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Podiatry Services Market Size, Share, and Analysis, By Type (General Podiatry, Podiatry Surgery, Sports Podiatry, Podopediatrics), By Service Type (Preventive, Diabetic Foot Care, Surgical, Sports Injury, Others), By Facility (Hospitals & Outpatient Departments, Podiatry Office / Clinics, Homecare & Telemedicine) and Regional Forecasts, 2022-2032
Podiatry Services Market size was USD 4.38 billion in 2021 and projected to grow from USD 4.5 billion in 2023 to USD 5.4 billion by 2032, exhibiting a CAGR of 1.9% during the forecast period.
Podiatry Services are concerned with the diagnosis, study, prevention, and treatment of ankle, foot, and lower limb ailments. Podiatry is completed through different treatment modalities like medication, orthotics, injections, physical therapy, and surgery. They properly groom patients' toenails and scrape off tough skin from foot. In addition to these treatments, podiatrists also provide patients with recommendations on the finest shoes for their feet.
Podiatry Services Market is expected to reach USD 5.4 billion, growing at a CAGR of 1.9% during the forecast period owing to the increasing awareness of foot care and rising disposable income of public, and number of preventive measures. Moreover, the initiatives by podiatry organisations to increase uptake and support the practitioners, technological advancements, and trained resources have all contributed to increased awareness of the services. These factors are expected to fuel the Podiatry Services Market over the forecast period.
Podiatry Services Market is classified based on the Type into General Podiatry, Podiatry Surgery, Sports Podiatry, and Podopediatrics. The General Podiatry sector, registered a major share of the market and is expected to continue to dominate in future owing to the rising prevalence of diabetic foot problems. The aging population, rising rates of foot and diabetes disorders, and rising injury rates are driving the market. The Sports Podiatry category is anticipated to witness the fastest growth over the next few years owing to the growing number of sports players playing professional or amateur sports, as well as the increasing number of ankle and foot injuries.
Podiatry Services Market is classified based on the Facility into Hospitals & Outpatient Departments, Podiatry Office/Clinics, and Homecare & Telemedicine. The Podiatry Offices/Clinics segment held a major portion of the market in the past years. Nevertheless, the Hospital & Outpatient Departments category is predicted to experience the highest growth over the course of the forecast period due to the advancement of podiatrist physicians' employment into larger hospital-based systems as a result of the rising demand for these services.
Growing Awareness about Foot Care and Increasing Trained Resources and Technology is Expected to Boost the Market Growth
The Global Podiatry Services Market is driven by factors like the increasing disposable income and better knowledge regarding foot care. The development of technology and skilled resources, and efforts by organizations dedicated to the field of podiatry to promote use and support practitioners, have upraised the services awareness. The market is expanding due to the rising prevalence of foot illnesses, notably in diabetic and geriatric populations, and greater awareness of and preventative measures for children's foot issues.
Supporting Government Activities and Investments by Hospitals & Clinics are Expected to Boost the Market Growth
The inclusion of podiatry services in healthcare insurance and programs for primary care for obesity, diabetes, and chronic diseases are a few examples of government measures encouraging market acceptance and awareness. Hospitals and clinics who offer these therapies are investing greatly in increasing patient awareness to reach and make these services available to a larger audience.
Costly Podiatry Services, especially in the Developing Economies May Restrain the Market Growth
The rising cost of many healthcare services like podiatry, is hindering the market's growth. This is owing to illnesses affecting the ankle, foot, and lower extremities are expensive to diagnose and treat. Inflated costs in underprivileged countries may deter people from visiting a podiatrist for treatment.
Podiatry Services Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America held a significant portion of the market in the past years and is expected to maintain its dominance due to the rising prevalence of diabetes and the strategic steps taken by the commercial organizations engaged in providing these services. Asia Pacific region is predicted to have considerable rise in the global market due to the increasing demand for podiatric treatments brought on by diabetes, obesity, and the rising elderly population in the region.
Podiatric experts experienced major effects from the ongoing Covid-19 outbreak in the healthcare sector. Only the designated essential medical services were permitted to function during the early stages of the pandemic, and podiatry services were not included in the essential services. Later on, they were reclassified as essential services. For offering flexibility to these service providers which were hampered by pandemic regulations, healthcare providers like clinics and hospitals have adjusted several regulatory standards. During this pandemic, podiatrists were crucial, particularly in preventing vascular and diabetic foot ulcers and the subsequent hospital admissions due to these cases, which put further strain on the ICU's capacity.
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ATTRIBUTE |
DETAILS |
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Study Period |
2018-2032 |
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Base Year |
2022 |
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Forecast Period |
2022-2032 |
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Historical Period |
2019-2021 |
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Growth Rate |
CAGR of 1.9% from 2022-2032 |
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Unit |
Value (USD Billion) |
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Segmentation |
Main Segments List |
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Type |
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Service Type |
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Facility |
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By Region |
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Podiatry Services Market size was estimated at USD 4.38 billion in 2021 and is expected to reach USD 5.4 billion in 2032.
Podiatry Services are concerned with the diagnosis, study, prevention, and treatment of ankle, foot, and lower limb ailments. Podiatry is completed through different treatment modalities like medication, orthotics, injections, physical therapy, and surgery.
General Podiatry and Hospitals & Outpatient Departments segments accounted for the largest Podiatry Services Market share.
Key players: Kaiser Permanente, Mayo Clinic, Massachusetts General Hospital, Fortis Healthcare, Nuffield Health, The Royal Free Hospital, Medicine Middle East, Max Healthcare, Baycrest, Burjeel Hospital for Advances Surgery, Foot and Ankle Specialists of the Mid-Atlantic (FASMA), Foot Center of New York, Beijing Puhua International Hospital, The London Podiatry Center, Mya Care, and Other Prominent Players are the key players in the Podiatry Services Market.
Rising incidences of foot injury, obesity, and diabetes and increasing geriatric population that need fast treatments are majorly driving the Podiatry Services Market.
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