by Virtual and telerehabilitation services employ various technologies such as video conferencing, web portals, and mobile applications to deliver physical therapy services remotely. They are increasingly being adopted by physical therapy clinics, hospitals, and patients as an effective alternative to in-person treatment, especially during the ongoing pandemic. Virtual services provide greater flexibility, accessibility and convenience while reducing transportation costs and time for patients. They also help physical therapy practices increase patient volumes and revenue with lower operational expenses compared to traditional brick-and-mortar clinics.
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 Dynamics:
The high growth of the U.S. Physical Therapy Virtual and Telerehabilitation Services Market over the forecast period can be attributed to promising return on investment for service providers. Physical therapy practices are realizing significant savings through reduced rental and facility costs by complementing or substituting virtual offerings for in-person treatments. They are able to treat more patients at lower costs through virtual models. This allows clinics to boost profitability and gain competitive advantage. Additionally, growing awareness and acceptance of telehealth solutions among consumers is also fueling demand for virtual physical therapy services. Their convenience and flexibility are attracting an increasing client pool looking for accessible rehabilitation options. Rising internet penetration and advancements in digital health technologies will further support market growth over the coming years.
SWOT Analysis
Strength: The U.S. Physical Therapy Virtual and Telerehabilitation Services Market offers convenient care from home for patients. It provides cost-effective solutions and allows patients to receive therapy without the need to physically visit clinics. Many major players provide advanced telehealth platforms to support virtual rehabilitation programs.
Weakness: Lack of awareness about virtual rehabilitation services among older patients may limit the adoption rate. Also, some patients may prefer in-person interactions with therapists over virtual sessions. Reimbursement issues pose challenges to market growth as not all insurance plans cover virtual therapy costs fully.
Opportunity: Growing geriatric population suffering from chronic conditions creates a large target base. Post-pandemic, many patients have grown comfortable with digital healthcare and may continue relying on virtual options. Partnerships of players with hospitals and clinics expand reach into new regions.
Threats: Data privacy and security risks related to virtual platforms can undermine consumer trust. Delayed technological upgrades in rural areas restrict access to high-speed internet needed for virtual sessions. Competitive pricing offered by local physical therapy practices threatens market share.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market is expected to witness high growth over the forecast period. 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.
The regional analysis shows that the market in western U.S. accounts for the highest share currently due to early technology adoption. States like California, Washington are major revenue contributors. Meanwhile, southern U.S. is growing at the fastest pace led by expanding healthcare infrastructure and increasing chronic disease burden in states like Texas and Florida.
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., Lanxess AG, Zhejiang Weihua Chemical Co., Ltd., Tokyo Chemical Industry UK Ltd. These major players have strong brand recognition and offer a wide portfolio of telehealth solutions. They are focusing on partnerships with hospitals, insurance providers for expanding service reach. New startups in this space have also grown rapidly over past few years through investments and innovation in virtual therapy platforms and programs.
Note:
Source: Coherent Market Insights, Public sources, Desk research
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