A growing understanding of the usefulness of physical therapy, which generates benefits without side effects, is also projected to promote the global development of physical therapy rehabilitation solutions. Hospitals, outpatient clinics, private offices, sporting events, and other places offer patients physical therapy. Both sports and fitness centers and elementary and secondary schools with students in special education are experiencing an increase in the demand for physical therapy services.
Around the world, more people are participating in sports and strenuous physical activity, causing an increase in the number of injuries related to these activities. It contributes significantly to market expansion. Industry growth is predicted to be hampered by high costs for research and development expertise, a lack of infrastructural services, expensive sports medicine, and a need for more understanding in retreating nations. A high practice duty imposed on medical equipment, a lack of appropriate counsel in low- and middle-income nations, a lack of favorable compensation states and technology transmission in developing countries are all predicted to hinder the market throughout the projected period.
- According to Credence Research Inc., one major trend is that the utilization of physical therapy for various illnesses, including cardiovascular, musculoskeletal, neurologic, sports injuries, burns, and wound care, is one of the main factors propelling the market’s expansion.
- Another trend that Credence Research Inc. predicts is growing numbers of patients with arthritis and rising vitamin D deficiencies among people are anticipated to boost demand for physical therapy in the future.
Economic Impact Analysis
Industries start to suffer when the economy slows down. The physical therapy rehabilitation market report, 2022-2028, considers the economic downturn’s predicted consequences on the pricing and accessibility of the products.
According to the Credence Research Inc. market report, the market for physical therapy rehabilitation will have major effects from the recession. As more nations experience recessions, it is projected that the already sluggish global market growth will worsen. According to thorough new research by the Globe Bank, the world may be heading toward a global recession in 2023, as well as a spate of financial crises in emerging markets and developing economies that would permanently hurt them. This results from simultaneous interest rate increases by central banks worldwide in reaction to inflation. These interest rate hikes may result in a global core inflation rate (excluding energy) of around 5% in 2023, nearly twice the five-year average previous to the pandemic, if supply disruptions and labor market pressures don’t decrease.
- Ukraine-Russia War Impact
The Russian invasion of Ukraine and the ensuing human tragedy have elevated the risk exposures in the global money flows, stock markets, and commodity markets. Russia’s illegal and aggressive conflict with Ukraine has caused significant revenue losses in the European markets for medical coatings for implants. The member states of the EU are collaborating closely to combat resource scarcity and growing expenses. The physical therapy rehabilitation industry in Asia and the Pacific is significantly impacted by the conflict between Ukraine and Russia regarding export and import activity. In addition, the cost of basic supplies has grown due to rising energy prices.
- China COVID Outburst December 2022
The COVID-19 scenario will have a detrimental impact on the market for physical therapy rehabilitation, just as it did in China in 2023. The expected long-term impact of COVID-19 on the market depends on several variables, including the pandemic’s global spread and longevity, the response of various governments worldwide, and the disease’s severity. The Chinese government has once more imposed limitations due to the spread of COVID-19, including lockdowns, temporary suspensions of international trade and travel, partial closures of production facilities, and limited movement. Due to these constraints, the number of patients who were going to choose physical therapy rehabilitation has significantly decreased. The need for more laborers is also affecting the market’s growth.
North America dominated the industry with a market share of more than 40% in 2022. One of the key elements that fostered the market’s growth in the area was the availability of rehabilitation services in-home care and outpatient facilities, as well as appealing reimbursement criteria. Outpatient therapies like speech-language, occupational, and physical therapy are covered by Medicare Part B, which can pay up to 80% of medical expenses. The other two important elements anticipated to improve the market are rising healthcare spending and more disposable income. Industry sources claim that between 2020 and 2021, the American population’s disposable income increased from USD 15,672.8 to USD 16,018.8.
The rise in cases of joint body pain and the increasing number of arthritis patients have made it interesting for our clients to enter the physical therapy rehabilitation market.
The customer intended to grow in the physical therapy rehabilitation industry to increase profits. The client also needed to comprehend the many market applications and end users and their market quantities and growth rates.
The customer contacted Credence Research Inc., which helped the client expand its enterprise and boost physical therapy rehabilitation industry sales. The applications and end users in the physical therapy rehabilitation market are completely analyzed in the study “Global Physical Therapy Rehabilitation Market, 2023-2030,” released by Credence Research Inc. in 2023. The report also gave the client a thorough analysis of the major market trends for the following two to three years, as well as details on the business strategies of the leading companies in the industry, the effects of the economic downturn, significant product launches, SRC analysis, PESTEL analysis, Porter’s five forces analysis, and Value Chain analysis, among other things.
The customer was able to increase its income prospects in numerous economies thanks to the complete analysis report on the physical therapy rehabilitation industry from Credence Research Inc. A detailed research of trends, competitor pricing, and product introductions also assisted the client in selecting the right product type and technology, which assisted the client in doubling the revenue of its business.