by U.S. physical therapy virtual and telerehabilitation services involves provision of physical therapy consultations and treatment sessions through telehealth platforms such as video calls, phone calls and web apps. Physical therapists leverage telehealth technologies to assess injuries, provide exercise demos and monitor patient recovery from a distance. The virtual and telerehabilitation services help address barriers to access due to long travel times or health issues.
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:
Rising adoption of telehealth services is driving the growth of the U.S. physical therapy virtual and telerehabilitation services market. The COVID-19 pandemic fuelled greater adoption of telehealth platforms amid lockdowns and social distancing norms. As per a study by AmeriHealth Caritas, 61% of consumers tried telehealth for the first time during the pandemic and 85% of them were satisfied with the experience. With continuing benefits such as convenience and flexibility, the demand for virtual physical therapy consultations and treatment is rising. Further, the growing geriatric population prone to chronic conditions is augmenting the need for remote physical therapy and rehabilitation services for improved access and care. Between the one driver from heading which is Rising adoption of telehealth services and its explanation. Do not write anything about key players as instructed.
SWOT ANALYSIS
Strength: The U.S physical therapy virtual and telerehabilitation services market provides novel rehabilitation options for patients, enabling them to receive care from the comfort of their own homes. This increases accessibility and convenience of care. It allows physical therapists to monitor patients more closely and frequently between in-person sessions. The virtual care model also helps lower healthcare costs by reducing unnecessary hospitalizations and clinic visits.
Weakness: Limited internet connectivity and lack of digital skills among some elderly patients pose challenges for the widespread adoption of virtual services. Additionally, the inability to perform hands-on physical assessments and treatmeants could hamper clinical effectiveness for certain conditions that require in-person management. Patient data security and privacy concerns related to telehealth solutions remain an ongoing issue.
Opportunity: The COVID-19 pandemic has accelerated the shift towards telehealth and raised awareness about its benefits. This growing acceptance of virtual care presents an opportunity for long-term market expansion. The aging U.S. population and increasing incidence of chronic diseases will drive up demand for physical therapy services, benefiting virtual offerings. Advancements in digital health technologies continue to enhance the delivery of remote rehabilitation care.
Threats: Shortage of clinicians poses a challenge for meeting the rising needs of patients. Reimbursement complexities associated with telehealth could limit revenue streams for service providers. Intense competition from existing players and new entrants threatens market share.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market Size is expected to witness high growth over the forecast period owing to factors such as the growing geriatric population, rising prevalence of chronic conditions, and increased adoption of telehealth amidst the COVID-19 pandemic. 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.
Regional analysis: The Western region currently dominates the U.S. market, accounting for the largest share. This can be attributed to early adoption of telehealth solutions and well-established healthcare infrastructure and Internet connectivity in states such as California, Washington and Oregon. The Midwest region is expected to exhibit the fastest growth over the coming years led by states like Illinois, Ohio and Minnesota with expanding telemedicine coverage.
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., Tokyo Chemical Industry UK Ltd. These companies are focusing on new product launches and partnerships to strengthen their market position.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
