The physical therapy rehabilitation solutions market size is expected to reach over US$ 39.0 billion by 2028. The rising cases of road accidents along with growing product launches are the major factors for physical therapy rehabilitation solutions market growth. The physical therapy rehabilitation solutions market report further mentioned that the market size raised at US$ 23.3 billion in 2019, and it is likely to exhibit a Compound annual growth rate (CAGR) of 7.9% during the forecast period 2020 to 2028.
The increasing prevalence of road accidents
The increasing prevalence of road accidents along with rising product launches by key market players are the key factors for global physical therapy rehabilitation solutions market growth. According to the latest article published by World Health Organization (WHO) in February 2020, approximately 1.35 people die each year in road traffic crashes. As per the same report, between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury. Moreover, road traffic injuries among the age of 5-29 years are the highest. However, the lack of skilled professionals is one of the key restraints for the market growth in the years to come.
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Rising collaborations and partnerships
The rising strategic partnerships and collaborations among key players are another key factor anticipated to enhance the global physical therapy rehabilitation solutions market growth over the forecast period. For instance, in April 2020, MTI physical therapy, a network of clinics in Washington State has partnered with MedBridge to provide effective care and patient support during the COVID-19 crisis. MTI is committed to patient care with low volume, one-to-one, evidence-based care. To accommodate social distancing protocols, MTI has also launched the option of remote therapy via MedBridge’s Telehealth Virtual Visits solution. MedBridge’s Telehealth Virtual Visits solution allows MTI to remotely care for patients in real-time, providing a HIPAA-compliant method for continuing treatment plans during the ongoing COVID-19 crisis.
Alchemy Research and Analytics LLP, has observed the impact of the ongoing COVID‑19 pandemic on the physical therapy rehabilitation solutions market for the years 2020 and 2021. As per our extensive secondary and primary research, the demand for physical therapy rehabilitation solutions has decreased.
Key Manufacturers Aim to Enhance Their Portfolios by Partnerships
According to Alchemy Research and Analytics major market players in the physical therapy rehabilitation solutions market are focusing on strategies such as partnerships, collaboration, acquisitions, and mergers to enhance their geographic presence as well as product portfolio. The physical therapy rehabilitation solutions market is highly fragmented.
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Key market players in the physical therapy rehabilitation solutions market. They are as follows:
- Reflexion Health
- AC international East
- Cerner Corporation
- Kareo Inc.
- Therapy Sync
- eviCore Healthcare
- Meditab
- iSalus
- Smith and Nephew
- CoRehab srl
- Hinge Health Inc.
- Sword Health Inc.
- Mira Rehab Limited
- Motekforce Link
- Gesturetek Health
A Significant Industry Development-
April 2020: ATI Physical Therapy (ATI), one of the nation’s largest providers of physical therapy services, announced the launch of its online physical therapy service offering to maintain continuity of care and allow easier access for patients, given the constraints and challenges presented by the COVID-19 pandemic. ATI’s telehealth solution is a personalized and tailored online option for patients. ATI’s new online service is an immersive, digital physical therapy experience. The virtual service offering combines best-in-class digital screening tools, comprehensive musculoskeletal (MSK) evaluations, expert advice, in-depth content and video messaging all in a secure environment. New patients will have online PT as an option, following a structured initial screening to ensure appropriateness of virtual therapy.
Further Report Findings-
- The Asia Pacific is projected to witness the fastest growth in the years to come due to rising road accidents and product launches by key market players in the region. The rising awareness among consumers for physical therapy is another key factor anticipated to enhance regional growth over the upcoming years.
- In 2019, North America accounted for the largest share in the global physical therapy rehabilitation solutions market owing to the presence of key market players along with increased product launches by key players in the industry.
- Based on solution, the physical therapy rehabilitation solutions market is bifurcated into hardware and software. The hardware category accounted for the largest share in 2019 and accounted for over 60% of the market revenue share in the same year. This is mainly due to manufacturers are engaged in the development of hardware solutions to physical therapy rehabilitation solutions. Besides, the software category is presumed to witness the fastest growth over the forecast period.
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