Chiropractors Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 6/27/2022
SIC Codes: 8041
NAICS Codes: 62131
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Chiropractors Industry Profile

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.

There are about 100,000 active chiropractors worldwide, according to the Good Body. Recognized by governments in about 50 countries, chiropractic medicine has accreditation organizations that certify schools in Africa (South Africa), the Asia/Pacific region (Australia, Japan, Malaysia, New Zealand, and South Korea), Europe (Denmark, France, Spain, Switzerland, and the UK), and North America (Canada and the US).

The US chiropractic industry includes about 39,000 establishments (single-location companies and branches of multi-location companies), with combined annual revenue of about $13 billion.

COMPETITIVE LANDSCAPE

Demand for chiropractic services is driven by demographics and by 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 50 largest firms generate less than 5% of revenue.

Chiropractors compete with physical therapists and medical doctors, many of whom consider chiropractic treatments ineffective. In some markets, chiropractors may also compete with other alternative medicine providers, such as acupuncturists and massage therapists.

PRODUCTS, OPERATIONS & TECHNOLOGY

Revenue for chiropractors mainly comes from patient services (more than 95%); other sources ...

 
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