Global Physical Therapy Software Market size was valued at $896.24 million in 2019, and it is estimated to grow at a CAGR of 9.58 % during 2020-2025. The growth is mainly attributed to the increasing investments and funding activities have created demand for the adoption of advanced software solutions which set to propel the market growth.
Type - Segment Analysis
Cloud based deployment held the major share of 66.83% in 2019. Cloud based deployment mode is more preferred for mobile and web application security and this is poised to drive the market growth. Cloud deployment provides greater flexibility and offer much less in the means of customization when compared to on-premises. This drives the cloud based deployment of physical therapy software.
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Industry Vertical - Segment Analysis
Hospitals is the fastest growing segment in Physical Therapy Software market and estimated to grow at a CAGR of 10.05% during forecast period 2020-2025. Many hospitals have been investing in adoption of advanced technologies which set to drive the market during forecast period. Increasing number of physical therapy activities such as strengthening exercises to patients, movement based activities, low impact aerobic conditioning and growing awareness of therapies in various regions create opportunities for the physical therapy software market during forecast period.
Geography- Segment Analysis
North America dominated the Physical Therapy Software market in 2019 with a market share of 35.28%, followed by Europe and APAC owing to the presence of large number of players. In addition to these, high adoption of advanced technologies and high investments in healthcare sector drive the market growth in this region. Additionally, healthcare sectors is one of the largest industrial vertical in the U.S. region. This further propels the market growth in this region.
Drivers –Physical Therapy Software Market
Benefits associated with physical therapy software
Reducing billing errors, creating less paperwork, tracking follow up appointments and other benefits is set to drive the market growth. Physical therapy software helps in identifying mistakes as soon as they occur, allowing you to rectify them before sending incorrect bills to patients. This software also helps in keeping patient information in one secure system.
Investments in healthcare sector
There has been increasing investments in healthcare sector which set to drive the market growth. Government initiatives and funding’s from public sector also created demand for the adoption of physical therapy software in hospitals and clinical trials. For instance, in 2019, Portland based Company Clinicient had secured $17 million in funding. The Company provides software enabled revenue cycle management solutions for outpatient rehabilitation clinics. Physical therapy software is used in applications such as patient scheduling, clinical documentation, revenue management, and management reporting services, practice management software and physical therapy billing services. Increasing funding activities for these type of applications drive the market growth.
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Challenges – Physical Therapy Software Market
High investment and lack of skilled resources
In developing economies, adoption of advanced technologies and lacked of skilled resources hamper the market growth. High initial investment restricts the growth of adoption of advanced software technologies in hospitals and clinics restrict the market growth. However, Government funding activities in developing economies create opportunities for the market growth during forecast period.
Market Landscape
Technology launches, Acquisitions, Partnership, and R&D activities are key strategies adopted by players in the Physical Therapy Software market. Physical Therapy Software top 10 companies include Meditab Software, OptimisCorp, Phydeo, PT Practice Pro, Systems4PT, Optima Healthcare Solutions, My Rehab Pro, Net Health, Warburg Pincus, GoMotive, BetterPT and others.
Acquisitions/Technology Launches
In October 2019, BetterPT, an integrated healthcare technology platform company had partnered with PromptEMR a fully integrated enterprise solution to manage outpatient PT clinics in order to provide industry first, end to end management solution for physical therapy practices. This increases the Company’s Physical therapy software market share.
In August 2019, Warburg Pincus had acquired majority stake in WebPT. This investment further help cloud based electronic health record and practice management tool for physical therapists and this set to drive the Company’s market share.
Key Takeaways
North America dominated the Physical Therapy Software market in term of revenue in 2019 owing to the presence of major number of players.
Increasing investments and funding activities on healthcare sector provide opportunities for the market growth
Cloud based deployment owing its low cost and flexibility is set to drive the market.
Lack of skilled expertise is the major challenge that hampers the market growth.
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