According to Future Market Insights’ analytical analysis, the global podiatry services market sales is expected to reach a valuation of US$ 4.6 billion by 2022. By 2033, the market is expected to have grown at a compound annual growth rate (CAGR) of 2.6% from 2023 to 2033, or US$ 6.1 billion. General podiatry is expected to lead in revenue generation between 2023 and 2033, with a compound annual growth rate (CAGR) of more than 2.9%.
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.
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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.
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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Key Companies Profiled:
- Massachusetts General Hospital
- Kaiser Permanente
- The London Podiatry Center
- The Royal Free Hospital
- Fortis Healthcare
- Beijing Puhua International Hospital
- Schoen Clinic
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
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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