According to a recent report by Grand View Research (located in San Francisco), rising cases of back, shoulder, foot, neck pain, and headaches are important drivers in the chiropractic market. This is expected to help to continue to increase revenue generation over the next five to six years.
Other factors such as increasing number of chiropractors in the country would help in market growth. The majority of people suffering from lower back pain and other such issues don’t initially seek help from a chiropractor, but this trend is also changing, particularly in response to the opioid epidemic.
States across the country are looking for an alternative pain treatment to address the growing issues of opioid addiction crisis. This, in turn, has created lucrative growth opportunities for chiropractic service providers. Health agencies and organizations are witnessing decreases in the prescription rate for opioids. This is primarily due to increased adoption of alternative pain treatments, including chiropractic therapies. A substantial number of health organizations have strongly encouraged doctors to reduce the opioid prescriptions due to the increasing number of people who’ve died from opioid overdoses.
Times Are Changing
Although the FDA does not approve most of the techniques in chiropractic treatment, it is the most-preferred treatment method as it is more affordable than prescription medicine and does not involve any harmful or dependence-inducing drug substances. However, efforts undertaken by the FDA to produce and provide clinical support for chiropractic treatment would help improve the market expansion. Most of the patients taking up chiropractic treatment opt for long-time treatment and consult a chiropractor for chronic pains.
Recent times have seen a surge in the number of clinics, spas, and rehab centers that are supported by well-established firms and smaller individual setups as well. The market is currently expanding at a significant pace in the U.S., supported by government regulations and specific sets of rules to bring an order and safe use of the treatment method.
This has resulted in healthy growth in the chiropractic practices. Furthermore, it has also exhibited steadily increasing acceptance by doctors, third-party payers, and the federal government apart from patients.
These factors are expected to support the market expansion. As per the American Chiropractic Association, it is estimated that by 2020, there would be ~80,000 chiropractors in the country with an addition of over ~2500 new practitioners each year graduating from colleges.
Chiropractors treat an approximate 35 million patients each year in the country, which has contributed to making the U.S. chiropractic industry a significant one.
Further key findings from the study suggest:
• The market is driven by an increasing number of patients seeking complementary medical treatments rather than approved medicine.
- Franchising offers a ready-source of marketing, financing, and awareness for a new entrant to establish a clinic. Moreover, it also helps the existing practitioners to expand their business.
- Authorization of different set of laws for chiropractic treatment is also supporting the U.S. chiropractic market growth. This encourages more chiropractors to set up businesses
- There are currently 10,000 chiropractic students in 18 nationally accredited, doctoral graduate education programs for chiropractic therapy of which ~2500 will enter the workforce every year
- In 2017, 95% of the past-year chiropractic users cited this therapy as an effective mode of treatment. Furthermore, 97% of the users have reported to visit chiropractors if they have back/neck pain
The U.S. chiropractic market size was valued at USD 12.26 billion in 2017. It is projected to expand at a CAGR of 4.32% over the forecast period. The market growth largely depends on the treatment adoption from the patients who prefer non-invasive treatment of chronic pains. Increasing prescription pain drug abuse and awareness about this treatment are among the key factors responsible for global market growth.
Growing acceptance of chiropractic therapy is also attributed to the cost-saving advantages associated with visit to a chiropractor. Chiropractic treatment involves the application of traditional methods of massage and detection methods to diagnose and cure the pain.
In 2017, 95% of the past-year chiropractic users cited this therapy as an effective mode of treatment.
Furthermore, 97% of the users have reported to visit chiropractors if they have back/neck pain.
Chiropractic services are available in the country in federal health delivery systems that cover the U.S. Departments of Veterans Affairs & Defense, Federal Workers’ Compensation, Medicaid, all state workers compensation programs, and Federal Employees Health Benefits Program.
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