US Occupational & Physical Therapy Services Market Size worth USD 72.70 Billion in 2029
The US Occupational
& Physical Therapy Services Market size was USD 47.50 billion in
2021. The market is expected to expand from USD 50.26 billion in 2022 to USD
72.70 billion by 2029, exhibiting a CAGR of 5.4% during the forecast period.
The surge can be credited to the escalating number of sports injuries and the
increasing prevalence of chronic diseases in the country.
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Report Coverage:
The report provides a comprehensive coverage of the
major aspects that are poised to propel the business landscape in the country.
It further gives a detailed account of the significant steps taken by major
market participants for the consolidation of their industry position. These
insights have been furnished after extensive research and analysis of the key
trends favoring industry expansion.
Drivers and Restraints:
Market Share to Rise Due to Soaring Demand for Rehabilitation
Services
One of the major factors propelling the US
Occupational & Physical Therapy Services Market growth is the increasing
prevalence of chronic diseases. Additional factors favoring industry expansion
comprise the soaring demand for rehabilitation services, including PT and OT
services.
However, the industry growth could be hampered by
the high claim denials related with physical and associated therapies. The
significant reasons for claim denial include eligibility issues, failure to
establish medical necessity, and misuse of modifier codes.
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the short-term and long-term impact of COVID-19 on this market.
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Segments:
Outpatient Clinics Segment to Record Notable Rise Due to
Increasing Industrial Accidents
On the basis of setting, the market is fragmented
into outpatient clinics, hospitals, and others. Of these, the outpatient
clinics segment is expected to record appreciable growth throughout the
forecast period. This is driven by the surging demand for occupational &
physical therapy services, rising number of industrial accidents, and the
growing number of outpatient clinics.
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