The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market Is Estimated To Propelled By Growing Geriatric Population And Remote Consultations Demand
The U.S. Physical Therapy Virtual and Telerehabilitation Services Market provides a variety of physical therapy and telerehabilitation services virtually to its patients through digital technologies like video conferencing and smartphone applications. Physical therapy services through virtual and telerehabilitation modalities help patients avoid travel expenditures and waiting time required for in-clinic appointments. The increasing geriatric population and their preference for virtual consultations from the comfort of their homes is boosting the adoption of U.S. Physical Therapy Virtual and Telerehabilitation Services.
The global U.S. Physical Therapy Virtual and Telerehabilitation Services Market is estimated to be valued at US$ 181.9 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing geriatric population suffering from disabilities and chronic conditions requiring physical therapy is one of the major drivers of the U.S. Physical Therapy Virtual and Telerehabilitation Services Market. As per the United States Census Bureau, the population aged 65 years and above is projected to grow drastically from 56 million in 2020 to over 95 million by 2060. This demographic faces difficulties in traveling for physical therapy sessions. Virtual and telerehabilitation services enable convenient access to physical therapy through digital means, attracting more elderly patients. The shift towards virtual care delivery models is expected to continue post-pandemic as well due to consumers' familiarity and preferences developed during the COVID-19 imposed restrictions. This transforms the market landscape and increases opportunities over the forecast period.
SWOT Analysis
Strength: The U.S. physical therapy virtual and telerehabilitation services market has strong demand due to increased preference for non-contact healthcare solutions and convenience.
Weakness: Lack of awareness and adoption of virtual physical therapy services, especially in rural areas. Reimbursement concerns pose challenges.
Opportunity: Expanding geriatric population and rising incidence of chronic diseases drive the need. Growth prospects exist in serving remote areas.
Threats: Data privacy and security concerns hinder full utilization. Traditional models of physical therapy provide stiff competition.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market Size is expected to witness high growth. The market size is projected to reach US$ 181.9 Mn in 2023 from US$ 173.3 Mn in 2022, at a CAGR of 5.5% during the forecast period 2023 to 2030.
Regional analysis
The western region dominates the U.S. physical therapy virtual and telerehabilitation services market currently. Advanced healthcare infrastructure, higher acceptance of new technologies, and presence of major market players in the region drive the market. Growing geriatric population and increasing prevalence of chronic conditions are also factors. The region is expected to continue its dominance during the forecast period.
Key players
Key players operating in the U.S. physical therapy virtual and telerehabilitation services market are Chevron Phillips Chemical Company, BASF SE, Evonik Industries AG, Arkema Group, Solvay SA, Taizhou Sunny Chemical Co., Ltd., Arkema Group, Prasol Chemicals Pvt. Ltd., TCI Chemicals (Tokyo Chemical Industry Co., Ltd.), Apollo Scientific Ltd., Sasol Ltd., Merck KGaA, Lanxess AG, Zhejiang Weihua Chemical Co., Ltd., and Tokyo Chemical Industry UK Ltd.
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