Physical Therapy Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Physical Therapy Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s 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 in the historic period can be attributed to aging population, prevalence of chronic conditions, occupational and sports injuries, focus on preventive healthcare, expansion of scope in 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 growth in the forecast period can be attributed to integration of telehealth services, rising awareness of the benefits of physical activity, focus on aging-in-place strategies, personalized treatment plans, interdisciplinary healthcare approaches. Major trends in the forecast period include technological innovations in rehabilitation, advancements in rehabilitation technologies, digital health integration, orthopedic and sports rehabilitation, technology-aided rehabilitation.

Increasing musculoskeletal disorders are expected to propel the growth of the physical therapy market going forward. Musculoskeletal disorders (MSDs) are a group of medical conditions that affect the muscles, bones, tendons, ligaments, and other parts of the musculoskeletal system. Physical therapy is essential in the prevention, treatment, and management of MSDs, as it focuses on education, ergonomics training, workplace safety modifications, on-site treatment, and return-to-work programs. For instance, in July 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, approximately 1.71 billion people have musculoskeletal conditions worldwide. Furthermore, in May 2022, according to the Office for Health Improvement and Disparities, a UK-based government organization, the prevalence of people aged 16 and over self-reporting a long-term musculoskeletal (MSK) condition, was 17.0% in 2021 and the prevalence of adults self-reporting a long-term MSK condition showed an increase with age, from 2.3% among 16 to 24-year-olds to 50.3% among those aged 85 years and over. Therefore, increasing musculoskeletal disorders is expected to propel the growth of the physical therapy market.

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The physical therapy market covered in this report is segmented –

1) By Type: Orthopedic Physical Therapy, Geriatric Physical Therapy, Neurological Physical Therapy, Cardiopulmonary and Pulmonary Physical Therapy, Other Types

2) By Age Group: Pediatrics, Adults, Elderly

3) By End-Use: Hospitals And Clinics, Community Centers, Sports Centers, Convalescent Homes, Schools And Sports Acadamies, Other End-Uses

Major companies operating in the physical therapy market are focused on developing technologies, such as Luna protocols capability to improve the quality and standardization of care. Luna Protocols enable therapists to ensure that all patients are on track to complete their recovery and proactively notify the surgeon’s team of timely clinical escalations. For instance, in April 2021, Luna Physical Therapy, a US-based on-demand physical therapy company, launched Luna Protocol’s innovative capabilities for orthopedic groups to standardize the quality of outpatient physical therapy. The new Luna Protocols capability aims to provide outpatient physical therapy at home, matching patients with therapists based on specialty, geography, schedules, and other factors. This allows patients to receive in-person care at the time and location of their choosing, ensuring ongoing coaching and the same therapist for each visit to track the patient’s progress over time.

The physical therapy market report table of contents includes: