Physical therapy virtual and telerehabilitation services involve the use of telecommunication and digital information technologies to provide physical therapy services remotely. These services offer convenient and affordable rehabilitation care for patients at home through video conferencing solutions and mobile applications. The virtual care model enables remote monitoring of patients, online consultations, customized exercise programs and recovery plans. This reduces the need for frequent visits to physical therapy clinics and long wait times.
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 Opportunity:
These connected platforms facilitate virtual care delivery and allow remote collection of patient biometrics such as heart rate, blood pressure, range of motion and physical functioning level. This data helps physical therapists and clinicians to effectively track recovery progress, adjust treatment plans and provide prompt interventions in case of deteriorating health metrics. Wearable sensors and mobile apps allow continuous engagement with patients outside of clinic visits. The connectivity solutions are gaining popularity among younger population and reducing dependency on traditional brick-and-mortar clinics. This trend is expected to further drive the adoption of virtual care models and scale up the U.S. physical therapy virtual and telerehabilitation services market over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat is moderate as market already has presence of major players and requires high capital to establish operations.
Bargaining power of buyers: The power is high as buyers can switch between providers based on cost and quality of services.
Bargaining power of suppliers: The power is moderate as providers need to rely on therapists, physicians and healthcare staff to deliver services.
Threat of new substitutes: The threat is low as telerehabilitation services provide convenience that can’t be replicated by traditional physical therapy methods.
Competitive rivalry: Intense as major providers compete on breadth of services, technology, experience and pricing.
SWOT Analysis
Strengths: Virtual care increases access, convenience and compliance for patients. Providers leverage technology to engage a broad customer base.
Weaknesses: Services require high capital investment in technology infrastructure and training. Limited network effects in early stages of adoption.
Opportunities: Ageing population and prevalence of chronic diseases drive demand for virtual healthcare services. Growth in telehealth reliance post pandemic.
Threats: Data privacy and security challenges. Reimbursement and regulatory uncertainty impacts revenue streams. Competition from local clinicians.
Key Takeaways
The Global U.S. Physical Therapy Virtual And Telerehabilitation Services Market Size is expected to witness high growth due to rising demand for convenient healthcare access. The COVID-19 pandemic has accelerated the adoption of telehealth services by providing solutions for physical distancing. 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 indicates that the Western region dominates the market currently due to higher healthcare expenditure and early technology adoption. However, the Southern region is expected to grow at fastest pace owing to increasing investor focus and improving digital infrastructure.
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. Major players are focusing on service portfolio expansion and collaborations with healthcare providers to gain higher market share.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it