Increased government spending on health has contributed to growth in both private and public sectors.
Los Angeles, CA (PRWEB) October 08, 2013
Over the past five years, the Physical Therapists in Canada industry has fared well, as more people are accepting the benefits of physiotherapy to overall health. The growing population of baby boomers has benefited industry growth. According to IBISWorld Industry Analyst Anna Son, "Older adults are more likely to require industry services as a result of injuries and illnesses due to greater physical vulnerability; for example, the elderly are more likely to break bones in falls." The aging population and a budding appreciation for physiotherapy have supported revenue growth. Over the past five years, IBISWorld estimates that industry revenue has grown at an average annual rate of 4.1% to $1.3 billion, including a 6.1% jump in 2013.
The Physical Therapy industry's landscape has undergone some major shifts in the past three decades. Government budget cuts in the mid-80s resulted in rapid growth of private practice, which was underpinned by favourable coverage for physiotherapy services by private health insurance plans. However, at the beginning of the century, increased government spending on health contributed to more evenly distributed growth between the private and public sectors, and this trend is expected to continue in the future. Today, physical therapists are achieving higher levels of education, and many professionals hold master's degrees. This trend, coupled with escalating demand for physiotherapy services from the aging population and rising specialization, has caused wages to increase at a rapid rate over the past five-year period.
The industry is projected to remain in good health over the next five years, with revenue expected to increase. "Rising consumer confidence along with economic recovery and the aging population will underpin industry growth," says Son. Geriatric care (i.e. care for seniors), in particular, is expected to grow considerably as the Canadian population ages and more people see the benefits of physiotherapy as both a treatment and preventive measure. However, in light of mounting demand, the industry is likely to experience the pain of physical shortages over the next five years. The shortage of practitioners will be worsened by the aging of physical therapists who will retire over the next few decades.
For more information, visit Physical Therapists in Canada industry report page.
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IBISWorld industry Report Key Topics
This Physical Therapy in Canada industry administers medically prescribed physical therapy treatment; planning and administering educational, recreational and social activities designed to help patients with disabilities regain physical or mental functioning or to adapt to their disabilities; and diagnosing and treating speech, language or hearing problems.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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