|Last Quarterly Update:||11/14/2016|
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Practitioners in this industry provide diagnostic and therapeutic treatment of the neuromusculoskeletal systems, with a focus on manipulation and adjustment of the spinal column. No major companies dominate the industry.
About 95,000 chiropractors are in active practice worldwide, according to the International Chiropractors Association. Recognized by governments in more than 40 countries, chiropractic medicine has accreditation organizations in Canada, Australia, New Zealand, Europe, and the US. The practice also is developing in Asian nations such as Japan, Malaysia, and South Korea.
The US chiropractic industry includes about 39,000 establishments (single-location companies and branches of multi-location companies), representing more than 45,000 licensed chiropractors, with combined annual revenue of about $12 billion.
Demand for chiropractic services is driven by the aging of the US population and the overall acceptance of alternative medicine and chiropractic care. The profitability of individual companies depends on effective marketing and maximizing billable hours. Large companies have advantages in regional name recognition. Small companies can compete effectively by serving a small community or integrating the practice into a larger holistic health practice. The US industry is highly fragmented: the top 50 companies generate less than 10% of revenue.
Chiropractors compete with physical therapists and medical doctors, many of whom consider chiropractic treatments ineffective.
PRODUCTS, OPERATIONS & TECHNOLOGY
Patient services account for 95% of industry revenue; other sources of revenue include sales of medical devices, vitamins, and OTC drugs.
A chiropractor's major service is treating ...
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