May 21, 2024
Physical Therapy Virtual and Telerehabilitation Services Market

U.S. Physical Therapy Virtual and Telerehabilitation Services is Estimated to Witness High Growth Owing to Opportunity of Accessibility to Rural and Remote Areas

Physical therapy virtual and telerehabilitation services involve delivering physical therapy care to patients remotely using digital technologies such as videoconferencing, smartphone apps, and internet-based platforms. These services allow physiotherapists to assess, create, implement, and modify treatment plans for patients who cannot access in-person care, which has proved highly beneficial during the COVID-19 pandemic. They provide patients in rural areas and with limited mobility access to specialized care and help save significant travel costs and time. The U.S. Physical Therapy Virtual And Telerehabilitation Services Market Size is estimated to be valued at US$ 209.55 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

Accessibility to rural and remote areas is a key opportunity for growth in the U.S. physical therapy virtual and telerehabilitation services market. According to the U.S. Census Bureau’s latest data, around 20% of Americans live in rural areas. However, these communities often lack proper access to physical therapy care due to a shortage of providers. Through virtual and remote services, physiotherapists can effectively deliver care to patients in rural towns and villages. This accessibility helps address geographical barriers and fulfills an important unmet need. It also allows convenient therapy sessions without patients having to travel long distances for in-person appointments. This accessibility is expected to drive increased adoption of physical therapy virtual and telerehabilitation services across rural U.S. regions 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 requirements and established brand loyalty of customers towards existing key players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and undifferentiated products offered by various players in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials and services required in this market.
Threat of new substitutes: The threat of substitutes is moderate as alternative treatment options are available but virtual and telerehabilitation services offeradded convenience.
Competitive rivalry: The competitive rivalry is high owing to the presence of many regional and international players competing on the basis of service quality, innovation, and price.

SWOT Analysis

Strengths: Offering of customized treatment plans, scalability and flexibility of services, cost-effectiveness compared to traditional options.
Weaknesses: Dependence on technology and connectivity infrastructure, limited awareness among potential customers.
Opportunities: Growth in telemedicine , rising chronic disease prevalence, increasing health insurance coverage.
Threats: Data privacy and security concerns, reimbursement issues, preference for in-person visits.

Key Takeaways

The U.S. Physical Therapy Virtual and Telerehabilitation Services market is expected to witness high growth over the forecast period owing to the rising geriatric population, increasing prevalence of chronic diseases, and growing adoption of telehealth solutions among both patients and providers. The COVID-19 pandemic has further accelerated the incorporation of virtual services and remote patient monitoring to maintain essential care delivery while minimizing infections.

Regional analysis shows that the Western region dominates the U.S. market currently in terms of revenue owing to higher healthcare expenditures and rapid technology adoption. However, the Southern region is anticipated to register the fastest growth during the forecast period supported by growing investments towards telemedicine infrastructure development and expansion of healthcare access in rural areas.

Key players operating in the U.S. Physical Therapy Virtual and Telerehabilitation Services market are Inogen Inc., Invacare Corporation, OxygenToGo, LLC, Koninklijke Philips N.V., ResMed Inc., Drive DeVilbiss Healthcare LLC, Precision Medical, Inc., Besco Medical Co. Ltd., O2 Concepts, LLC, and GCE Group. These leading providers are focusing on new service launches, collaborations, and acquisitions to strengthen their market position.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it