$49.6bn
$XX.Xbn
589k
128k
$XX.Xbn
Physical therapists have an expanding role in public health. Demographic trends are behind this shift, as an aging population requires physical therapy (PT) to treat age-related ailments. Therapists also get a boost from broader healthcare trends as PT gains momentum as a solution to control healthcare costs and transition to value-based payments. Rising health expenditure and heightened insurance coverage have also facilitated access to physical therapy. But, COVID-19 disrupted the industry's growth as patient volumes dropped, creating long care backlogs. While practices have seen patient numbers recover, rising cost pressures and persistent workforce shortages continue to shape the industry's landscape. Recession concerns and steadying patient volumes will dent health expenditure in 2023. Yet, strong growth over the past five years offsets this, with revenue expanding at a CAGR of 1.6% to an estimated $48.8 billion, including an expected increase of 0.3% in 2023.
Industry revenue has grown at a CAGR of 1.5 % over the past five years, to reach an estimated $49.6bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Select Medical Holdings Corp | 1,233.0 | 108.0 | 8.8 | |
Kindred Healthcare, Inc. | 816.9 | 84.0 | 10.3 | |
Pacific Physical Therapy | 505.5 | 52.0 | 10.3 |
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Industry revenue is measured across several distinct product and services lines, including Neurological disorders, and Musculoskeletal conditions. Neurological disorders is the largest segment of the Physical Therapists in the US.
PT treat the most patients for MSK conditions
Operators in this industry include independent health practitioners primarily engaged in outpatient services. These services include administering medically prescribed rehabilitation for patients suffering from injuries or muscle, nerve, joint and bone disease; planning and administering educational, recreational and social activities designed to help patients or individuals with disabilities; and diagnosing and treating speech, language or hearing problems.
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NAICS 62134 - Physical Therapists in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Physical therapy has an expanding role in healthcare. Physical therapy addresses an aging population's rising medical needs and healthcare costs.
Learn about an industry's products and services, markets and trends in international trade.
Private insurers are the largest payer of physical therapy treatment. PT practices rely on private reimbursements more than any other revenue source.
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Physical therapy practices favor metro areas. Densely populated metro areas give practices access to larger patient bases.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Differentiation is vital in saturated markets. When patients can choose between practices, clinics must differentiate from the competition.
Learn about the performance of the top companies in the industry.
Independent practices are standard in physical therapy, but an uptick in consolidation has led some companies to develop regional footholds.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Physical therapists navigate an increasingly complex regulatory environment. Compliance is crucial to secure reimbursements and avoid fines.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Cost pressures constrain profit growth. Recovering patient volumes post-COVID isn’t enough to offset rising operating costs.
Including values and annual change:
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Key data sources in the US include:
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These sources include:
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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
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The market size of the Physical Therapists in the US industry in United States is $49.6bn in 2024.
There are 128k businesses in the Physical Therapists in the US industry in United States, which has grown at a CAGR of 3.2 % between 2019 and 2024.
The market size of the Physical Therapists in the US industry in United States has been growing at a CAGR of 1.5 % between 2019 and 2024.
Over the next five years, the Physical Therapists in the US industry in United States is expected to grow.
The biggest companies operating in the Physical Therapists market in United States are Select Medical Holdings Corp, Kindred Healthcare, Inc. and Pacific Physical Therapy
Examining history and physical well-being of patients and Establishing a management plan are part of the Physical Therapists in the US industry.
The company holding the most market share in United States is Select Medical Holdings Corp.
The level of competition is high and steady in the Physical Therapists in the US industry in United States.