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Global Physiotherapy Services Market Analysis 2024
Physiotherapy Services Market Analysis
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According to The Business Research Company's, The physiotherapy services market size has grown strongly in recent years. It will grow from $47.06 billion in 2023 to $50.37 billion in 2024 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to rise in musculoskeletal disorders and injuries, aging population leading to increased healthcare demand, expansion of rehabilitation services in healthcare, growth in awareness of the benefits of physiotherapy, adoption of telehealth and remote physiotherapy services.
The physiotherapy services market size is expected to see strong growth in the next few years. It will grow to $64.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to expansion of preventive and wellness-focused physiotherapy, rise in demand for home-based physiotherapy services, growth of patient-centric and personalized physiotherapy, impact of changing lifestyles on musculoskeletal health, increasing prevalence of chronic diseases and conditions. Major trends in the forecast period include advancements in medical technology and equipment, collaboration between physiotherapists and fitness industry, integration of artificial intelligence in rehabilitation programs, advances in wearable technology for physiotherapy monitoring, adoption of virtual reality in physiotherapy exercises.
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Market Drivers and Trends:
The rising prevalence of orthopedic disorders is expected to propel the growth of the physiotherapy services market going forward. Orthopedic disorders refer to conditions that affect the musculoskeletal system, including the bones, joints, muscles, tendons, ligaments, and cartilage. Physiotherapy helps reduce pain caused by orthopedic injuries or conditions, improve strength, flexibility, and mobility, and prevent further damage. For instance, in February 2022, according to the Centers for Disease Control and Prevention, a US-based government health agency, the number of individuals with arthritis is expected to increase from 63.5 million in 2020 to 78.4 million adults (18 and older) by 2040, or 25.9% of the projected total adult population. Therefore, the increasing prevalence of orthopedic disorders is driving the growth of the physiotherapy services market.
Technological advancements are a key trend gaining popularity in the physiotherapy services market. Major companies operating in the physiotherapy services market are adopting new technologies to sustain their position in the market. For instance, in May 2023, Universal Practice, an Australia-based health tech company, launched an online physiotherapy practice using body-tracking technology. Jump online, and a licensed physiotherapist will map out the patient's body using the camera on the gadget, examine it, and create a customized holistic treatment plan. It promises to accompany patients on every step back to total health with rehabilitation programs, daily workouts, yoga, Pilates, and a chat to a physio option.
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Major Key Players of the Market:
ITO Co. Ltd.,DJO Global Inc., Professional Physical Therapy, NovaCare Rehabilitation, Pivot Physical Therapy, Apollo Hospitals Enterprise Ltd., U.S. Physical Therapy Inc., BTL Industries Inc., ATI Physical Therapy LLC, Zynex Medical Inc., Zimmer MedizinSysteme GmbH, Storz Medical AG,Enraf-Nonius B.V., Patterson Medical Ltd., RICHMAR,eLuma, Rehab Alternatives, Maven Physical Therapy & Performance, Minsu's Healing Oasis LLC, Elam Sports O'ahu Therapy & Training, Willis Street Physiotherapy Limited, Whitehall Manufacturing Inc., AmeriCare Physical Therapy, Olean Physical Therapy Professionals PLLC, Triumph Physical Therapy LLC, Meier & Marsh Professional Therapies, FullMotion Physical Therapy LLC, EMS Physio Ltd.
Physiotherapy Services Market 2024 Key Insights:
• The physiotherapy services market size is expected to see strong growth in the next few years. It will grow to $64.13 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Growing Prevalence Of Orthopedic Disorders Fuels Expansion In The Physiotherapy Services Market
• Embracing Technological Advancements In The Physiotherapy Services Market
• North America was the largest region in the physiotherapy services market in 2023
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