Global Podiatry Services Market to grow with a CAGR of 2.10%
Increasing healthcare infrastructure and a supportive regulatory
environment are the major drivers for the Global Podiatry Services Market.
According to TechSci Research report, “Global Podiatry Services Market
Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Podiatry Services
Market has valued at USD 4.30 billion in 2022 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 2.10% and will probably
reach USD 5.40 billion by 2028. This can be due to collaborations and
partnerships among leading companies with a diverse approach to merge the
expertise of individual companies and to strengthen their position in the
market.
Multidisciplinary care can drive the demand for Global Podiatry Services.
Multidisciplinary care refers to an integrated approach in healthcare where
healthcare providers from various specialties work collaboratively to address
the comprehensive needs of patients. Multidisciplinary care allows for a more
holistic approach to patient care. Podiatrists can collaborate with other
healthcare providers, such as primary care physicians, orthopedic surgeons,
physical therapists, diabetes specialists, and more, to address not only foot
and ankle issues but also underlying medical conditions and overall health. Patients
with complex medical histories or multiple health issues can benefit from a
team of healthcare professionals who collectively assess their needs. This
comprehensive assessment can lead to more accurate diagnoses and treatment
plans. Multidisciplinary teams can focus on preventive care. For instance, in a
diabetes management team, podiatrists can emphasize the importance of foot care
and early intervention to prevent complications like ulcers and amputations. Effective
multidisciplinary care can help prevent or manage foot and ankle issues in a
way that reduces the need for hospitalization and expensive medical procedures.
This can be cost-effective for both patients and healthcare systems.
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The solo practice paradigm predominates in the fragmented podiatry
profession. However, the initiatives taken by podiatry groups have aided the
professionals in expanding, staying current, and connecting. Podiatry services
are becoming more widely available in hospitals and big healthcare facilities
as more group practices are starting to take the Multidisciplinary Team (MDT)
approach to providing complete treatment by competent experts into
consideration.
In August 2023, the opening of the Podiatry Residency Program has been
eagerly anticipated by Village Health and its affiliates, including North
Houston Surgical Hospital, Heights Hospital, and Spring Hospital. The Village
Health Podiatry Residency Program was created to offer future podiatrists’
thorough instruction, practical experience, and mentoring possibilities.
Residents will learn advanced clinical skills while deepening their grasp of
the complexity of foot and ankle care under the supervision of seasoned
podiatrist specialists. A thorough curriculum covering many facets of podiatric
medicine, such as surgical operations, diagnostics, preventative care, wound
treatment, and patient education, will be provided through the podiatry
residency program. To widen their horizons and stay on the cutting edge of developments
in podiatric medicine, residents will have the chance to work with
interdisciplinary teams, engage in research, and attend educational
conferences.
Economic pressures can pose challenges in the Global Podiatry Services
Market. These economic pressures can impact both the supply and demand sides of
podiatry services. Economic pressures can make healthcare services, including
podiatry, less affordable for patients. High out-of-pocket costs, copayments,
and deductibles can discourage individuals from seeking podiatry services,
especially for non-urgent or elective care. The availability and scope of
healthcare insurance coverage can be influenced by economic factors. Limited or
inadequate insurance coverage may restrict patients' access to podiatry
services or limit the types of services covered. In times of economic
uncertainty, individuals and families may prioritize spending on essential
needs over healthcare services. This can lead to delayed or deferred podiatry
care, which may result in more complex and costly treatments later. Podiatry
practices can be affected by economic downturns as patients may reduce their
healthcare spending. Lower patient volumes and reduced reimbursements from
insurance providers can impact the financial stability of podiatry practices.
Global Podiatry Services Market segmentation
is based on Treatment
Condition, Service, Application, and Region
Based on service, Global Podiatry Services Market
is segmented into General Podiatry, Podiatry Surgery, Podopediatrics, Sports
Podiatry. "Podopediatrics"
is a specialized area within podiatry that focuses on the diagnosis, treatment,
and care of foot and ankle issues in children and adolescents. Podopediatric
practitioners, often referred to as podopediatrists, are trained to address a
wide range of pediatric foot and lower limb conditions. This field is dedicated
to promoting the foot health and well-being of young patients. Podopediatric
specialists have a deep understanding of the development of the pediatric foot
and lower limb. They are knowledgeable about the normal growth and
developmental milestones of children's feet and how these may differ from adult
feet. Podopediatric care often
includes preventive measures to promote optimal foot health in children. This
may involve educating parents and caregivers about proper footwear, hygiene,
and activities to encourage healthy foot development.
Based on Region, North
America dominated the Global Podiatry
Services Market. North America has been at the forefront of
technological advancements in healthcare, including podiatry. Advanced
diagnostic tools, surgical techniques, and electronic health records (EHRs)
have become standard in many podiatry practices, attracting patients seeking
the latest in healthcare. Podiatry is well-established as a medical
specialization in North America. Podiatrists in the region undergo rigorous
training and education, and they are recognized as experts in the field of foot
and ankle care. North America is home to many research institutions, medical
schools, and universities that conduct research in podiatry and related fields.
This research contributes to the development of innovative treatments and
therapies in foot and ankle care. There is generally a high level of health
awareness in North America, with many individuals seeking preventive care and
early treatment. Regular check-ups, including podiatry consultations, are
common.
Asia-pacific region
to fastest growth in the Global Podiatry Services Market. The Asia-Pacific
region has a large and rapidly growing population. As populations expand, so
does the overall demand for healthcare services, including podiatry services.
The sheer number of potential patients in this region contributes to market
growth. Many countries in the Asia-Pacific region are experiencing demographic
shifts characterized by an aging population. As people age, they are more prone
to foot and ankle problems, leading to increased demand for podiatry services
to address age-related conditions. Rapid urbanization in many Asian countries
has led to lifestyle changes, including increased sedentary behavior, obesity,
and a higher prevalence of chronic conditions like diabetes. These factors are
associated with a higher incidence of foot problems, further driving demand for
podiatry services. As healthcare awareness and education continue to improve
across Asia-Pacific countries, individuals are becoming more proactive about
seeking medical care, including specialized services like podiatry, to address
their health concerns.
Some of the major companies operating in the Global Podiatry Services Market include:
- Mayo clinic
- Kaiser permanente
- The London podiatry centre
- The royal free hospital
- Guy's and St. Thomas'
- Max Healthcare
- Fortis Healthcare
- Beijing Puhua International Hospital
- Baycrest
- Nuffield health
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“Certain areas, particularly in North
America, are projected to exert significant demand for podiatry services. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the Global Podiatry
Services Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
Podiatry Services Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented by Treatment Condition
(Cardiovascular Diseases, Diabetes, Musculoskeletal Diseases, Neurological
Diseases, Non-Comorbid Conditions), by Service (General Podiatry, Podiatry
Surgery, Podopediatrics, Sports Podiatry), by Application (Home Care & Telemedicine,
Hospitals & Outpatient Departments, Podiatry Office & Clinics), by
region, and Competition evaluated the future growth potential of Global Podiatry Services Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide innovative market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Podiatry Services Market.
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