The United States physical therapy virtual and telerehabilitation services market provides remote diagnosis and treatment options for physical therapy. Physical therapists conduct assessments and design customized treatment plans remotely through video conferencing technology. This allows patients to receive physical therapy services from the comfort of their own homes. The need for virtual physical therapy services has increased significantly during the COVID-19 pandemic as vulnerable patients sought alternatives to in-clinic care. The convenience and safety offered by virtual physical therapy appeals to patients with limited mobility or transportation options. Telehealth adoption is expected to remain high even post-pandemic due to its demonstrated effectiveness.
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 key trends:
Growth of the telehealth industry is one of the major trends driving growth of the U.S. physical therapy virtual and telerehabilitation services market. During the COVID-19 pandemic, telehealth emerged as a preferable and convenient mode of treatment delivery. According to the Centers for Medicare and Medicaid Services, the volume of telehealth visits increased by over 4,000% in the early stages of the COVID-19 pandemic compared to pre-pandemic levels. This showcases the acceptance and potential of virtual care services. Post-pandemic as well, the demand for telehealth is anticipated to remain high owing to its effectiveness in managing chronic health conditions through remote consultations and treatments. The increasing focus on delivering physical therapy services virtually will propel the U.S. physical therapy virtual and telerehabilitation services market forward over the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is low in the U.S. physical therapy virtual and telerehabilitation services market due to high capital investment requirements and established brand presence of existing players.
Bargaining power of buyers: The bargaining power of buyers is high given the presence of many players providing customized virtual and telerehabilitation services in the market .
Bargaining power of suppliers: The bargaining power of suppliers is low as physical therapy virtual and telerehabilitation services primarily rely on common medical equipment which are available from multiple suppliers.
Threat of new substitutes: The threat of new substitutes is moderate as other physical therapy modalities provide alternatives.
Competitive rivalry: The competitive rivalry is high due to many regional and international players competing for market share.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market is expected to witness high growth owing to rising geriatric population and growing prevalence of chronic diseases. 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 South region is expected to dominate the U.S. physical therapy virtual and telerehabilitation services market during the forecast period owing to increasing healthcare expenditure and rising adoption of virtual care services in the region.
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.
For more details on the report, Read- https://www.insightprobing.com/u-s-physical-therapy-virtual-and-telerehabilitation-service-market/
