July 13, 2024
Global Physiotherapy Services Market

The Global Physiotherapy Services Market is Booming Due to Rising Healthcare Expenditure

As healthcare expenditure increases worldwide, demand for preventive care and rehabilitation services like physiotherapy is on the rise. Physiotherapy involves physical exercises and manual therapy techniques to treat injuries, chronic diseases and disabilities through non-drug therapies.

The Global Physiotherapy Services Market is estimated to be valued at US$ 55.23 Billion in 2024 and is expected to exhibit a CAGR of 5.3% over the forecast period 2024 to 2031.

Physiotherapy offers various advantages like helping patients recover faster from musculoskeletal injuries and regain functional ability through targeted activities. It is also effective in managing chronic conditions such as arthritis and cardiovascular diseases by improving mobility and reducing pain. Growing prevalence of injuries from road accidents and sports along with lifestyle diseases is driving up demand for physiotherapy globally. Elderly population susceptible to mobility issues further augments the need for physical rehabilitation services.

Key Takeaways

Key players operating in the Global Physiotherapy Services Market are ProRehab Physical Therapy, Physiotherapy Associates, Encompass Health, Upright Health, Select Medical Corporation, Rehacare, Celtic Healthcare, ATI Physical Therapy, GymnaUniphy, The Movement Clinic, Fyzical, Aspetar, Athletico Physical Therapy, Physitrack, Apollo Hospitals Enterprise Ltd.

The growing incidence of chronic diseases worldwide along with rapid urbanization leading to sedentary lifestyles has increased the risk of mobility issues. As a result, demand for physical therapy and rehabilitation services is on an upswing. According to estimates, musculoskeletal conditions affect over 1.7 billion people globally and are among the fastest rising NCDs.

Large hospitals and clinics are increasingly outsourcing Global Physiotherapy Services Market Demand departments to specialist firms focusing on rehabilitation. This helps drive service quality through expertise while containing costs. Leading players are also expanding globally through acquisitions and partnerships to tap emerging markets exhibiting high growth potential in Asia and South America. With telehealth gaining prominence post pandemic, digital platforms for remote physiotherapy are expected to experience significant growth.

Market Key Trends

The adoption of digital health and telemedicine is one of the key trends in the Global Physiotherapy Services Market. Various players are offering virtual and home-based physical therapy options using video and sensor technologies. This allows for remote monitoring of patients and continuity of care. Moreover, it has improved accessibility in rural areas lacking specialized rehabilitation centers. Artificial intelligence combined with wearable sensors is also being researched to develop personalized treatment protocols and track progress. These technology-led innovations aim to make physiotherapy more affordable and convenient.

Porter’s Analysis

Threat of new entrants: Low capital requirements and no economies of scale mean it is relatively easy for new entrants to enter the physiotherapy services market. However, brand recognition and patient loyalty towards existing brands make entry difficult.

Bargaining power of buyers: Individual buyers have low bargaining power as they are price-takers in the market. However, larger organizations can negotiate on price and exert pressure on service providers to offer competitive rates.

Bargaining power of suppliers: Physiotherapists and other staff have significant bargaining power as their specialized skills are core to service delivery. Their ability to switch employers easily also makes them difficult to replace.

Threat of new substitutes: Alternative treatment modalities like massage therapy, chiropractic treatment, or over-the-counter pain medications pose a substitute threat. However, none can fully substitute physiotherapy services.

Competitive rivalry: Competition is intense as several players vie for market share. Market leader has 15% share with the rest being highly fragmented.

Geographical Regions

North America accounts for the largest share of the global physiotherapy services market, both in terms of value and volume. This is attributed to high healthcare expenditures and more accessibility to physiotherapy clinics in the region.

Asia Pacific is expected to record the fastest growth during the forecast period. Rapidly developing healthcare infrastructure, growing geriatric population, and rising incidence of chronic diseases and accidents will propel demand in the Asia Pacific region. Penetration of services is also relatively low currently, offering scope for high growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it