43.0% of clients turning to massage for medical or health reasons.
Massage Services Market Research Report from IBISWorld
As the industry’s relatively low average wage is anticipated to persist over the five years to 2019, most therapists will find it necessary to maintain other sources of income.
New York, NY (PRWEB) December 20, 2014
An improving macroeconomic landscape and a growing connection with the healthcare sector have benefited the Massage Services industry over the five years to 2014. Given the discretionary characteristics of industry products, the anticipated 1.0% annualized increase in per capita disposable income over the five-year period has provided consumers with the means to afford additional massages. “While the share of domestic adults that have received a massage in a given year has declined from 2009 to 2012, this is primarily due to heightened unemployment and consumer deleveraging,” according to IBISWorld Industry Analyst Omar Khedr. However these trends reversed in 2013 and are expected to continue going forward. Industry revenue is anticipated to increase at an annualized rate of 4.9% to $11.8 billion over the five years to 2014; this growth includes a 2.7% rise in revenue expected in 2014 alone.
The relationship between industry operators and the healthcare sector continues to grow, with an estimated 43.0% of clients turning to massage services for medical or health reasons. Moreover, according to the American Massage Therapy Association, 61.0% of domestic adults would like to see their insurance carrier cover massage therapy. “Primarily due to this demand, the number of massage therapists that receive referrals from healthcare professionals has been steadily increasing over time,” says Khedr. Similarly, the number of massage therapists that receive insurance reimbursements has also been climbing, with 79.0% of therapists currently accepting this method of payment, indicating that it is a worthwhile business practice.
Over the five years to 2019, industry revenue is forecast to increase. According to the latest available data from the US Department of Labor, the number of massage therapists is anticipated to increase 23.0% from 2012 to 2022, a rate that exceeds the national average largely due to improving income levels. An estimated 69.0% of massage therapists are sole practitioners, and the dominance of nonemployers in the industry is anticipated to continue over the five years to 2019. In addition, despite a substantial amount of initial training, which is estimated at 632.0 hours for the average massage therapist, the industry’s average wage is expected to only reach $20,930 in 2014. As the industry’s relatively low average wage is anticipated to persist over the five years to 2019, most therapists will find it necessary to maintain other sources of income.