Physical Therapists in the US - Industry Market Research Report

Physical Therapists in the US - Industry Market Research Report

Physical Therapists in the US

Physical therapists have an expanding role in public health. Demographic trends are behind this shift, as an aging population requires physical therapy (PT) to treat age-related ailments. Therapists also get a boost from broader healthcare trends as PT gains momentum as a solution to control healthcare costs and transition to value-based payments. Rising health expenditure and heightened insurance coverage have also facilitated access to physical therapy. But, COVID-19 disrupted the industry's growth as patient volumes dropped, creating long care backlogs. While practices have seen patient numbers recover, rising cost pressures and persistent workforce shortages continue to alter the industry's landscape. Recession concerns and steadying patient volumes will dent health expenditure in 2023, leading revenue to rise a subtle 0.3% in 2023. Yet, strong growth over the past five years offsets this, with revenue expanding at a CAGR of 1.6% to $48.8 billion.

Operators in this industry include independent health practitioners primarily engaged in outpatient services. These services include administering medically prescribed rehabilitation for patients suffering from injuries or muscle, nerve, joint and bone disease; planning and administering educational, recreational and social activities designed to help patients or individuals with disabilities; and diagnosing and treating speech, language or hearing problems.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.