The global podiatry services market size was valued at USD 4.34 billion in 2020 and is expected to grow at a CAGR of 1.8% during the forecast period. The global surge in preference for podiatry services due to growing incidences of foot injuries, diabetes, obesity, and the robust growth of the geriatric population worldwide with ailments that require quick treatments, stimulate the demand for the market. Moreover, the growing demand for preventive health care coupled with the increasing incidence of ankle pain due to sports injuries escalates the demand for the podiatry services market over the study period.
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However, the spread of the COVID-19 has severely squeezed the global market. The healthcare sector, including hospitals & out-patient departments, podiatry services by office/clinics, and others, are closed or turned into COVID healthcare facilities for handling COVID-19 cases, which significantly impact the market's growth.
While home care and telemedicine services are projected to drive the market demand in the coming years. Tele-consultation has helped podiatrists to approach their patients with immediate online treatment and will guide them with better homecare remedies as well as exercises as per the patient’s condition.
Technology is one of the key driving forces behind improvements in every industry, thereby reinforcing growth in podiatry services. For instance, 3D scanning and printing enable podiatrists to scan patients' feet and designs custom orthotics, all in one visit. As of May 2021, Go 4-D, a Canada-based company, announced that the company is focused on approaching data-driven and patient-centric research that will help design 3D-printed custom-made orthotics. The availability of high-quality and reasonably priced 3D scanners and printer technology allows faster treatment and thereby increases awareness towards fast podiatry services.
Moreover, another technological advancement includes Video Gait Analysis (VGA), Swift Microwave Therapy for the treatment of foot Warts, and many more augment the growth of the market. Various podiatric clinics have implemented video gait analysis, which allows Podiatrists to record and track visual data of patients, individuals, and athletes regarding abnormalities with how he/she walk, jog, or run.
In October, German shoe brand Adidas revealed the manufacturing of ‘STRUNG’, 3D printed running shoe which will drive the performance of data of any athlete. The company will introduce this new range of STRUNG in early 2022 for different sports and different runner profiles in the future. Thus, the implementation of a helpful tool that allows the podiatrist to collect the data and correct those issues boosts the market demand for these services.
The market is primarily segmented on the basis of type, facility, and region.
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This segment is projected to be dominating the global market in 2020, owing to the growing incidence of diabetes and the rise in the geriatric population across the world. For instance, as per the International Diabetic Federation, the number of diabetic patients was around 425 million in 2017 and is projected to grow at a significant pace with around 578 million by 2030. The study further stated that the number of diabetic patients is anticipated to grow to around 700 million by 2045.
Additionally, being obese or overweight results in an increased risk of chronic problems, which can lead to skeletal problems. The foot pain such as tendinitis, gout, and osteoarthritis due to gaining weight will further accelerate the market demand for these services. For instance, as per the World Obesity Federation, around 2.7 billion of the world population will be obese by 2025. This will increase the market demand for podiatry services, subsequently driving the segment’s fortune.
Based on the facility segment, the podiatry services by offices/clinics segment is expected to dominate the market share in 2020, as rising prevalence of geriatric population, high preference for podiatry services specialized clinics due to the convenience of the service. Whereas, hospital and outpatient departments are projected to witness the fastest growth in the upcoming years due to the rising number of patients for these services, which leads hospitals to install a larger hospital-based system coupled with an increase in the employment of physicians of these services.
North America is projected to hold the highest revenue share in the global market for these services owing to the fact that surging prevalence of diabetes along with strategic initiatives opted by the private organizations indulged in offering these services. According to the Centers for Disease Control and Prevention, around 34.2 million individuals were impacted by diabetes in the United States, which is about 10.5% of the whole population, in 2018.
Asia Pacific is anticipated to witness substantial growth in the global market due to the rising prevalence of podiatric services due to diabetes, obesity, and the growing geriatric population in the region. According to the American Diabetes Association, in Asia, more than 60% of the people who have diabetes live almost one-half in China and India.
Additionally, the Western Pacific is known to be the most populous region in the world, with the number of diabetic patients being 138.2 million in 2016, and the number is projected to rise to 201.8 million by 2035. Thus, the increasing number of diabetic patients across the region have a high possibility of foot problems which will propel the market growth in the upcoming years. Furthermore, the rising technological advancement coupled with podiatry services associations is taking initiatives to raise the adoption of such technologies and raise awareness regarding the services, which will boost the market growth.
The leading players in the podiatry services market include Baycrest, Beijing Puhua International Hospital, Burjeel Hospital for Advances Surgery, Foot and Ankle Specialists of the Mid-Atlantic (FASMA), Foot Center of New York, Fortis Healthcare, Kaiser Permanente, Massachusetts General Hospital, Max Healthcare, Mayo Clinic, Medicine Middle East, Nuffield Health, Schoen Clinic, The London Podiatry Center, The Royal Free Hospital are operating in the market.
Market size value in 2020
USD 4.34 billion
Revenue forecast in 2028
USD 4.99 billion
1.8% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion/million and CAGR from 2021 to 2028
By Type, By Facility, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Baycrest, Beijing Puhua International Hospital, Burjeel Hospital for Advances Surgery, Foot and Ankle Specialists of the Mid-Atlantic (FASMA), Foot Center of New York, Fortis Healthcare, Kaiser Permanente, Massachusetts General Hospital, Max Healthcare, Mayo Clinic, Medicine Middle East, Nuffield Health, Schoen Clinic, The London Podiatry Center, The Royal Free Hospital