A market that prevail due to increase in the lifestyle associated disorders such as diabetes and obesity
It is a branch of market that is devoted to the study, diagnosis, and medical and surgical treatment of disorders of the foot, ankle and lower extremity. Podiatric product is a supportive device that is placed mainly in footwear, to change the mechanical function of the foot.
On the basis of end user which is medicals, clinics, sports and others medical segment tend to dominate the market due to an increase in the number of knee-related injuries has propelled physicians to suggest medical insoles which not only reduces the risk of injuries but also improves the knee or joint pain.
The global podiatric product and supply market is valued at USD 2.6 billion in 2016 and is expected to reach USD 3.8 billion by the end of 2024.
North America and Europe have become mature compared to the Asia-Pacific region in terms of demand for foot podiatric product market. Asia-Pacific is expected to witness high demand for foot podiatric market owing to the rise in prevalence of chronic diseases, disposable income as well as increasing awareness about the podiatric products.
Increasing number of foot injuries: Major boost
Since podiatry is the medical care and treatment of the human foot —also called chiropody, so the major boost in this market is increasing number of foot injuries that takes place globally. Each year more than 18,000 elder adults expire from injuries sustained through falls. So the main reason behind propelling the growth of this market is increased no. of foot injuries which need to be solved with the passage of time.
Technological advancement in products: Innovation
Technological advancement that are taking place for example footwear are made for diabetic people known as diabetic footwear came into existence. Also Vendors in the market are focusing on major growth areas, such as preventive care and outpatient care, and are introducing innovative ideas for efficient cushioning and support. One of the latest developments that the market is witnessing is the growing demand for premium and customized products. The growing customized foot segment works on 3D printing, in which the foot can be scanned, and the insole can be mass produced with the precise measurements.
Nevertheless high cost of these devices and consumer awareness can curtail the growth of such market.
“Global Podiatric Products and Supply Market Outlook 2024”
It contains detailed overview of the global podiatric products and supply market in terms of market segmentation by solution type, by body part type and by end-user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes podiatric product and supply market provides competitive outlook of some of the major players of the global market which includes profiling of companies of The Bayer Healthcare AG, Superfeet Worldwide Inc., Hinge Prosthetics & Orthotics Inc., Bauerfeind AG, Otto bock Holding GmbH, Hanger Inc., Comfort fit Orthotic Labs Inc., and Bauerfeind AG. Etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global podiatric product and supply market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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