Physical Therapy: An Emphasis on Outpatient Services

Physical therapy is a $61 billion market that continues to grow, supporting a wide range of patient needs from pain management, injury rehabilitation, and surgery recovery to ongoing wellness and injury prevention.1 Although these treatments can take place in a variety of clinical care settings, outpatient therapy offers particularly strong M&A potential.

Across outpatient services, several long-term trends are driving patient demand and capturing investor attention. These include an aging U.S. population, a greater focus on being active, compelling care benefits and cost advantages, an increasing desire for non-prescription pain relief, and decreasing barriers to direct patient access.

“With these factors in place, there’s meaningful white space for steady sector expansion,” says Andy Dixon, a managing director in our Healthcare & Life Sciences Group. “Plus, a stable reimbursement outlook, a highly fragmented ecosystem, and emerging telehealth solutions are creating compelling growth opportunities for leading outpatient physical therapy companies and their investors.”

In our new report covering outpatient physical therapy, our senior professionals share:

• Deep dives into key sector tailwinds

• Themes supporting a fertile M&A environment

• Notable physical therapy transactions

• The current platform landscape

Please contact us to further discuss physical therapy M&A and other opportunities throughout consumer healthcare.

1. HW internal estimate based on third-party sources, including WebPT and IBIS industry reports.