Physical Therapists in the US - Market Research Report (2014-2029)

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. Slowing health spending, steadying patient volumes and higher living costs will dent health expenditure in 2024. The slowdown in health spending and the pandemic’s disruption over the past five years will cause revenue to drop, declining at a CAGR of 0.6% to an estimated $45.4 billion, including a modest hike of 0.3% in 2024.