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Physical Therapy Software Market Report 2024 - Therapy Software Market Growth, Trends, And Segments
Physical Therapy Software Market
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According to The Business Research Company's, The physical therapy software market size has grown strongly in recent years. It will grow from $24.56 billion in 2023 to $26.35 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to increasing healthcare costs, focus on patient-centric care, integration of diagnostic tools, demand for outcome-based care, rising demand for remote healthcare.
The physical therapy software market size is expected to see strong growth in the next few years. It will grow to $34.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to continued professional development support, personalized treatment approaches, rise in mobile and cloud-based solutions, value-based care initiative, interoperability standards. Major trends in the forecast period include educational and training tools, emphasis on patient engagement, data security and compliance, integration and interoperability, focus on outcomes and analytics.
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Market Drivers and Trends:
The growing demand for physical therapists is expected to propel the growth of the physical therapy software market going forward. A physical therapist is a medical specialist who helps people with impaired physical functioning move more freely and comfortably. Physical therapy software is a valuable tool for physical therapists for providing a wide range of features to streamline their practice, improve patient care, and enhance efficiency. For instance, in September 2023, according to the Bureau of Labor Statistics, a US-based principal agency of the United States Federal Statistical System, there were around 246,800 physical therapist jobs in 2022, and it is expected to increase by 15% with 37,300 new jobs between 2022 to 2032. Therefore, the growing demand for physical therapists is driving the growth of the physical therapy software market.
Incorporating artificial intelligence (AI) to predict EHR-based clinical outcomes has emerged as a key trend gaining popularity in the physical therapy software market. Artificial intelligence (AI) is a computer's robotic ability to perform tasks that would typically require human intelligence and judgment. AI is used in physical therapy software to analyze, display, and comprehend complex medical and healthcare data about patients in a way that simulates human behavior. For instance, In February 2021, Fujitsu Limited, a Japan-based information and communications technology equipment and services corporation, launched the AI-powered physical rehabilitation solution ""HOPE ROMREC"" in Japan. The technique uses a breakthrough AI technique to automatically quantify the range of motion of the shoulder and elbow joints from videos of patients' rehabilitation sessions, allowing data to be conveniently linked with electronic medical record systems. This solution eliminates the need for therapists to take notes and enter measurement values into the system, allowing measurement data to be recorded efficiently and promptly through the voice input function.
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Major Key Players of the Market:
MPN Software Systems Inc., Practice Pro, TherapySync, Optima Healthcare Solutions LLC, Meditab Software Pvt Ltd., Systems4PT, Net Health, Phydeo, Optimis Corp., My Rehab Pro, Yocale, WebPT, BioEx Systems Inc., Warburg Pincus LLC, DrChrono Inc., ClinicSource, NXGN Management LLC, MICA Information Systems Inc., Healigo, Practice Fusion Inc., Casamba LLC, CLINICIENT, Fusion Web Clinic, TheraOffice, Raintree Systems, Pearle Computer Services, 3D Practice, RehabMyPatient, Practice Perfect, SimplePractice
Physical Therapy Software Market 2024 Key Insights:
• The physical therapy software market size is expected to see strong growth in the next few years. It will grow to $34.87 billion in 2028 at a compound annual growth rate (CAGR) of 7.3%.
• Impact Of Osteoporosis Prevalence On The Growth Of The Physical Therapy Software Market
• Integration Of Artificial Intelligence For Predicting Ehr-Based Clinical Outcomes In Physical Therapy Software
• North America was the largest region in the physical therapy software market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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