Chiropractors play a crucial role in the medical industry. To date, however, it’s been difficult to measure just how crucial that role was.
That’s why a team from Grand View Research set out to answer the question. That team analyzed the chiropractic industry across the United States. The 30-page report collected data between 2014 and 2016, then compiled that data into actionable information.
What did the research team find? Here are some of the crucial insights researchers discovered about where the United States chiropractic industry is going next.
• The United States chiropractic market was valued at $12.6 billion in 2017
• The nationwide chiropractic industry is projected to expand at a compound annual growth rate (CAGR) of 4.32% over the forecast period
• The market growth will be fueled by patients who prefer non-invasive treatment of chronic pains
• Patients are increasingly preferring non-invasive treatment of chronic pain because of increasing awareness and prevalence of prescription pain drug abuse
• There’s a growing acceptance of chiropractic therapy; researchers attributed this growing acceptance to the cost-saving advantages associated with a visit to a chiropractor compared to a more traditional medical professional
• By 2020, there will be 80,000 chiropractors across the country
• An additional 2,500 new chiropractors are graduating each year from colleges across the United States
• In 2017, 95% of people who used chiropractic clinics in the past year cited chiropractic care as an effective mode of treatment
• 97% of users reported visiting chiropractors for back and neck pain
• Certain federal health delivery systems now cover chiropractic services, including the United States Departments of Veterans Affairs & Defense, Federal Workers’ Compensation, Medicaid, all state workers compensation programs, and the Federal Employees Health Benefits Program
• Chiropractic care is also rising in popularity due to its ability to treat age-related problems, including balance problems and falls; as America’s population ages, demand for this treatment is expected to continue growing in the near future
• Factors like increased awareness and various government initiatives (including the FDA aiming to obtain clinical data to support chiropractic care) are likely to boost market growth for chiropractic care over the coming years
Overall, the report is positive about the future growth potential of chiropractic care, including awareness, effectiveness, and patient response to chiropractic care.
You can view the full report from Grand View Research here.
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