Pune, India, Nov. 02, 2022 (GLOBE NEWSWIRE) -- The US Occupational & Physical Therapy Services Market size was USD 47.50 billion in 2021. The market is expected to expand from USD 50.26 billion in 2022 to USD 72.70 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period. The surge can be credited to the escalating number of sports injuries and the increasing prevalence of chronic diseases in the country.
Key Industry Development:
September 2021– Upstream Rehabilitation Inc. announced the acquisition of Results Physiotherapy. The move was aimed at becoming the largest pure-play outpatient physical therapy provider in the U.S.
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Report Scope:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 5.4% |
| 2029 Value Projection | USD 72.70 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 47.50 billion |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 86 |
Report Coverage:
The report provides a comprehensive coverage of the major aspects that are poised to propel the business landscape in the country. It further gives a detailed account of the significant steps taken by major market participants for the consolidation of their industry position. These insights have been furnished after extensive research and analysis of the key trends favoring industry expansion.
Drivers and Restraints:
Market Share to Rise Due to Soaring Demand for Rehabilitation Services
One of the major factors propelling the US Occupational & Physical Therapy Services Market growth is the increasing prevalence of chronic diseases. Additional factors favoring industry expansion comprise the soaring demand for rehabilitation services, including PT and OT services.
However, the industry growth could be hampered by the high claim denials related with physical and associated therapies. The significant reasons for claim denial include eligibility issues, failure to establish medical necessity, and misuse of modifier codes.
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Segments:
Outpatient Clinics Segment to Record Notable Rise Due to Increasing Industrial Accidents
On the basis of setting, the market is fragmented into outpatient clinics, hospitals, and others. Of these, the outpatient clinics segment is expected to record appreciable growth throughout the forecast period. This is driven by the surging demand for occupational & physical therapy services, rising number of industrial accidents, and the growing number of outpatient clinics.
Orthopedic Therapy Segment to Register Lucrative Growth Owing to Increasing Sports Injuries
Based on application, the market is subdivided into general therapy, orthopedic therapy, geriatric therapy, neurological therapy, and others. The orthopedic therapy segment accounted for a dominating share in 2021 and is set to register commendable growth throughout the analysis period. The rise can be attributed to the increasing number of sports injuries and orthopedic diseases.
Private Health Insurance/Out-of-Pocket Segment to Exhibit Substantial Growth Owing to Soaring Number of Insurance Providers
Based on payor, the market is segregated into out-of-pocket/private health insurance and public health insurance. The private health insurance/out-of-pocket segment is expected to register remarkable expansion throughout the estimated period. The escalation can be credited to the growing collaborations between healthcare institutions and private health insurance companies and the rising number of insurance providers in the country.
US Occupational & Physical Therapy Services Market Segments:
| Market Segmentation | By Setting
|
By Application
| |
By Payor
| |
By Geography
|
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Competitive Landscape:
Industry Players Enter into Partnership Agreements to Expand Product Reach
Major occupational & physical therapy services companies are entering into partnership agreements and deals for impelling industry expansion over the forecast period. Besides, many industry players are focusing on the adoption of various strategic initiatives such as mergers, acquisitions, and collaborations for the consolidation of their market position. Some of the other initiatives include rising participation in trade fairs and surging launch of research activities.
List of Key Players Mentioned in the Report:
- ATL Physical Therapy (US.)
- Athletico Physical Therapy (U.S.)
- Encompass Health Corporation (U.S.)
- Upstream Rehabilitation inc. (U.S.)
- Select Medical (U.S.)
- US. Physical Therapy (U.S.)
- PTSOLUTIONS (U.S.)
- LifePoint Health, Inc (U.S.)
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Number of Occupational & Physical Therapists, 2021
- Occupational & Physical Therapy – Overview
- Number of Occupational & Physical Therapy Clinics, 2012-2021
- Distribution of Occupational Establishments, 2021
- Number of Physical Therapists in the U.S., 2016-2029
- Average Cost of Key Services, 2021
- Overview of Reimbursement Scenario - U.S.
- Key Industry Developments Such as Mergers, Acquisitions, and Collaborations
- Prevalence/Incidence of Key Conditions, U.S., 2021
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- Impact of COVID-19 on the US Occupational & Physical Therapy Services Market
- US Occupational & Physical Therapy Services Market Analysis, Insights and Forecast, 2018-2029
- Market Analysis, Insights and Forecast – By Setting
- Hospitals
- Outpatient Clinics
- Others
- Market Analysis, Insights and Forecast – By Application
- Orthopedic Therapy
- General Therapy
- Geriatric Therapy
- Pediatric Therapy
- Neurological Therapy
- Others
- Market Analysis, Insights and Forecast – By Payor
- Public Health Insurance
- Private Health Insurance/Out-of-pocket
- Market Analysis, Insights and Forecast – By Setting
- Competitive Analysis
-
- Market Share Analysis (2021)
- Company Profiles (Overview, Product, SWOT Analysis, Recent Developments, Strategies, financials (Based on Availability))
- ATI Physical Therapy
- Athletico Physical Therapy
- Encompass Health Corporation
- Upstream Rehabilitation Inc.
- Select Medical
- U.S. Physical Therapy
- PT SOLUTIONS
- LifePoint Health, Inc.
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