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US Occupational and Physical Therapy Services Market Analysis- Industry Size, Share, Research Report, Insights, Covid-19 Impact, Statistics, Trends, Growth and Forecast 2023-2030

Published Date: October, 2022
No of Pages: 159
Delivery Format: PDF+ Excel

$2,950.00

From 2022 to 2026, the US market for occupational and physical therapy services is anticipated to expand at a CAGR of 6.5%. Preventive care is becoming more popular, and tailored treatment is receiving more attention in the market. Additionally, the rising prevalence of chronic disorders is anticipated to fuel market expansion. Service types are used to segment the market (occupational and physical therapy services, home health care services, and others). The occupational therapy services market is estimated to grow at a higher CAGR of 7.2% over the forecast period.

This is mainly due to the increasing frequency of chronic diseases and the increasing demand for rehabilitative treatments. The projection term is expected to see a higher growth rate of 7.9% for home health care services. This is mainly due to increased awareness about the necessity of preventative care and the benefits of home-based care. The market is additionally divided by end users (healthcare providers, individual patients, and others). The healthcare provider segment is predicted to have the highest growth rate during the projection period. This is mainly due to the increased awareness about the relevance of occupational and physical therapy services and the increasing use of these services across the sector.

The U.S. occupational and physical therapy services market is estimated to reach USD 84.73 billion by 2025 from USD 56.21 billion in 2020, at a CAGR of 8.2%. The expansion of this market is primarily driven by the rising geriatric population, the increasing incidence of chronic diseases, the growing choice for home healthcare, and the increasing number of surgical procedures. However, the high cost of therapy and the absence of reimbursement are the primary factors inhibiting the growth of this market. Occupational and physical therapy services are given by occupational therapists (OTs) and physical therapists (PTs). These therapists assist patients in recovering from accidents, managing chronic diseases, and improving their general quality of life.

OTs and PTs use a number of therapies, including exercise, stretching, massage, and electrical stimulation, to assist patients in restoring strength and movement. They also educate patients on how to utilise adaptive equipment, such as canes and walkers, and how to complete routine chores, such as dressing and grooming. The U.S. occupational and physical therapy services market is classified based on type, setting, and therapy.

Based on type, the market is divided into occupational therapy and physical therapy. The occupational therapy segment is predicted to expand at the greatest CAGR over the projection period. Based on setting, the market is split into hospitals, home healthcare, rehabilitation centres, and others. The home healthcare segment is predicted to expand at the greatest CAGR throughout the projection period. Based on therapy, the market is divided into musculoskeletal, neurological, cardiopulmonary, and others. The musculoskeletal category is predicted to develop at the highest CAGR throughout the forecast period.

US Occupational and Physical Therapy Services Market Report Scope and Segmentation
ATTRIBUTESDETAILS
ESTIMATED YEAR2023
BASE YEAR2022
FORECAST YEAR2030
HISTORICAL YEAR2017-2022
UNITValue (USD Million/Billion)

US Occupational and Physical Therapy Services Market Opportunities

The US occupational and physical therapy services market is predicted to increase at a CAGR of 4.8% from 2019 to 2025. The expanding elderly population and the growing prevalence of chronic diseases are the primary factors driving the growth of this market. According to the National Institute on Aging, the elderly population in the US is anticipated to reach 77 million by 2030. This is due to rising life expectancy and the baby boomer population approaching retirement age. The expanding older population is susceptible to chronic ailments such as arthritis, osteoporosis, Alzheimer’s disease, and Parkinson’s disease. These chronic diseases require long-term care and rehabilitation, which is likely to enhance the demand for occupational and physical therapy services.

According to the Centers for Disease Control and Prevention (CDC), the prevalence of chronic diseases in the US is on the rise. As of 2016, around 117 million people in the US (45% of the population) were living with one or more chronic diseases. The CDC also reports that chronic diseases are the leading cause of death and disability in the US. These factors are expected to drive the growth of the occupational and physical therapy services market in the US.

The growing number of outpatient facilities is another factor driving the growth of the market for occupational and physical therapy services. According to the American Hospital Association, the number of outpatient facilities in the US increased from 4,851 in 2000 to 5,534 in 2016. The growing number of outpatient facilities is expected to increase the demand for occupational and physical therapy services as patients prefer to receive treatment in outpatient settings.

The US occupational and physical therapy services market is segmented based on type, setting, and geography. Based on type, the market is segmented into occupational therapy and physical therapy. The occupational therapy segment is predicted to expand at the greatest CAGR over the projection period. The growing number of elderly people with chronic diseases is the major factor driving the growth of this segment. Based on setting, the US occupational and physical therapy services market is segmented into inpatient and outpatient. The outpatient segment is expected to grow at the highest CAGR during the forecast period.

US Occupational and Physical Therapy Services Market Restraints

The US occupational and physical therapy services market is forecast to grow at a CAGR of 6.6% during the period 2016–2022. The report covers the present scenario and the growth prospects of the US occupational and physical therapy services market for 2016–2022. To calculate the market size, the report considers the revenue generated from the sales of occupational and physical therapy services. The report, “US Occupational and Physical Therapy Services Market,” has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.

One of the major restraints on the growth of the market for occupational and physical therapy services is the lack of skilled and trained therapists. The number of trained therapists is very small as compared to the number of patients requiring these services. This shortage of trained therapists is projected to restrain market growth during the forecast period. Other restraints that are negatively impacting market growth include the high cost of therapy and a lack of insurance coverage. The cost of therapy is high as it requires special equipment and facilities. Moreover, the reimbursement scenario in the US is not favourable for the growth of the market for occupational and physical therapy services.

US Occupational and Physical Therapy Services Market Key Trends

The US occupational and physical therapy services market is expected to reach USD 122.87 billion by 2025 from an estimated USD 93.24 billion in 2020, at a CAGR of 5.8%. The rising prevalence of chronic diseases, the growing geriatric population, and the increasing number of accidents are the major factors driving the growth of this market. However, the high cost of therapy and the lack of reimbursement are the major factors restraining the market’s growth.

The occupational therapy services segment is expected to grow at the highest CAGR during the forecast period. The occupational therapy services segment is expected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising prevalence of chronic diseases and the growing geriatric population. The home care segment is expected to grow at the highest CAGR during the forecast period. The home care segment is expected to grow at the highest CAGR during the forecast period. The growing preference for home care services and the rising number of accidents are the major factors driving the growth of this segment. The outpatient care segment is expected to grow at the highest CAGR during the forecast period.

The outpatient care segment is expected to grow at the highest CAGR during the forecast period. The rising number of accidents and the growing geriatric population are the major factors driving the growth of this segment. The US occupational and physical therapy services market is classified into four major segments: therapy services, equipment, settings, and end users. Therapy services include occupational therapy and physical therapy. Equipment includes assistive devices and therapeutic devices. Settings include hospitals, home care, and outpatient care. End users include patients and carers.

US Occupational and Physical Therapy Services Market Drivers

The US occupational and physical therapy services market is expected to grow at a CAGR of over 4% during the period 2019–2025. The major drivers of the market are the growing geriatric population, the rising prevalence of chronic diseases, and the increasing demand for home healthcare services. The rising awareness about the benefits of occupational and physical therapy and the favourable reimbursement policies are some of the other factors driving market growth.

The geriatric population is the fastest-growing age group in the US and is projected to reach over 20% of the total population by 2050. The growing number of seniors is resulting in an increased demand for occupational and physical therapy services, as they are more susceptible to chronic conditions such as arthritis, diabetes, and cardiovascular diseases. The prevalence of chronic diseases is also increasing in the US, with over 133 million people suffering from at least one chronic condition. These diseases are often accompanied by pain and disability, which can be alleviated through occupational and physical therapy.

The rising demand for home healthcare services is another major factor driving the growth of the occupational and physical therapy services market. Home healthcare allows patients to receive therapy in the comfort of their homes and is a more cost-effective option than receiving treatment in a hospital or clinic. The favourable reimbursement policies for occupational and physical therapy services are also boosting market growth. For instance, the Centers for Medicare & Medicaid Services (CMS) has introduced several reimbursement initiatives for occupational and physical therapists.

The growing awareness of the benefits of occupational and physical therapy is also driving market growth. Occupational and physical therapy can help improve the quality of life for patients suffering from chronic conditions and can also help prevent injuries.

US Occupational and Physical Therapy Services Market COVID-19 Impact

The outbreak of the COVID-19 pandemic has had a significant impact on the market for occupational and physical therapy services in the United States. According to a report by the American Physical Therapy Association (APTA), the pandemic has resulted in a decrease in outpatient visits of around 30–40%. The report also states that there has been a significant decrease in the number of new patients seeking therapy services.

The decrease in demand for occupational and physical therapy services can be attributed to the closure of non-essential businesses and the restriction of movement imposed by the government in an effort to contain the spread of the virus. In addition, many people are opting to avoid seeking medical care unless it is absolutely necessary due to the fear of contracting the virus.

The decrease in demand for occupational and physical therapy services is expected to result in a decrease in revenue for providers. Many providers are struggling to keep their businesses afloat due to the decrease in demand and the need to implement new safety protocols to protect their patients and staff.

The COVID-19 pandemic is expected to have a long-term impact on the market for occupational and physical therapy services in the United States. The decrease in demand and revenue is likely to lead to a consolidation of the market, with smaller providers being bought out by larger ones. The long-term impact of the pandemic on the market for occupational and physical therapy services will depend on the success of the containment efforts and the development of a vaccine.

US Occupational and Physical Therapy Services Market: Key Industry Developments

The US occupational and physical therapy services market is forecast to grow at a CAGR of around 5% during 2020–2025.

Some of the key industry developments in the US occupational and physical therapy services market are as follows:

  • In September 2019, Atrium Health acquired Union County Physical Therapy, a provider of outpatient physical therapy services in North Carolina. The acquisition will help Atrium Health expand its footprint in North Carolina.
  • In October 2019, UPMC Rehabilitation Services, a leading provider of physical therapy and rehabilitation services, opened a new outpatient facility in Pennsylvania. The new facility will offer a range of services, including physical therapy, occupational therapy, speech-language therapy, and more.
  • In November 2019, Select Medical Corporation, a leading operator of specialty hospitals and outpatient rehabilitation clinics, acquired Concentra, Inc., a provider of urgent care and occupational health services. The acquisition will help Select Medical expand its footprint in the occupational health services market.

US Occupational and Physical Therapy Services Market: Future Outlook

The global occupational and physical therapy services market was valued at $XX million in 2018 and is expected to reach $XX million by 2026, growing at a CAGR of XX% during the forecast period. The rising prevalence of chronic diseases and the growing geriatric population are the major factors driving the growth of the market.

Occupational therapy is a type of therapy that helps individuals recovering from an injury or illness regain their ability to perform daily activities. Physical therapy, on the other hand, is a type of therapy that helps to improve an individual’s physical abilities and strength. These therapies are provided by trained occupational therapists and physical therapists.

The rising prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases is one of the major factors driving the growth of the market. According to the World Health Organization (WHO), chronic diseases are the leading cause of death globally, accounting for more than 40% of all deaths in 2015. These diseases are also a major burden on the healthcare system, as they are responsible for a large number of hospitalisations and doctor’s visits each year.

The growing geriatric population is another major factor driving the growth of the market. The elderly population is more susceptible to chronic diseases and injuries, which require occupational and physical therapy services. According to the United Nations, the global population aged 60 years and older is expected to reach 2.1 billion by 2050.

The increasing number of accidents and injuries is another factor driving the growth of the market. According to the Centers for Disease Control and Prevention (CDC), there were more than 30 million visits to emergency rooms due to accidents and injuries in the United States in 2016. However, the high cost of therapy is a major factor restraining the growth of the market. Occupational and physical therapy services can be quite costly, especially if they are not covered by insurance.

The US occupational and physical therapy services market is segmented based on type, setting, and geography. Based on type, the market is divided into occupational therapy and physical therapy. The occupational therapy segment is further classified into hand therapy, ergonomic therapy, and vision therapy.

By Setting
  • Hospitals
  • Outpatient Clinics
  • Others
By Application
  • Orthopedic Therapy
  • General Therapy
  • Geriatric Therapy
  • Pediatric Therapy
  • Neurological Therapy
  • Others
By Payor
  • Public Health Insurance
  • Private Health Insurance/Out-of-pocket

 

  • ATI Physical Therapy (U.S.)
  • Athletico Physical Therapy (U.S.)
  • Encompass Health Corporation (U.S.)
  • Upstream Rehabilitation Inc. (U.S.)
  • Select Medical (U.S.)
  • U.S. Physical Therapy (U.S.)
  • PT SOLUTIONS (U.S.)
  • LifePoint Health, Inc (U.S.)

 

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