Physical Therapy Global Market Report 2024

The physical therapy market size has grown strongly in recent years. It will grow from $25.95 billion in 2023 to $27.89 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the historical period can be attributed to factors such as the aging population, the prevalence of chronic conditions, incidents of occupational and sports injuries, a heightened focus on preventive healthcare, and the expansion of the scope of physical therapy within healthcare settings.

The physical therapy market size is expected to see strong growth in the next few years. It will grow to $35.53 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The anticipated growth in the forecast period can be attributed to factors such as the integration of telehealth services, an increasing awareness of the benefits of physical activity, a focus on aging-in-place strategies, the implementation of personalized treatment plans, and the adoption of interdisciplinary healthcare approaches. Significant trends expected in the forecast period include technological innovations in rehabilitation, advancements in rehabilitation technologies, the integration of digital health, a focus on orthopedic and sports rehabilitation, and the utilization of technology-aided rehabilitation methods.

The anticipated increase in musculoskeletal disorders (MSDs) is expected to drive the growth of the physical therapy market in the future. Musculoskeletal disorders encompass a range of medical conditions affecting the muscles, bones, tendons, ligaments, and other components of the musculoskeletal system. Physical therapy plays a crucial role in preventing, treating, and managing MSDs through education, ergonomics training, workplace safety modifications, on-site treatment, and return-to-work programs. As of July 2022, the World Health Organization reported that approximately 1.71 billion people worldwide are affected by musculoskeletal conditions. Moreover, according to the Office for Health Improvement and Disparities in May 2022, the prevalence of self-reported long-term musculoskeletal (MSK) conditions among individuals aged 16 and over was 17% in 2021, with a noticeable increase with age, reaching 50.3% among those aged 85 years and over. Therefore, the increasing prevalence of musculoskeletal disorders is expected to propel the growth of the physical therapy market.

The growing aging population is poised to contribute to the expansion of the physical therapy market. The aging population trend refers to a demographic shift characterized by an increasing proportion of elderly individuals in a society or population. Physical therapy is a crucial healthcare intervention for addressing age-related health challenges, improving mobility, alleviating pain, and enhancing overall functional independence among the elderly. According to the World Health Organization in October 2022, the global population of individuals aged 60 years and older is rapidly growing and is expected to double by 2050, reaching 2.1 billion. Consequently, the growing aging population is a significant driver for the growth of the physical therapy market.

The lack of skilled healthcare personnel is expected to impede the growth of the physical therapy market. Skilled healthcare personnel, including educated, trained, and regulated maternal and newborn health professionals, play a vital role in delivering effective care. The shortage of skilled health personnel, including physical therapists, can create obstacles in the delivery of physical therapy services, leading to reduced effectiveness in work-focused healthcare, challenges in clinical reasoning and teamwork, hindered prevention efforts, and increased job strain and turnover among therapists. An illustrative example is a report from MWTherapy in March 2023, which highlighted a projected shortage of 49,000 physical therapists that need to be filled by 2030 in the United States. Consequently, the scarcity of skilled healthcare personnel serves as a constraint on the growth of the physical therapy market.

Major companies in the physical therapy market are concentrating on the development of technologies, such as Luna Protocols, to enhance the quality and standardization of care. Luna Protocols empower therapists to ensure that all patients are progressing in their recovery and enable proactive notification to the surgeon’s team of timely clinical escalations. For instance, in April 2021, Luna Physical Therapy, a U.S.-based on-demand physical therapy company, introduced Luna Protocol's innovative capabilities designed for orthopedic groups to standardize the quality of outpatient physical therapy. The new Luna Protocols capability aims to offer outpatient physical therapy at home, matching patients with therapists based on specialty, geography, schedules, and other factors. This approach allows patients to receive in-person care at their chosen time and location, ensuring consistent coaching from the same therapist for each visit to monitor the patient’s progress over time.

In August 2021, American Well Corporation (Amwell), a U.S.-based healthcare company, completed the acquisition of Conversa Health for an undisclosed amount. This strategic move positions Amwell to introduce cutting-edge technology that will extend the influence of care teams globally and enhance the synergy between physical therapy and automated/virtual care. The acquisition involves integrating the longitudinal care and behavioral healthcare capabilities of Conversa Health into Amwell's digital care enablement platform. Conversa Health Inc., the acquired company, is a U.S.-based digital mental health platform that provides virtual physical therapy services.

Major companies operating in the physical therapy market report are HCA Healthcare, Geisinger Health System (GHS), Select Medical Corporation, Kindred Healthcare Holdings LLC, Genesis HealthCare, Mercy Aged and Community Care Ltd., Rush-Copley Medical Center, Savaseniorcare LLC, DJO LLC, Concentra Inc., Professional Physical Therapy, Benchmark Physical Therapy, ATI Physical Therapy, US Physical Therapy Inc., PIVOT Physical Therapy, Athletico Physical Therapy, ProHealth Limited, NovaCare Rehabilitation, OrthoCarolina, Performance Health Supply Inc., Dynatronics Corporation, Enraf-Nonius B.V., Rehab Alternatives PLLC, BTL Industries, EMS Physio Ltd., Knight Health Holdings LLC, ProActive Physical Therapy, ITO Co. Ltd., AmeriCare Physical Therapy, Therapydia Inc.

North America was the largest region in the physical therapy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the physical therapy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the physical therapy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Physical therapy is a healthcare profession and rehabilitation specialty dedicated to assisting individuals in recovering from injuries, surgeries, illnesses, or physical disabilities. The primary objective of this therapeutic approach is to restore and enhance a person's physical function, mobility, and overall quality of life.

The main types of physical therapies include orthopedic physical therapies, geriatric physical therapies, neurological physical therapies, cardiopulmonary and pulmonary physical therapies, among others. Orthopedic physical therapy, a specialized branch within this field, concentrates on the assessment, diagnosis, and treatment of musculoskeletal conditions and injuries. These therapies are applicable across various age groups, encompassing pediatrics, adults, and the elderly, and are utilized by diverse end users such as hospitals and clinics, community centers, sports facilities, convalescent homes, schools, and sports academies, among others.

The physical therapy market research report is one of a series of new reports that provides physical therapy market statistics, including physical therapy industry global market size, regional shares, competitors with physical therapy market share, detailed physical therapy market segments, market trends, and opportunities, and any further data you may need to thrive in the physical therapy industry. This physical therapy market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The physical therapy market includes revenues earned by entities by providing treatment planning, pain management, and injury prevention services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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