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This analysis examines the $53 billion outpatient physical and occupational therapy centers industry. Speech therapy and audiologists are also included. The physical therapy business is highly fragmented, with the 50 largest competitors capturing only 29% of the revenues, which makes it ripe for consolidation. Moderate growth is forecast, with positive growth drivers including a stable reimbursement environment, outpatient efficiencies, an alternative to opioid therapy, and strong demand related to client aging.
While there are a few national companies, the industry consists predominantly of small to medium regional providers with annual revenue of $871,000.
This industry is experiencing increased M&A activity from both strategic suitors and private equity investors.
Physical therapists work in hospitals, private practices, outpatient clinics, people’s homes, schools, sports and fitness facilities, work settings, and nursing homes.
This new study examines industry characteristics, national receipts/growth from 2007 to 2030 forecast, effects of the COVID-19 pandemic on 2020-2021 operations and revenues, recovery in 2022-2024, customer and therapist demographics, key industry trends, industry structure and extensive operating ratios (national and state Census data for establishments and firms), industry regulation, top companies market share, consolidation and roll-up potential, insurance/Medicare reimbursement status, and more. Findings of multiple industry surveys provided (APTA, Harris Williams, Webpt, AMB Wealth, etc.)
In-depth Competitor Profiles provided for: U.S. Physical Therapy, ATI Physical Therapy, Select Medical, Athletico Physical Therapy (Incl. Pivot Physical Therapy), CORA Health Services, Professional Physical Therapy and PT Solutions. Results of public and private companies.
FREE with purchase: A "done-for-you" PowerPoint presentation covering the market's characteristics, structure, $ size, growth drivers, forecasts, and key operating metrics.
Table of Contents
Report Scope and Methodology
- Sources and methodology used for the report, report scope.
Characteristics & Structure of the Industry
- Definition and number of physical therapists, occupational therapists, speech therapists, and audiologists and what they do, who they work for and where.
- Demographic profile of physical therapists (age, gender, top paying states/salaries)
- Major industry trends and issues: diversification, technology changes, consolidation and the potential for roll-ups, increased patient engagement tools, merit-based incentives
- Industry structure: key metrics: no. of facilities, receipts, annual payroll, no. of employees, avg. receipts per facility - 2002, 2007, 2012, 2017, 2022
- Main operating models used by physical therapy centers
- Major findings of Harris Williams & Company report (Physical Therapy Market Overview)
- Factors affecting demand for physical therapy (aging population, obesity, economic rationale)
- Operations: sources of revenue, typical patient volumes, revenues per patient visit, physical therapist salaries, facility profit margins, payor mix, marketing, etc.
- Reimbursement situation under Medicare, fee caps, Bipartisan Budget Act of 2018, Physical Therapy Qualifications Under Medicare
- Occupational therapist overview, typical earnings, job outlook
- Audiologists profession overview, typical earnings, job outlook, major statistics on hearing loss
Tables
- Sample Profit & Loss Statement for an Average Physical Therapy Center: 2024
- Physical Therapy Industry Snapshot: , 2022, 2017, 2012, 2007, 2002
- U.S. Physical Therapy company Gross Profit margins: 2007-2023
- Number of Medicare Non-institutional Providers: 2013-2019
Market Size, Growth, Forecasts
- Estimates of $ industry size and growth: Census Bureau, other research firms (Harris Williams Co., Health Value Group)
- Size / Receipts of U.S. Physical Therapy Services from 2007-2022, official government Census 5-year survey data and annual County Business Patterns data
- The analysis and estimates of industry receipts and performance for: 2020, 2021, 2022-2023 (Select Medical, ATI results), 2024, sales performance of the largest PT chains
- Discussion & analysis of the effects of COVID-19 pandemic on operations and sales, findings of American Physical Therapy Assn. August 2020 report: Impact of COVID-19 on The Physical Therapy Profession, and May 2021 report (revenue losses, patient volumes, telehealth use).
- 2025 & 2030 Forecasts, rationale, factors affecting demand, future growth drivers.
- Discussion of major factors affecting industry growth: reimbursement, demand, aging of population, obesity, supply of therapists, etc.
- Findings of Webpt report: “The State of Rehab Therapy - 2024”
Tables:
- $ Size of the U.S. Physical Therapy Market: 2007-2030 F, no. of clinics, receipts
- Annual Growth Rate of the U.S. Physical Therapy Market: 2007-2025
- Forecast Size of the U.S. Physical Therapy Market: 2025, 2030
- Sales Performance of the Leaders: 2022-2024
- Industry growth forecasts by other research firms
Customer Demographics
- Discussion and statistics related to population aging trends
- Discussion and statistics related to sports injuries
- Discussion and statistics related to back pain
- Discussion and statistics related to workplace injuries
- Discussion and statistics related to obesity trends
Tables:
- Prevalence of obesity in the U.S., by state and region: 2000-2021
Industry Economic Operating Ratios
- Summary of key industry metrics, NAICS Census code for the industry, what it includes
- Industry snapshot: 2002, 2007, 2012, 2017, 2022: key ratios (payroll, no. of estabs.,
- receipts, average receipts per PT clinic, no of employees)
- Annual % change in receipts: 2007-2022
Tables:
- Labor Productivity Ratios: 2007-2022
- Receipts, by Type of Patient Care: 2019
- Legal form of organization -corporations, sole proprietorships, partnerships: no. of employees) - 2012, 2017, 2022
- Single vs. multi-unit operations, by size (statistics as above) - 2012, 2017
- Concentration Ratios: ratios for top 4, 8, 20, 50 largest firms - 2012, 2017, 2022
- Receipts size of establishments (under $10,000 to $10+ mill.) - 2012, 2017
- Receipts size of firms (under $100,000 to $100+ mill.) - 2012, 2017
- Ratios, by Employment Size of Establishments: 2019
- No. of establishments, receipts & avg. receipts per establishment, by state: 2016
- No. of establishments, receipts & avg. receipts per establishment, by state - 2022
- Receipts & Establishments for States With the Largest Number of Estabs: 2022
Competitor Profiles
(description and history of company, no. of clinics operated, address, specialties, acquisitions, services, financial data 2021-2024 when available)
- U.S. Physical Therapy (public co. - detailed financials incl.)
- ATI Physical Therapy (public co. - detailed financials incl.)
- Select Medical (detailed financials)
- Athletico Physical Therapy (incl. Pivot Physical Therapy)
- PT Solutions
- CORA Health Services
- Professional Physical Therapy
Table
- Number of Clinics Operated by the Leaders: 2022-2024
Reference Directory
- List of physical therapy national/regional trade associations, journals, consulting firms, reports, articles, other key contacts - address & phones, description of activities.
Companies Mentioned
- Athletico Physical Therapy
- ATI Physical Therapy
- CORA Health Services
- Pivot Physical Therapy
- Professional Physical Therapy
- PT Solutions
- Select Medical
- U.S. Physical Therapy
Methodology
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