Chiropractor Dr. Scott Zack takes an expert look at the incredible near-$18 billion value placed on the field in the U.S. by 2025.
A recent study has shown that the chiropractic care market in the U.S. is expected to be worth almost $18 billion within less than five years. According to Michigan-based chiropractor Dr. Scott Zack, the report puts the anticipated total mid-2020s value of chiropractic care in America at an incredible $17.93 billion annually.
“This equates to a compound annual growth rate of almost 4.5 percent between now and 2025,” reveals Dr. Scott Zack, speaking from his home in the Oakland County charter township of West Bloomfield, Michigan, approximately 25 miles from Detroit.
Dr. Scott Zack’s figures relate to the findings of a study conducted by a well-known market research and analysis firm based in San Francisco, California. The figures are further supported, he points out, by numbers from the American Chiropractic Association. “It’s set to be a better-than-ever next five years for chiropractic medicine nationwide,” Dr. Zack suggests, “as more and more people turn to the field in search of drug-free treatment for conditions including chronic back and neck pain, osteoarthritis, and fibromyalgia.”
San Francisco-based Grand View Research, Inc., in addition to its study into annual growth rates forecast within chiropractics, regularly publishes market analysis and action-ready market research reports tied to a wide variety of industries.
Its prediction that chiropractic medicine in America will hit an annual value of $17.93 billion by 2025 based on a compound annual growth rate equivalent to 4.3 percent between today and the middle of the decade comes as great news to Dr. Scott Zack and chiropractors nationwide alike.
The American Chiropractic Association has also spoken of similar anticipated growth, suggesting that a total of more than 2,500 new practitioners are likely to graduate between now and 2025 – crucially important in meeting increased demand, says Dr. Scott Zack. “The U.S. currently boasts a total of just 18 nationally accredited chiropractic colleges from which each of these new practitioners will graduate,” he points out.
Market growth within chiropractics is thanks in no small part, Dr. Scott Zack believes, to a shift in patient behavior. Patients, he says, and particularly those suffering from back pain, are no longer waiting for family doctor or mainstream healthcare provider referrals and are, instead, seeking direct help from chiropractors. “We’re also seeing a shift in patients looking for complementary forms of medical treatment which are drug-free and do not rely on surgery,” adds the Michigan-based expert, a veteran of chiropractic medicine for more than 20 years.
As a result, chiropractic training and qualifications have never been more valuable, according to Dr. Scott Zack. “We’ve never before seen higher numbers of people wishing to enter the field,” he reports.
“With the growth we’re seeing forecast by organizations such as Grand View Research and the American Chiropractic Association, I can only imagine the kind of value and rates of further compound annual growth we’ll be likely to see by the end of the decade,” adds Dr. Scott Zack, wrapping up.