Physical Therapy Services Market Size, Share & Trends Analysis Report By Settings (Hospitals, Outpatient Clinics), By Application (Orthopedic, Women Health), By Payer (Public, Private Insurance), And Segment Forecasts, 2023 - 2030
U.S. Physical Therapy Services Market Growth & Trends
The U.S. physical therapy services market size is estimated to reach USD 58.6 billion by 2030, exhibiting a CAGR of 3.56% from 2023 to 2030 according to a new report by Grand View Research, Inc. Physical therapy (PT) can help in reducing overall treatment costs and improving outcomes. This, coupled with the rising prevalence of pain and musculoskeletal diseases, is driving market growth. According to the U.S. Bureau of Labor Statistics, employment of PTs is expected to increase by 17% from 2021 to 2031. In addition, approximately 15,400 yearly average openings for physical therapists are projected over the next ten years. Providers and purchasers of traditional healthcare services, such as insurance companies, health maintenance organizations, businesses, and industries, are constantly seeking cost savings.
PT services are a cost-effective method for preventing short-term disabilities from becoming chronic conditions, avoiding invasive procedures, accelerating recovery, and eliminating or reducing the need for opioids. The patient who takes PT can save an average of USD 2,736 on treatment costs. In the United States, approximately 19.7% of children & adolescents aged 2 to 19 years are obese. This represents over 14.7 million children & adolescents. The prevalence of obesity among adults was 41.9% during 2017-2020. Furthermore, the annual medical cost of obesity was estimated to be around USD 173 billion in 2019. PT services help obese individuals become more active and fit with the help of pain-free movement techniques.
The COVID-19 pandemic has negatively impacted market growth. In April and May 2020, according to national surveys conducted by the American Physical Therapy Association (APTA), 54% of physical therapists reported a decrease in work hours since the start of the pandemic. Nearly 36% reported a decrease in hours in July 2020, while 7% reported being laid off, 16% furloughed, and 2% resigned or quit. Nearly 98% of therapists did not offer telehealth consultations to patients before the COVID-19 outbreak. However, by July 2020, 47% reported using telehealth, a percentage that is likely to increase in the future. Due to the COVID-19 emergency, policy modifications have facilitated telehealth utilization in PT services.
U.S. Physical Therapy Services Market Report Highlights
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook