Factors such as advancements in vaccine technology, a surge in pet healthcare expenditure, and the rising prevalence of infectious diseases among companion animals also contribute to market expansion.
According to Future Market Insights' analytical analysis, the global podiatry services market 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
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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Market Segments Covered in Podiatry Services Market Analysis
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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.
Feb 16, 2024