The global podiatry service market is poised for steady growth over the next decade, according to the latest market analysis. The market, valued at USD 4,720.0 million in 2023, is expected to rise at a compound annual growth rate (CAGR) of 3.6%, reaching a projected value of USD 6,077.7 million by 2034.
In 2024, the market is anticipated to reach USD 4,845.2 million, setting the stage for consistent expansion driven by increasing demand for specialized foot and ankle care. This growth reflects a rising awareness of podiatric health and the growing prevalence of foot-related conditions, particularly among aging populations and individuals with diabetes.
The market is continuously expanding and includes services and treatments for illnesses, deformities, and injuries of the foot and ankle. The use of the MDT method to offer patients with integrated and comprehensive care has accelerated the acceptance of podiatry services in hospitals.
In addition, the podiatry association’s efforts to raise awareness, as well as existing hospitals and clinics seeking to improve the accessibility and availability of services, have aided market growth and awareness. The market for these services is growing in lockstep with the rise in diabetic, obese, and geriatric populations, as foot issues disproportionately affect these groups.
The market’s expansion is being fuelled by reasons such as the surge in disposable income, proactive attitude, and increased knowledge about foot care. The expansion of technology and trained resources, as well as initiatives by podiatry groups to increase the use and assist practitioners, have increased awareness of the services.
The rising incidence of foot disorders, particularly in the diabetic and elderly populations with 6.3% and 24%, respectively, as well as increased awareness and preventative approaches to children’s foot problems, are driving the market expansion. Furthermore, sportspersons’ use of specialized sports foot and ankle services for the treatment of foot and ankle injuries demonstrates the market potential for podiatry services in the sports area.
Competitive Analysis
The market is continuously expanding and includes services and treatments for illnesses, deformities, and injuries of the foot and ankle. The use of the MDT method to offer patients with integrated and comprehensive care has accelerated the acceptance of podiatry services in hospitals.
In addition, the podiatry association’s efforts to raise awareness, as well as existing hospitals and clinics seeking to improve the accessibility and availability of services, have aided market growth and awareness. The market for these services is growing in lockstep with the rise in the diabetic, obese, and geriatric population, as foot issues disproportionately affect these groups.
Some of the recent developments of key podiatry service providers are as follows:
- In May 2022, Go 4-D, a firm established in Canada, stated that it would focus on data-driven and patient-centric research to aid in the creation of 3D-printed custom-made orthotics.
- In April 2022, Kaiser Permanente announced a US$ 1 Billion investment to expand its reach in the United States by creating new clinics and acquiring companies to provide podiatry treatments.
More Valuable Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Podiatry Services market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Type (General Podiatry, Podiatry surgery, Sports Podiatry and Podopediatrics), by Facility (Hospitals & Outpatient departments, Podiatry Offices/Clinics and Homecare & Telemedicine), across key regions (North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa).
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Market Segments Covered in Podiatry Services Market Analysis
By Type:
- General Podiatry
- Podiatry surgery
- Sports Podiatry
- Podopediatrics
By Facility:
- Hospitals & Outpatient departments
- Podiatry Offices/Clinics
- Homecare & Telemedicine
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