SAN FRANCISCO, July 19, 2021 /PRNewswire/ --The global podiatry services market size is expected to reach USD 5.0 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 1.9% from 2021 to 2028. The growing prevalence of diabetes and the growing geriatric population is expected to drive the growth of the market over the forecast period from 2021 to 2028. In addition, the rising awareness regarding foot health care, especially among athletes, is further fueling the market growth.
Key Insights & Findings:
The general podiatry segment held the majority of the market share in 2020 owing to the growing diabetic and geriatric population and their foot problems
On the other hand, the sports podiatry segment is likely to witness the fastest growth rate over the forecast period owing to the rising demand from people who are engaged in recreational or professional sports and the highest probability of performance-related injuries
The podiatry offices/clinics segment accounted for the majority of the market share in 2020 as the solo practice is the basic model of podiatric medical practice. Hospitals and outpatient departments are expected to witness the fastest growth over the forecast period owing to the multidisciplinary team approach adopted to provide integrated and comprehensive treatment
In 2020, North America held the majority of the regional market share owing to the availability of skilled resources and technological advancement, rise in higher disposable incomes, and preventive approach concerning foot healthcare. In Asia Pacific, the market is expected to witness the fastest growth rate over the forecast period
The market players are capitalizing on the opportunity by creating awareness regarding foot care majorly among the diabetic and geriatric population. The major competitors such as NHS and Kaiser Permanente are further investing to expand the reach and availability of the medical services
The associations promoting podiatric medicine services such as The International Federation of Podiatrists, the largest podiatry organization with 28 member countries associated, work together to encourage, educate, and support the podiatrists by creating awareness concerning the services. Furthermore, the inclusion of medical services in healthcare insurance and government initiatives concerning primary care are supporting factors for awareness and adoption of the services.
The market being fragmented in nature; relies on solo practices as the basic model of practice with the majority of the specialists working through clinics. However, with rising inclination towards group-based approach such as the Multidisciplinary Team (MDT) approach to provide patients with integrated and comprehensive care is further propelling the demand for hospitals and outpatient departments.
The Covid-19 pandemic is continuing to have a significant impact on the healthcare industry. Podiatrists are playing a critical role during this pandemic, especially in the prevention of diabetic and vascular foot ulceration and related hospital admissions. However, this pandemic has further given a boost to telemedicine/teleconsultation services. Teleconsultation has helped healthcare professionals to approach their patients with immediate and comprehensive knowledge and better wound assessment skills.
Grand View Research has segmented the global podiatry services market based on type, facility, and region:
Podiatry Services Type Outlook (Revenue, USD Million, 2016 - 2028)
Podiatry Services Facility Outlook (Revenue, USD Million, 2016 - 2028)
Hospitals & Outpatient departments
Podiatry Office / Clinics
Homecare & Telemedicine
Podiatry Services Regional Outlook (Revenue, USD Million, 2016 - 2028)
Middle East & Africa
List of Key Players of Podiatry Services Market
Massachusetts General Hospital
The London Podiatry Center
The Royal Free Hospital
Beijing Puhua International Hospital
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.