[BarryRX]

The physical exam of a healthy, asymptomatic adult is unlikely to reveal any significant abnormality (1) that would not have been detected eventually when symptoms developed and (2) whose earlier detection and treatment would reduce morbidity and mortality in the long run.

A directed physical exam is sometimes indicated in patients with risk factors for specific conditions. A Pap smear is indicated in most women, but not every year, and the accompanying pelvic exam is likely a waste of time.

For healthy adults between the ages of 18 and 65, The American Academy of Family Physicians (AAFP) recommends only these components of the traditional physical exam:

For men, a blood pressure measurement.
For women, a blood pressure measurement and a periodic Pap smear.
They have other recommendations including vaccinations, counseling, and screening tests; but none of those require a physical exam.
And most of us can check our own blood pressure at Walmart or CVS. Healthcare, being science based, is constantly evolving as new treatments are developed and studied. Since the study the OP references is fairly recent, and the only other study I could find was a 1979 study in Canada (I admit I haven't put in hours looking for other studies) I expect that over time the "annual physical" will become less frequent as government and insurance companies use these studies to reduce or deny payment for something that may be proven to be unnecessary. I suspect that the physical may become more targeted towards those with risk factors rather than otherwise healthy people.