Global Podiatry Services Market Charecterstics
The podiatry services market comprises services offered by podiatrists (or other physicians) for the diagnosis and treatment of foot ailments such as diabetic foot ulcers, foot infections, corns and calluses, bunions and other foot problems. Podiatry is a medical profession that deals with the diagnosis, treatment and prevention of diseases affecting the lower limb extremity such as the foot and ankle.
Podiatrists are physicians or surgeons specializing in preventing, diagnosing and treating conditions of lower extremities. Podiatrists offer care for situations associated with the skin, muscles, ligaments, nerves and bones of the foot and ankle.
Global Podiatry Services Market
The global podiatry services market is highly fragmented, with many individual clinics operating across the world. High fragmentation of the market is mainly due to large number of solo practices by individual clinicians and competition from non-podiatrists such as general physicians, orthopedists and endocrinologists to offer these podiatric services in many countries.
Major companies in the podiatry services market include National Health Service, Kaiser Permanente, UPMC and Mayo Clinic.
Global Podiatry Services Market Size
The podiatry services market is expected to reach $2.1 billion by 2021, growing at a steady CAGR of less than 5% in the forecast period. The growth is mainly due to rise in geriatric population, i.e., patients suffering from foot problems, increasing healthcare access in emerging economies and growing comorbidities associated with foot disorders.
However, the podiatry services market is expected to face restraints from several factors such as limited skilled podiatrist workforce, high costs of treatment and lack of awareness about podiatric services among patients.
Global Podiatry Services Market Segmentation
The podiatry services market is further segmented on the basis of specialization, by treatment condition, by facility and by geography.
By Specialization- The podiatry services market is segmented into general podiatry, podiatric surgery, sports medicine and pod pediatrics.
The general podiatry segment caters to the most prevalent therapeutic conditions of podiatric patients. General foot ailments such as diabetic foot, corns and calluses, nail infections and other general foot disorders come under this segment. Customized footwear advice also forms a part of this service.
The podiatric surgery segment involves surgical services including soft tissue, tendon and joints and other foot and ankle surgery.
The sports medicine segment caters to the sports-related injuries, associated therapies for sports and fitness injuries such as orthoses, braces and customized insoles.
Pod Pediatrics segment deal with highly specialized services serving children and are commonly accessible in developed countries. In most other countries the services under this segment are provided by other physicians under normal general podiatry (podiatric care) or by podiatric surgeons.
Among these segments, general podiatry accounted for the largest segment in the podiatry services market in 2017.
By Treatment Condition- The global podiatry services market is segmented into diabetes, musculoskeletal diseases, cardiovascular diseases, neurological diseases and others (non-comorbid conditions).
Among these segments, diabetes was the largest treatment condition segment in the podiatry services market in 2017. This can be attributed to the high prevalence of diabetic foot ulcers due to the large diabetes patient pool and increasing awareness of and screening for diabetic foot problems across all regions.
By Facility- The global podiatry services market is segmented into clinics, hospitals and other facilities such as homecare organizations and nursing homes.
Among these segments, clinics held the largest share in the podiatry services by facility market, followed by hospitals.
By Geography- The global podiatry services market is segmented into North America, South America, Western Europe, Eastern Europe, Asia Pacific, Middle East and Africa.
Among these segments, the North American podiatry services market was estimated to have the largest share in the global podiatry services market.
Global Podiatry Services Market Trends
Several trends are being witnessed in the global foot treatment market, which include expansion of coverage for podiatry services, development of innovative technology to treat acute and chronic pain and multidisciplinary approach to treat diabetic foot ulcers.
Potential Opportunities In The Global Podiatry Services Market
With rising number of patients suffering from diabetes, obesity and foot disorders and increasing public and private funding in healthcare industry, the global podiatry services market is expected to have significant potential and demand in the forecast period.