The rise in the physical therapy industry growth rate demonstrates that now is a great time to break into our $34 billion industry. It’s projected to continue growing by about 6.2% per year through 2023. There are numerous reasons for this growth, which we’ll outline below. If you’re thinking of investing in the medical field, these are several reasons to consider the physical therapy industry.
#1 An Aging Population
Some of the most reliable customers served by the physical therapy industry are senior citizens, and it’s estimated that by 2034, the U.S. will be home to 77 million adults over age 65. Preventing and recovering from falls are two of the primary reasons that senior citizens rely on physical therapists. They also seek out physical therapists to help with recovery from strokes, to regain total muscle control, help with vestibular dysfunction, and more. As this population continues to expand, it’s not surprising that the physical therapy industry grows right along with them.
#2 Early Hospital Discharge & Other Practices
When patients are discharged early from hospitals after an injury, physical therapy is often prescribed as the next step. It’s common knowledge that receiving physical therapy after an injury can help to lessen the long-term effects, so it makes sense that doctors would prescribe additional physical therapy to patients who are discharged early – making this phenomenon a key driver of physical therapy industry growth.
Along these lines, we’ve observed that Medicare, Medicaid, and private insurers are increasingly willing to pay out for physical therapy to prevent injuries from becoming permanent disabilities. When you contact us, ask us about some of the trends we’ve noticed at our FYZICAL locations.
#3 Sports Rehab
Sports rehabilitation is another key segment that’s driving physical therapy industry growth. Injuries are becoming more common as participation in sports and other fitness activities is increasing. FYZICAL offers sports rehabilitation services specially designed to get athletes back into the game quickly and safely, which is a major attraction for patients.
At FYZICAL, we’ve observed that there’s a strong demand for our balance therapy services. Individuals of all ages, and in all stages of their life struggle with dizziness, but this can be a difficult problem to treat. We developed The FYZICAL Balance Paradigm, a highly-regarded program, to help these patients get meaningful results and improved outcomes. As our brand continues to grow throughout the U.S., our balance and vestibular services have proven to be in-demand in communities everywhere.
These are just four of the reasons that the physical therapy industry growth rate remains so strong. If you’re interested in learning more about how FYZICAL partners are leveraging that growth, contact us today!