The global Podiatry Services Market Demand is anticipated to grow at a rather staggering CAGR of 2.6% throughout the assessment period from 2022 to 2033. The global market was held at a US$ 4.6 Billion valuation in 2022 and is projected to reach US$ 6.1 Billion by 2033. General Podiatry is expected to be the high revenue-generating segment, projected to grow at a CAGR of over 2.9% from 2023 to 2033. According to the historical analysis conducted by Future Market Insights, global Podiatry Services registered a CAGR of 2.2% from 2018 to 2022.
The market is predicted to surge due to the expansion 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. Furthermore, rising government activities are supporting market awareness and uptake. These regulations include the uptake of Podiatry Services in healthcare insurance, as well as initiatives aimed at primary care for diabetes, obesity, and chronic illnesses. Hospitals and clinics that provide these treatments are investing more in raising patient awareness in order to expand the reach and availability of these services to a bigger audience.
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The increasing inclination of foot disorders, specifically in the diabetic and elderly populations with 6.3% and 24%, respectively. Furthermore, 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.
Key Takeaways
- Podiatrists utilize 3D scanning and 3D printing in order to scan patients’ feet in a single visit. Some major companies in the market concentrate on data-driven and patient-centric research as a means of developing 3D-printed custom-made orthotics.
- The latest high-quality and low-cost three-dimensional scanners and printers are anticipated to enhance the affordability of quick Podiatry Services, which makes it easier to speed up interest in the treatment of foot issues.
- Rapid technological advancements including Video Gait Analysis, Swift Microwave Therapy for the treatment of warts, and others are set to contribute to market growth. Some podiatric clinics have begun relying on gait analysis with video technology, allowing podiatrists to gather and record visual data of the patients, patients, or athletes they examine.
Competitive Landscape
The global podiatry market is fragmented, with the solo practice model predominating. Furthermore, the activities of podiatry associations have assisted practitioners in growing, staying informed, and staying connected. In fact, more group practices are rapidly being formed as a result of the adoption of the Multidisciplinary Team (MDT) strategy to provide complete care by competent experts, resulting in an increase in Podiatry Services in hospitals and big healthcare clinics.
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More Insights into the Podiatry Services Market
Attributing to the availability of professional resources, technical improvements, growth in disposable incomes, and preventive approach to healthcare, North America holds a significant market, accounting for a revenue share of over 40% in 2022.
The Multidisciplinary Team (MDT) approach, as well as initiatives by The International Federation of Podiatrists in 28 member nations, are expected to increase awareness and adoption, which has been aiding the market growth globally. Furthermore, certain healthcare organizations have expanded their spending in order to strengthen their outreach in different geographical areas.
The diabetic population is highly prone to foot-related ailments. Attributing to the increased incidence of podiatric services due to diabetes, obesity, and the region’s growing elderly population, the market in the Asia Pacific is expected to witness significant growth.
According to the American Diabetes Association, more than 60% of the diabetic population in Asia Pacific lives in China and India, with China and India accounting for about half of all diabetic populations.
The US is expected to dominate the global market by registering a CAGR of US$ 2.2 Billion by the end of 2033. Healthcare investment is among the highest globally which further bolsters podiatrists to adopt advanced technologies for their practice.
The market in the UK is projected to reach a valuation of US$ 256 Million by 2033, growing at a CAGR of 2.7% from 2023 to 2033. The market is expected to gross an absolute dollar opportunity of US$ 59 Million from 2023 to 2033.
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