The growing adoption of virtual and telerehabilitation services is transforming the physical therapy landscape in the U.S. Physical therapy via telehealth platforms allows remote treatment of patients through video conferencing, smartphones, and other digital devices. It provides easy access to physical therapy without the need for in-person visits. This helps physical therapists to remotely monitor patients, provide guidance on exercises, assess movement patterns, and offer treatment plans. The virtual model also enables cost savings for both patients and providers by reducing unnecessary travel and wait times. With the COVID-19 pandemic emphasizing the need for contactless healthcare services, the demand for telephysical therapy has increased significantly over the past couple of years.
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:
One of the major trends in the U.S. physical therapy virtual and telerehabilitation services market is the rising integration of VR/AR technologies. The use of virtual and augmented reality systems allow physical therapists to provide immersive rehabilitation experiences to patients from remote locations. It helps recreate real-world environments and simulate physical activities to assist with motor learning and skills practice. Virtual reality is being increasingly utilized for post-operative rehabilitation of orthopedic injuries and treatment of neurological conditions like stroke. Another key trend is the increasing adoption of wearable devices and sensors for remote monitoring. Devices like smartwatches, fitness trackers, motion sensors helps physical therapists efficiently track patient progress, compliance to home exercise programs and provide timely guidance. This data-driven approach is enhancing the outcomes of virtual physical therapy programs.
Porter's Analysis
Threat of new entrants: The U.S. Physical Therapy Virtual and Telerehabilitation Services Market has moderate threat of new entrants due to the presence of large established players in the market.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to the availability of substitutes.
Bargaining power of suppliers: The suppliers have low bargaining power due to the presence of many suppliers in the market.
Threat of new substitutes: There is low threat from new substitutes as services in this industry require specialized expertise and equipment.
Competitive rivalry: The market is competitive in nature due to the presence of large number of players.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market Size is expected to witness high growth. 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 United States region dominates the U.S. Physical Therapy Virtual and Telerehabilitation Services Market with a share of over 85% due to growing geriatric population and increasing incidences of chronic diseases 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.
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