Podiatry Services Market expected to grow at a CAGR of over 2.9% from 2023 to 2033 | FMI

According to a recently published analysis report by Future Market Insights, the global market for podiatry services was valued at US$ 4.6 billion in 2022. By 2033, the market is anticipated to reach US$ 6.1 billion with a CAGR of 2.6%. With a projected CAGR of over 2.9% from 2023 to 2033, general podiatry is predicted to be the high revenue-generating segment.

Future Market Insights, a market research and competitive intelligence provider, analyses that the demand for Podiatry Services is projected to increase at a CAGR of 2.6% from 2023 to 2033, exhibiting an absolute dollar growth opportunity of US$ 1.4 Bn globally during the forecast period.

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.

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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.

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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

About FMI:

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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