Industry: Chiropractor Offices
Naics: 621310
The chiropractic care industry has seen significant growth and transformation in recent years. Once considered controversial, chiropractic treatments have now become a mainstream medical option. Industry revenue has been rising at a 1.4% CAGR, reaching an estimated $20.5 billion over the past five years, with expected growth of 2.2% in 2023.
Key factors driving this growth include:
The industry structure is evolving. While more than half of chiropractors still operate solo practices, there's a trend towards consolidation:
Looking ahead, the industry is projected to grow at a 1.8% CAGR, reaching an estimated $22.4 billion by 2028.
This growth is expected to be driven by several factors:
For industry participants, success will likely depend on adapting to these trends. This may include considering joining group practices or multidisciplinary settings, diversifying service offerings, and staying abreast of changes in insurance coverage and reimbursement policies.
The industry faces ongoing challenges, including cost pressures, inflation, and labor shortages. However, the growing acceptance of chiropractic care as a legitimate treatment option and the potential for expanded insurance coverage present significant opportunities for growth.