Physical therapy (PT), also known as physiotherapy, is one of the health professions, in which healthcare professionals treat various human conditions such as physical impairments faced by the individuals due to injury, trauma or illness in musculoskeletal, cardiovascular, respiratory, neurological, and endocrinological parts of human system. Physical therapy can be carried out in various ways such as by using evidence-based kinesiology, exercise prescription, health education, and mobilization. Physical therapy is used to improve patient’s physical functions through diagnosis, prognosis, physical examination, physical intervention, rehabilitation, and disease prevention.
The global physical therapy rehabilitation solutions market is estimated to be valued at US$ 23.1 billion in 2020 and is expected to exhibit a CAGR of 7.7 % during the forecast period (2020-2027).
Figure 1. Global Physical Therapy Rehabilitation Solutions Market Value (US$ Bn), 2016-2027
Key players in the market are involved in developing novel physical therapy rehabilitation solutions in the market. Therefore, approval and launch of such advanced systems in the market is expected to significantly drive the physical therapy rehabilitation solutions market growth over the forecast period. For instance, in April 2020, ATI Physical Therapy, a privately held, nationally recognized healthcare company, specializing in outpatient rehabilitation and adjacent healthcare services based in the U.S., launched an online or virtual physical therapy service. This telehealth solution is a personalized and tailored online option for patients, which serves best-in-class physical therapy treatment for patients at their home.
Moreover, key companies focusing on strategic partnerships for the development of novel devices in the field of physical therapy is expected to drive the physical therapy rehabilitation solutions market growth over the forecast period. For instance, in April 2020, MTI Physical Therapy, a provider of manual therapy and orthopedic sports rehabilitation, collaborated with MedBridge, a producer of video-based healthcare content for telehealth solutions. Under this collaboration, MTI Physical Therapy launched the option of remote therapy for patient care with low cost treatment, one-to-one, evidence-based care with the assistance of MedBridge’s Telehealth Virtual Visits solution. MedBridge’s Telehealth Virtual Visits solution allows MTI to remotely take care of patients in real time, providing a HIPAA-compliant method for continuing treatment plans during the ongoing COVID-19 pandemic.
|Base Year:||2019||Market Size in 2020:||US$ 23.1 Bn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||7.7 %||2027 Value Projection:||US$ 38.9 Bn|
Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCore healthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc, SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH
|Restraints & Challenges:||
Global Physical Therapy Rehabilitation Solutions Market – Impact of Coronavirus (COVID-19)
Following the outbreak of COVID-19 in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of the coronavirus (COVID-19) has resulted in more than 41 million infected individuals worldwide as of October 22, 2020.
The coronavirus (COVID 19) pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors. The private healthcare sector is one of the sectors, which has been majorly impacted by the COVID-19 pandemic. The lockdown in various countries due to COVID-19 pandemic has created an economic burden on the private healthcare sector. Healthcare providers are facing challenges with regards to manpower, equipment, and other resources to ensure safety in the treatment of patients with other diseases. Moreover, health care facilities are facing challenges such as decline in outpatient’s visits in hospitals and clinics.
Moreover, the coronavirus pandemic has negatively impacted the development and supply of services, and affected growth of the healthcare businesses of various companies across the globe. This has led to closure of industrial establishments, except manufacturing of essential commodities and disruption in supply chain of products and services. Therefore, the COVID-19 pandemic has affected the global physical therapy rehabilitation solutions market in a negative way.
Figure 2. Global Physical Therapy Rehabilitation Solutions Market Share (%), by Region, 2020
Among regions, North America physical therapy rehabilitation solutions market is expected to exhibit high growth over the forecast period, owing to increasing number of geriatric care agencies, and rising accidents and injury cases. According to the Centers for Disease Control and Prevention (CDC), 2016, around one-quarter of the people in the U.S. over the age of 65 experience a fall and at least 300,000 of them were hospitalized for hip fractures annually and further states that in 2016, over 95% of hip fractures were due to accidental cases in individuals, costing US$ 31 billion, annually in the U.S.
Major players operating in the global physical therapy rehabilitation solutions market include Reflexion Health, AC INTERNATIONAL EAST, Cerner Corporation, Kareo, Inc, TherapySync, eviCore healthcare, Meditab, Isalus, Smith+Nephew, CoRehab srl, Hinge Health, Inc, SWORD Health, Inc, MIRA Rehab Limited, Motekforce Link, and GESTURETEK HEALTH.
Physical therapy is used for the treatment of pain and injuries caused to individuals in hip joints, spinal cords, shoulder and elbow joints, knee joints, and other parts of the body. Physical therapy is mainly used to eliminate pain in individuals by adopting various procedures such as therapeutic exercises and manual therapy techniques including tissue mobilization or treatments such as ultrasound, taping or electrical stimulation, which helps to relieve pain, and restore muscle and joint function to reduce pain. Physical therapy is also used for improving mobility in patients and also reduce the pain caused by surgeries such as knee replacement surgeries.
The global physical therapy rehabilitation solutions market is expected to witness significant growth during the forecast period, as key companies are focusing on inorganic growth strategies such as mergers and acquisitions for strengthening their positioning in the physical therapy rehabilitation solutions market. For instance, in May 2020, Omada Health acquired virtual physical therapy startup Physera. Physera, which was launched in 2015, specializes in virtual physical therapy for muscle and joint pain, and delivers interventions digitally and via telehealth.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.