The global physical therapy software market size is expected to grow at a CAGR 9.8% during the forecast period, 2023–2031.
Physical therapy software is used to deliver seamless treatment to the patients suffering from accidents, osteoporosis, and post-surgery treatment, among others. The software offers umpteen services, which include customer relationship management, scheduling, online assistance, eliminating billing errors, centralized database of patient information, enhanced record keeping, automation of tasks, and better quality control.
|Market Size||USD million by 2031|
|Fastest Growing Market||Asia-Pacific|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
Technological advancement has transformed the healthcare sector in the last few years; for instance, the integration of software applications with in-built tools aids in managing patient data. The ‘Administrative Errors: Technical Series on Safer Primary Care, 2016’ report published by the World Health Organization (WHO) estimated that about 5%–50% of medical errors in primary care were caused due to administrative fallacies, which further increases the need for physical therapy software.
The geriatric population is highly susceptible to home-accidents and bone-related diseases such as osteoporosis, further increasing the need for physiotherapy treatments to build strength and stamina. As per the Asecurelife Statistics, in the U.S., about 300,000 geriatrics are hospitalized for hip fracture cases every year. As per the CDC, around 36,338 people die due to unintentional falls every year. In Japan, approximately 27% of the population is above the age of 65 years, followed by Italy with 23%. The market players are channelizing efforts to develop software that offers umpteen services in the comfort of home. Recently, Meditab developed software “Physical Therapy EHR Software” that comprises integrated exercise routines, easy operability, scheduling, and outcome tracking.
Rising Sports Injuries and Government Initiatives to Drive North America’s Market
North America dominates the physical therapy software market and will continue the same during the forecast period. The region houses one of the highest numbers of athletes, susceptible to sports-related injuries. As per the National Safety Council, in 2017, approximately 526,000 injuries were caused in personal exercises; about 500,000 injuries were basketball-related injuries; around 457,000 injuries were caused due to bicycling, and about 341,000 injuries were football-related injuries. The anterior cruciate ligament tear (ACL) is the most prevalent sports injuries, and about 250,000 ruptures are caused in the U.S. every year, as per the CDC.
North America is also backed by the presence of leading players that are offering advanced integration software with high technical expertise. In the U.S. and Mexico, the government is actively working to provide fitness programs to encourage people to adopt a healthy lifestyle. On June 25, 2019, the government of Mexico organized a fitness and wellness program for the state government workers to facilitate work and life balance. On June 25, 2018, the U.S. government passed the Personal Health Investment Today (PHIT) Act enabling the population to use tax-free accounts to pay for club memberships, qualified fitness experts, youth sports fees, and sports safety equipment.
Rising Prevalence of Osteoporosis in Asia-Pacific to Drive the Market Growth
Asia-Pacific is projected to witness the fastest growth on account of government initiatives, rising incidences of osteoporosis, and growing geriatric population. In China, the government has launched a strategic plan to push people towards physical fitness and a healthy lifestyle trend. On August 29, 2019, the government of India launched the Fit India movement to encourage people to stay fit, exercise, and follow a proper nutritional diet. Apart from this, technological advancement in the medical industry has reduced the mortality rate. In China, osteoporosis affects almost 70 million people over the age of 50, further driving the demand for physical therapy software in the region.
Based on the deployment type, the physical therapy software market is divided into on-premise and cloud-based. The cloud-based segment holds the largest market share as it offers no data loss, increased data security, anytime use, scalability, disaster recovery, and reduced costs, among others. The on-premise software is extensively used by the clinics and hospitals to ensure security and efficiently manage data.
Based on the application, the physical therapy software is divided into hospitals, specialty clinics, and others. The increasing number of administrative errors in the hospitals and clinics have fostered market growth. The administrative errors comprise of the patient record errors, investigation requests, and results errors, follow up system errors, communications errors, and patient identification errors among others. The ‘Administrative Errors: Technical Series on Safer Primary Care, 2016’ report published by the World Health Organization (WHO) estimated that nearly 65% of the diagnostic errors were caused due to system errors. Additionally, according to the Health IT Dashboard, U.S. Government, more than 95% of the hospitals have a certified EHR technology that includes 99% of large hospitals. The physical therapy software used in the hospitals seamlessly connects with the EHR to adhere to their complex needs of managing the various departments thereby helping in reducing these errors. Similarly, the specialty clinics, extensively utilize the physical therapy software for better document keeping and easy patient management.
The pandemic has compelled the governments across the globe to enforce a lockdown, including specialty clinics and wellness centers. However, the physical therapy software market is witnessing a considerable surge due to shifting patient preference towards online therapy. In line with this, companies have started developing numerous applications and online services to increase their customer base.
For instance, Meditab enabled free televisit services for symptomatic COVID-19 patients. Similarly, IMS Patient App & Patient Care Portal enables the patients to access their health profiles and consult doctors online.