Chiropractic treatment is a hands-on, drug-free approach to pain management and its importance has increased in recent years with the shift away from opioid prescribing. A recent Research and Markets report titled “Global Chiropractic Care Market 2017-2021” predicts that global chiropractic care market will grow at a CAGR of 3.67% during the period 2017-2021. It can be expected that the demand for chiropractic billing services will also grow during this period.
The report, prepared based on an in-depth market analysis with inputs from industry experts, covers the market landscape, its growth prospects in the coming years, and a discussion of the key vendors operating in the market. The key trends identified in the chiropractic care market are as follows:
- Internet platform fuels market growth: The report found that chiropractic care providers are leveraging the internet to create awareness about the treatment. Potential patients can browse online and make enquiries about the wide of service offered by vendors through their websites. The internet has enhanced and eased the user experience and improved brand retention and visibility. By showcasing their services online, vendors have been able to capture a large share of the market and increase revenue.
- Increased internet penetration is expanding customer base: With an ever-increasing number of internet users, chiropractic care providers are able to target user segments from teenagers to adults with a variety of services. Internet penetration is expanding their customer base.
- Customized website solutions: Websites of chiropractic service providers may be hosted by the company itself or by third party company where the vendors can choose the template and opt for live chat, auto-text reminders, blogs, personal patient profiles and log-ins, e-commerce, and streaming. Website development companies offer detailed or simple template solutions to suit vendors’ budget and requirements.
In the US, a large number of households utilize chiropractic services. A study published by Science Direct found that about 15% of people who seek chiropractic care are aged 65 and older. As people live longer, increasing emphasis is being placed on their ability to function independently and chiropractic care can enhance this ability.
However, the Research and Markets report notes that low penetration in emerging economies such as APAC (except Japan), South America, and Africa, is the major challenge faced by the global chiropractic care market. It also says that the penetration rate is only 2%-4% in developing countries such as Brazil, India, and Nigeria. Lack of awareness, affordability, and reluctance to use such services are the main reasons for this. Low gross domestic product (GDP) in these regions also curbs the use of chiropractic services in these regions.
Several other reports also indicate positive trends for the chiropractic care market. Medicare Part B (Medical Insurance) covers manual manipulation of the spine if medically necessary to correct a subluxation when provided by a chiropractor or other qualified provider. The Journal of the American Board of Family Medicine reported that replacing doctor visits for back pain with visits to the chiropractor could save Medicare $83.5 million every year.
According to the US Bureau of Labor Statistics, employment of chiropractors is expected to grow 17% from 2014 to 2024. For effective claim submission and proper reimbursement, these healthcare provider can always rely on an experienced chiropractic medical billing company.