Physical therapy services offer effective treatment options for patients struggling with chronic pain. These life-changing treatments help patients recover from their ailments, allowing them to live without constant pain inhibiting their daily activities. Such benefits continue to grow the demand for physical therapy, allowing practice owners to outsource physical therapy billing services and maximize revenues. Here’s what you should know about this growing industry:
Physical Therapy Market Insights
According to Globe Newswire, the U.S.’s physical therapy market size in 2022 was worth $50.26 billion. The market is expected to hit $72.70 billion by 2029, representing a compound annual growth rate (CAGR) of 5.4% during the 2022-2029 period. With such a growth rate, the physical therapy market is increasing faster than the Healthcare and Social Assistance sector.
Reasons for Continuous Growth
The above statistics show that the U.S. physical therapy industry has been growing steadily over the past few years. This trend is forecasted to continue due to various factors driving the need for the physical therapy industry. Some of these factors include:
Increasing Occurrence of Chronic Diseases
Based on the report cited above, Global Newswire stated that the increasing number of Americans suffering from chronic diseases is one of the factors responsible for industry growth. These chronic diseases include cancer, arthritis, stroke, and heart disease.
Numerous adults in the U.S. suffer from a chronic disease. Many of them have two or more chronic health conditions. It’s estimated that the number of people with chronic conditions will reach approximately 151 million by 2030. The primary cause for these figures is due to lifestyle factors like:
- Tobacco use
- Lack of exercise
- Excessive alcohol consumption
- Poor nutrition
Physical therapy solutions are famous for improving the quality of life of many people struggling with chronic diseases. They help prevent short-term health problems from becoming chronic conditions and alleviate or treat:
- Chronic pain
- Cognitive disabilities
- Injuries (e.g., sports injuries)
- Movement disorders
The growth of the physical therapy industry is likely to continue as it offers health benefits without harmful side effects. As more American adults struggle with chronic diseases, the demand for physical therapy services will continue to rise. This causes the physical therapy industry to continue growing, which leads to increased demand for professional physical therapy billing services.
Thanks to advancing technology, statistics show that the physical therapy equipment demand will likely hit $25.3 billion by 2028, increasing at a CAGR market growth of 6.1%. This steady rise is evidence of the overall physiotherapy industry growth.
Companies continue to invest in creating new products that utilize the latest technological improvements. They aim to deliver more effective and user-friendly devices to deliver the best care. Some of the improvements expected to continue shaping the physical therapy sector include:
- Virtual reality
- Implanted gadgets
- Wearable devices
- Interactive video games
- Physical therapy billing services
Shifting Preference to Non-Opioid Alternatives
People with chronic illnesses are constantly looking for non-opioid options to manage pain. The increasing demand for such products is due to the severe side effects of medical therapies. Some of these side effects include:
- Misuse of prescriptions
Many insurance companies have increased coverage for non-opioid treatment for pain relief, which has helped increase the demand for physical therapy. Most insurers are now offering physical and occupational therapy plans in the U.S.
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Rising Number of Aging Populations
As people get older, the need to prolong their quality of life and independence increases. Physical therapy is suitable for achieving such goals as it allows individuals to avoid injury and maintain mobility.
Following this trend, therapy centers are investing more in the physical therapy industry to offer services to the aging population. More clinics and facilities are opening across the U.S., providing additional physical therapists with job opportunities. These factors continue to grow and shape the physical therapy industry into the future.
Get the Best Physical Therapy Billing Services Today
The physical therapy industry is continuously growing as many factors shape and drive the sector. These factors include the rising prevalence of chronic conditions, the aging population, and technological improvements. They increase the demand for physiotherapy treatments which leads to overall industry growth. As a practice owner, consider utilizing physical therapy billing services to improve efficiency, speed up claim processing, and boost revenues.