Physical therapy involves various techniques employed to alleviate pain and bring mobility to injured human body parts such as limbs and joints. It provides a new lease of life for people affected with major musculoskeletal and neuromuscular problems, acquired or genetic. It is also given to patients post surgeries such as joint replacement surgery and muscle repair surgery, where a body part is immobilized for an elongated period. Since advances in medicine have increased the survival rate of premature infants, and trauma and stroke victims, need for assessment and possible treatment with their biophysical problems has grown. This is leading global physical therapy services market on to a higher growth curve.
It is pertinent to note here that an increase in number of people belonging to the geriatric age group and in incidence of sports injuries is contributing positively to growth in the market. As per Transparency Market Research, the market will record sturdy CAGR over the forecast period of 2020 to 2030.
The physical therapy services market is fragmented due to the presence of numerous players in this market. Top players that are shaping the competitive landscape with their proactive growth measures are mentioned below:
The competitive vendor landscape is experiencing a slew of organic and inorganic strategies being deployed by top market players to slice off a larger market share. These include improvement in services, adoption of advanced technology, key alliances based on strategic considerations.
While simple massaging and movement techniques form the basis of physical therapy, there are various specialized instruments available in this market which facilitates more effective pain relief and rehabilitative treatments. This is leading to higher demand for physical therapy services. Glimpses into top factors that are impacting the market over the forecast period are provided below:
North America will account for a massive share of revenue in the global market owing to increase in cases of accidents and mishaps, in the incidence of osteoporosis, and in number of old people (60 and above). As per a recent study, the number of Americans aged 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060.
The Asia Pacific (APAC) region is projected to witness an impressive growth rate in the coming years due to increase in disposable income (outcome of robust economic growth), and improving healthcare infrastructure.