Rehabilitation Therapy Services Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028.
According to a new report published by UnivDatos Markets Insights, the Rehabilitation Therapy Services Market was valued at more than USD xx million in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Therapy (Occupational Therapy, Speech and Language Therapy, Physical Therapy, Cognitive Therapy, and Others); Service (Outpatient Rehabilitation Services and Inpatient Rehabilitation Services); Application (Orthopedic, Neurological, Cardiologic, Pulmonary, Sports Related Injuries, and Others); End-User (Hospitals and Clinics, Rehab Centers, Homecare Settings, and Physiotherapy Centers); Region/Country.
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The rehabilitation therapy services market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the rehabilitation therapy services market. The rehabilitation therapy services market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the rehabilitation therapy services market at the global and regional levels.
Market Overview
The demand for rehabilitation therapy services can be attributed to the Increase in the number of drugs and alcohol addicts across the globe. For instance, according to WHO, almost 21 million Americans have at least 1 addiction, yet only 10% of them receive treatment and more than 90% of people who have an addiction started to drink alcohol or use drugs before they were 18 years old. Owing to the glaring statistics, the rising drug and alcohol addiction by the young generation is increasing the demand for rehabilitation therapy services and is anticipated to grow in the forthcoming years mainly. Moreover, increasing government initiatives to improve the access to rehabilitation services are fueling the demand for the rehabilitation therapy services market. Furthermore, the rising prevalence of chronic diseases and proper reimbursement for rehabilitation services is expected to drive the market for rehabilitation therapy services market in the coming years.
Some of the major players operating in the market are Shirley Ryan AbilityLab, Prism Medical, Paradigm Healthcare, The University of Chicago Medical Center, Therapy Solutions Inc, Genesis Rehab Services, Smart Speech Therapy LLC, Banner Health, Spectrum Physio, and CORA Health Services Inc.
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COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The pandemic of COVID-19 had a negative impact on the market. The growth was impacted by elements like the cancellation of unnecessary procedures and the decrease in patients receiving rehabilitation services. The lack of medical professionals and the government-imposed restrictions on movement that were put in place to stop the virus's spread also had a negative effect on the market. Most hospitals and outpatient rehabilitation services were operating at reduced capacity.
The global rehabilitation therapy services market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the application, the market is fragmented into orthopedic, neurological, cardiologic, pulmonary, sports related injuries, and others. The orthopedic segment grabbed a considerable market share, and it is expected to grow at a significant CAGR during the forecast period. The rising prevalence of orthopedic conditions such as arthritis, and spinal, ankle, and hip injuries aided the segment's growth during the forecast period.
· Based on the end-users, the market is fragmented into hospitals and clinics, rehab centers, homecare settings, and physiotherapy centers. The increasing number of patients undergoing rehabilitation at hospitals and clinics has contributed to the segment's growth. The segment is expected to grow during the forecast period, driven by an increase in the number of people with chronic illnesses and disabilities.
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Rehabilitation therapy services Market Geographical Segmentation Includes:
· North America (U.S., Canada, and Rest of North America)
· Europe (Germany, U.K., Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
North America constitutes a major market for the rehabilitation therapy services industry owing to increased adoption of advanced products, increased per capita healthcare expenditure, increased penetration of retail stores, and the presence of strong healthcare infrastructure, which has significantly driven the market growth in the region. Moreover, the rising geriatric population in the U.S., the availability of rehabilitation services in-home care and outpatient facility, and favorable reimbursement policies are some of the key factors that favored the growth of the market in the region. For instance, according to the US Census Bureau, more than 20% of the US population will be over the age of 65 years by 2029.
The major players targeting the market include
· Shirley Ryan AbilityLab
· Prism Medical
· Paradigm Healthcare
· The University of Chicago Medical Center
· Therapy Solutions Inc
· Genesis Rehab Services
· Smart Speech Therapy LLC
· Banner Health
· Spectrum Physio
· CORA Health Services Inc.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Rehabilitation therapy services market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the rehabilitation therapy services market?
• Which factors are influencing the rehabilitation therapy services market over the forecast period?
• What are the global challenges, threats, and risks in the rehabilitation therapy services market?
• Which factors are propelling and restraining the rehabilitation therapy services market?
• What are the demanding global regions of the rehabilitation therapy services market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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