Podiatry Services Market Definition
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. Podiatry was earlier known as chiropody and is still termed as chiropody in countries such as the UK and in some provinces of Canada.
Podiatry Services Market Size
The global podiatry services market reached a value of nearly $19,377.4 million in 2017, having grown at a compound annual growth rate (CAGR) of more than 1.76% since 2013.
Growth of the market will be driven by increasing geriatric population, rising prevalence of chronic diseases such as diabetes, arthritis and cardiovascular diseases, and increasing awareness about the importance of routine foot health and care. However, global growth will be below the growth of global GDP. The market will be negatively affected by political instability in regions such as the Middle East and by uncertainty in healthcare policies in countries such as the USA, and by budgetary restraints on public provision from some countries in Europe.
Podiatry Services Market Drivers
The Key drivers of the podiatry services market include:
Increase Of Diabetes Prevalence
Diabetic foot complications are contributing to both mortality and morbidity among the diabetic population leading to a substantial physical, psychological and financial burden for patients. Diabetes prevalence has increased from 8.5% in 2014 to 8.8% in 2017 leading to higher demand for podiatry services for diabetic foot problems. It is estimated that globally, 25% of total health care expenditure among the diabetic population is related to foot complications thus driving the market growth.
Podiatry Services Market Restraints
The key restraints on the podiatry services market include:
High Cost
The cost of various healthcare services, podiatry being one of them, is continuing to increase and will restrain the growth of the podiatry services market. This is due to the high prices associated with the diagnosis and treatment of diseases related to foot, ankle or lower extremities. In emerging countries, high prices can lead to fewer people approaching a podiatrist for treatment.
Podiatry Services Market Trends
Major trends influencing the podiatry services market include:
Fighting Acute And Chronic Pain With Innovative Technology - Foot ailments are commonly accompanied with either acute or chronic pain and various non-invasive methods are being launched for its treatment. For instance, podiatrists are using Extracorporeal Pulse Activation Technology (EPAT), to treat acute or chronic pain in the muscle and tendon, which uses pressure waves to stimulate blood circulation to the lower limb and enhances the metabolism, helping the regeneration of tissues in the affected area. EPAT is also considered as an alternative to surgery and the whole process takes only 5-10 minutes.
Multidisciplinary Approach To Treatment Of Diabetic Foot Ulcers - Foot diseases arise primarily due to an existing comorbid condition such as diabetes or arthritis. For instance, one in four diabetic individuals suffer from diabetic foot ulcers (DFU), the treatment of which requires a podiatrist and an endocrinologist. In certain cases, a vascular specialist is also required to grade the severity of the disease and the chances of ulcer development in a patient with peripheral vascular disease is high. In the UK, a multidisciplinary approach to the treatment of diabetic foot ulcer is trending and a person with DFU is attended by a podiatrist, vascular specialist, infectious disease specialist and orthotist.
Podiatry Services Market Segmentation
The Podiatry Services market is segmented by specialization, by treatment condition, by facility and by geography.
By Specialization Type -
The podiatry services market is segmented by specialization type into
- a) General podiatry
- b) Podiatric surgery
- c) Sports medicine
- d) Podopediatrics
General podiatry had the highest growth rate of nearly 1.85% during the historic period. The fastest growth in the historic period can be attributed to the increasing prevalence of diabetes and other comorbid conditions along with increasing awareness about podiatry and the importance of foot care.
By Treatment Condition -
The podiatry services market is segmented by treatment condition into
- a) Diabetes
- b) Musculoskeletal diseases
- c) Cardiovascular diseases
- d) Neurological diseases
- e) Others (Non-Comorbid Conditions)
Growth has accelerated in all the segments of the global podiatry services market by treatment condition.
By Facility -
The podiatry services market is segmented by type of facility into
- a) Clinics
- b) Hospitals
- c) Other facilities (Homecare organizations, Nursing Homes)
By Geography - The podiatry services market is segmented into
- o North America
- USA
- o Western Europe,
- UK
- Germany
- France
- Spain
- Italy
- o Asia Pacific
- China
- Japan
- India
- Australia
- o Eastern Europe
- Russia
- o South America
- Brazil
- o Middle East
- o Africa
North America is the largest market for podiatry services, accounting for almost 31.2% of the global market. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, Asia Pacific and the Middle East will be the fastest growing regions in this market.
Podiatry Services Competitive Landscape
Major Competitors are:
- • National Health Service (NHS)
- • Kaiser Permanente
- • UPMC
- • Mayo Clinic
Other Competitors Include:
- • Massachusetts General Hospital
- • Foot Center of New York
- • Foot and Ankle Specialists of the Mid-Atlantic (FASMA)
- • Capital Health Nova Scotia
- • London Podiatry Centre
- • Royal Free hospital
- • Guy’s and St. Thomas’ hospitals
- • St George’s hospital
- • Spire Bushey hospital
- • Royal London hospital
- • Assistance Publique – Hôpitaux de Paris
- • Nuffield Health
- • Geneva University Hospital
- • Beijing Puhua International Hospital
- • International SOS Beijing Clinic
- • Hong Kong Adventist Hospital
- • Parkway Health
- • Apollo Hospitals
- • Max Multispecialty Hospital
- • Nanavati super specialty Hospital
- • Krishna Institute of Medical Sciences (KIMS)
- • Columbia Asia Hospital
- • Manipal Hospital
- • Shonan Kamakura General Hospital
- • University of Tokyo Hospital
- • Royal Melbourne Hospital
- • Sir Charles Gairdner Hospital
- • Royal Brisbane and Women’s Hospital
- • Royal Prince Alfred Hospital
- • Royal Adelaide Hospital
- • European Medical Center
- • International Medical Center
- • Dubai Podiatry Center
- • Aspetar
- • Life Healthcare hospital group
- • Netcare Group
- • Ganzouri specialized hospital
- • Steve Biko Academic Hospital