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Physical Therapy Rehabilitation Industry Drivers, Size & Growth Insights 2024
Physical Therapy Rehabilitation Industry Drivers
According to The Business Research Company's, The physical therapy rehabilitation market size has grown strongly in recent years. It will grow from $22.97 billion in 2023 to $25.17 billion in 2024 at a compound annual growth rate (CAGR) of 9.5%. The growth in the historic period can be attributed to increased awareness of preventive healthcare, technological advancements, aging population, rising incidence of chronic diseases, and expanding insurance coverage.
The physical therapy rehabilitation market size is expected to see strong growth in the next few years. It will grow to $36.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%. The growth in the forecast period can be attributed to healthcare demand, technological advancements, aging population, insurance coverage, and regulatory changes. Major trends in the forecast period include growing demand for telerehabilitation services due to pandemic-induced restrictions on in-person visits, increasing integration of AI and wearable tech, expanding geriatric population, rise in sports injuries, and emphasis on preventive care and wellness.
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Market Drivers and Trends:
The rising number of accidents and injury cases is expected to propel the physical therapy rehabilitation market going forward. The surge in the number of accidents and injury cases is due to distracted driving, inadequate safety measures, and heightened risk-taking behavior. Physical therapy rehabilitation is crucial in aiding recovery and restoring mobility for individuals involved in accidents and injury cases. For instance, in October 2023, according to a report by the European Commission, a Belgium-based part of the executive of the European Union, there were 20,640 deaths on EU roads last year, marking a 4% increase compared to 2021 as traffic levels recovered after the pandemic. Therefore, the rising number of accidents and injury cases is driving the growth of the physical therapy rehabilitation market.
Major physical therapy rehabilitation market companies are focused on adopting advanced technologies with artificial intelligence (AI)-powered physical therapy rehabilitation solutions to gain a competitive edge. These AI-based solutions enhance patient care, streamline therapy sessions, and improve patient treatment outcomes. It utilizes machine learning algorithms to analyze patient data, track progress, customize treatment plans, and provide real-time feedback to therapists and patients. For instance, in February 2021, Fujitsu Limited, a Japan-based information and communication technology company, launched Fujitsu Healthcare Solution HOPE ROMREC, an AI-powered physical rehabilitation solution. The solution leverages AI technology to measure shoulder and elbow joint range of motion from rehabilitation session videos, offering medical institutions such as hospitals and clinics an efficient tool for rehabilitation and orthopedic therapies. The key features include an automatic joint range of motion measurement using an image analysis AI engine, a voice input function for measured values, and accessible data linkage with electronic medical records systems.
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Major Key Players of the Market:
Medline Industries LP, Baxter International Inc., Cerner Corporation, Smith+Nephew, Invacare Corporation, Caremax Rehabilitation Equipment Co. Ltd, eviCore healthcare MSI LLC, Drive DeVilbiss Healthcare, SWORD Health Inc, Kareo Inc, Hinge Health Inc, Saunders Group, Reflexion Health, Graham-Field, Isalus LLC, Dynatronics Corporation, Meditab, Alimed Medical Supplies, Carex Health Brands, Roma Medical Aid Ltd, Motekforce Link, Hausmann Industries, GestureTek HEALTH, TherapySync, MIRA Rehab Limited
Physical Therapy Rehabilitation Market 2024 Key Insights:
• The physical therapy rehabilitation market size is expected to see strong growth in the next few years. It will grow to $36.44 billion in 2028 at a compound annual growth rate (CAGR) of 9.7%.
• Surge In Accidents And Injury Cases Fueling Growth In The Physical Therapy Rehabilitation Market
• Advancements In Physical Therapy Rehabilitation Technologies
• North America was the largest region in the physical therapy rehabilitation market in 2023
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