Market Trends of Occupational and Physical Therapy Services Industry
This section covers the major market trends shaping the Occupational & Physical Therapy Services Market according to our research experts:
Orthopedic Therapy Segment is Expected to Hold a Significant Market Share Over the Forecast Period
The orthopedic segment is expected to witness significant growth in the occupational and physical therapy services market over the forecast period owing to factors such as the increasing number of orthopedic-related disorders coupled with research studies in the segment.
According to the data published by the CDC, in April 2022, an estimated 58.5 million United States adults had arthritis, compared with an estimated 25.7 million adults limited in their usual activities in 2021, and this number is expected to reach 35 million by 2040. Also, according to Statistics Canada for 2021, approximately 6 million adult Canadians had arthritis in 2021. Similarly, according to the data updated for Arm Injury Statistics 2021 by the Ohio State University, among people of age 75 or more, hip fractures are the most common and account for 16% of all musculoskeletal injuries in the United States annually. Such injuries are creating demand for various orthopedic surgeries, which in turn is anticipated to fuel the demand for physical therapies after surgery, hence bolstering segment growth.
Additionally, as per an article published in PLOS One in July 2021, the incidence of hip fracture nationwide is predicted to increase more than threefold by 2050 as compared to 2020. Such an increase in hip fractures is expected to drive demand for orthopedic surgeries, further bolstering the studied market's growth.
Furthermore, the increasing company activities in expanding their physical therapy services are also contributing to the segment growth. For instance, in October 2022, Anderson Orthopedic Clinic launched Anderson Clinic Physical Therapy, a high-quality treatment and training facility focused on helping each patient achieve personalized health goals. The physical therapy centers provide services ranging from joint replacement to neck and spine pain, as well as a multitude of sports injuries.
Therefore, due to the aforementioned factors, such as the rising burden of orthopedic disorders and joint replacement surgeries and rising company activities, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to witness healthy growth in the occupational and physical therapy markets over the forecast period. The factors contributing to market growth are the increasing burden of sports-related injuries, the presence of well-established healthcare infrastructure, high healthcare spending, and a growing geriatric population.
Furthermore, the rising burden of sport-related injuries among the population is increasing in the region due to the increasing number of sports events and competitions, especially in the United States. This is anticipated to increase the demand for various therapy programs that help reduce pain and increase healing. For instance, as per the data published by GJEL, in June 2022, the five most dangerous sports that cause the highest number of injuries are basketball with 2,823 injury cases, American football with 1,719, soccer with 1,289, baseball with 347, and boxing with 247 injury cases. According to the same source, sprains and strains, which accounted for 37% of all basketball injuries, compared to 29% for soccer and 26% for American football, were found to be the most common injuries for the three most dangerous sports in the United States.
Medical and technological developments also are expected to permit the survival of a greater number of trauma victims and newborns with birth defects, creating additional demand for rehabilitative care. This is anticipated to increase the need for physical therapists to help them recover from surgeries, hence bolstering market growth in the region. For instance, as per a report published by the Bureau of Labor Statistics in April 2022, physical therapist employment is anticipated to increase by 21 percent by the year 2030, which is substantially faster than the average for all occupations.
The high reimbursement policies for physical and occupational therapies are also contributing to market growth. For example, according to APTA data, the payment for therapeutic exercise and manual therapy in the United States in January 2021 was USD 30.36 and USD 27.91, respectively.This is expected to increase the adoption of therapies among patients and, hence, fuel market growth over the forecast period.
Furthermore, rising company activities in launching therapy clinics to expand their service offering to patients in the region are expected to drive market growth over the forecast period.For instance, in August 2022, InReach Physical Therapy launched the first outpatient physical therapy clinic in Hillsboro, which provides patients of all ages access to a wide range of integrated multi-specialty services, including pre- and post-operative care, non-surgical pain management, and sports medicine, among other services. Also, in January 2022, Burke Rehabilitation expanded its outpatient therapy services with the opening of a new Billings outpatient orthopedic and sports therapy center that serves patients with musculoskeletal and orthopedic diagnoses, including those in need of post-operative care. It offers one-on-one therapy sessions to their patients, which aids in their recovery.
Therefore, owing to the aforementioned factors, such as the rising burden of diabetes and arthritis, the growing geriatric population, and an increasing number of physical therapists, the studied market is expected to grow over the forecast period.
