The plantar fasciitis treatment market is expected to register a CAGR of nearly 6.8% during the forecast period.
The COVID-19 outbreak was an unprecedented health concern and had significantly impacted the plantar fasciitis treatment market worldwide. Sports have been classified based on their contact nature. Thus, several sports activities were on hold, and some were postponed during the pandemic, thereby impacting the growth of the market in the first quarter of 2020. For instance, according to an April 2021 update by the NSC in America, the Consumer Product Safety Commission (CPSC) reported that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries was sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a more than 60% reduction from March through September 2020. However, the post-COVID-19 situation is likely to have huge growth as pending procedures will increase in the surgical volume. The market was impacted at the beginning of the pandemic; however, post-COVID-19, it has stabilized.
The increasing adoption of orthotics techniques coupled with an increasing number of plantar fasciitis cases is the major factor driving the growth of the market globally.
According to the study published in May 2022 by the National Library of Medicine, approximately one million patient visits per year are due to plantar fasciitis. This condition accounts for about 10% of runner-related injuries and 11% to 15% of all foot symptoms requiring professional medical care. It is thought to occur in about 10% of the general population as well, with 83% of these patients being active working adults between the ages of 25 and 65 years old. It may be present bilaterally in a third of the cases.
Moreover, according to the CDC data updated in January 2022, unintentional injury accounted for 200,995 in 2020, and the number of deaths due to traffic accidents was reported to be 40,698 in the United States in the same year. According to the same data, 24.8 million physician visits and 97.9 million emergency department visits occurred in 2020 in the United States. Thus, high cases of various injuries indicate a higher number of people suffering from plantar fasciitis, thereby driving the growth of the global market.
Furthermore, the increasing geriatric population, growing technological advancements, and availability of various treatment options are also a few factors fueling the growth of the plantar fasciitis treatment market. However, the high cost of the treatment and lack of awareness about the plantar fasciitis condition is hindering the growth of the market.
As per the World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. Thus, the increasing geriatric population is expected to suffer from various musculoskeletal diseases such as plantar fasciitis, and thereby orthotic devices are expected to see a surge over the forecast period.
Moreover, there were strict guidelines specific to each specialty that had to be implemented and followed for orthopedic surgeons to be able to continue to provide safe and effective care to their patients during the COVID-19 pandemic. For instance, in March 2021, in the United States, the National Association for the Advancement of Orthotics and Devices (NAAOP) issued an alert in which it was made clear that during the COVID-19 national emergency, state and local health authorities should consider orthotic and prosthetic practices as essential providers that must remain accessible to patients in need of orthotic and prosthetic care.
Hence, to reach consumer requirements, market players are focussing on developing various novel and technologically advanced Orthotic devices, which are anticipated to propel the overall market.
As per the National Clinical Trials (NCT) registry, as of September 2022, there were about 42 recruiting clinical trials across different phases of development for the treatment of plantar fasciitis in the United States.
Moreover, as per OECD data updated in 2022, obesity and weight issues are well-known problems in modern societies worldwide. In the United States, this problem is severe, with an extremely high prevalence of obesity among both males and females. This issue is often related to the American lifestyle, in which fast food and large serving sizes are common. Differences in the obesity rate in the United States can be seen between different ethnic groups, regions, genders, and ages. Around 42% of all African American adults were classed as being obese, compared to 36% of Hispanics and just 13% of Asian/Pacific Islanders. That same year, Mississippi was reported to have the highest share of its population that was obese among all US states, with an incredible 40% of adults in Mississippi self-reporting that they were obese. The least obese states include Colorado, Massachusetts, and Hawaii. Thus, the high obesity in the region is expected to increase the number of people suffering from plantar fasciitis in the United States. Therefore, the market is expected to see a surge over the forecast period.
This product will be delivered within 2 business days.
The COVID-19 outbreak was an unprecedented health concern and had significantly impacted the plantar fasciitis treatment market worldwide. Sports have been classified based on their contact nature. Thus, several sports activities were on hold, and some were postponed during the pandemic, thereby impacting the growth of the market in the first quarter of 2020. For instance, according to an April 2021 update by the NSC in America, the Consumer Product Safety Commission (CPSC) reported that during the first seven months of the COVID-19 pandemic, visits to emergency departments for consumer product-related injuries fell by 24%. The highest decrease in injuries was sports-related injuries associated with track and field. Hockey, soccer, baseball, football, and basketball witnessed a more than 60% reduction from March through September 2020. However, the post-COVID-19 situation is likely to have huge growth as pending procedures will increase in the surgical volume. The market was impacted at the beginning of the pandemic; however, post-COVID-19, it has stabilized.
The increasing adoption of orthotics techniques coupled with an increasing number of plantar fasciitis cases is the major factor driving the growth of the market globally.
According to the study published in May 2022 by the National Library of Medicine, approximately one million patient visits per year are due to plantar fasciitis. This condition accounts for about 10% of runner-related injuries and 11% to 15% of all foot symptoms requiring professional medical care. It is thought to occur in about 10% of the general population as well, with 83% of these patients being active working adults between the ages of 25 and 65 years old. It may be present bilaterally in a third of the cases.
Moreover, according to the CDC data updated in January 2022, unintentional injury accounted for 200,995 in 2020, and the number of deaths due to traffic accidents was reported to be 40,698 in the United States in the same year. According to the same data, 24.8 million physician visits and 97.9 million emergency department visits occurred in 2020 in the United States. Thus, high cases of various injuries indicate a higher number of people suffering from plantar fasciitis, thereby driving the growth of the global market.
Furthermore, the increasing geriatric population, growing technological advancements, and availability of various treatment options are also a few factors fueling the growth of the plantar fasciitis treatment market. However, the high cost of the treatment and lack of awareness about the plantar fasciitis condition is hindering the growth of the market.
Key Market Trends
Orthotic Devices Segment Expected to Have Significant Growth Over the Forecast Period
Orthotic devices, also called orthoses, are the type of braces that help in supporting weakened muscles while running and walking. They also improve comfort and help in slowing the progress of contractures (tightened muscles or tendons that become shorter over time).As per the World Population Prospects 2022, the share of the global population aged 65 years or above is projected to rise from 10% in 2022 to 16% in 2050. By 2050, the number of persons aged 65 years or over worldwide is projected to be more than twice the number of children under age 5 and about the same as the number of children under age 12. Thus, the increasing geriatric population is expected to suffer from various musculoskeletal diseases such as plantar fasciitis, and thereby orthotic devices are expected to see a surge over the forecast period.
Moreover, there were strict guidelines specific to each specialty that had to be implemented and followed for orthopedic surgeons to be able to continue to provide safe and effective care to their patients during the COVID-19 pandemic. For instance, in March 2021, in the United States, the National Association for the Advancement of Orthotics and Devices (NAAOP) issued an alert in which it was made clear that during the COVID-19 national emergency, state and local health authorities should consider orthotic and prosthetic practices as essential providers that must remain accessible to patients in need of orthotic and prosthetic care.
Hence, to reach consumer requirements, market players are focussing on developing various novel and technologically advanced Orthotic devices, which are anticipated to propel the overall market.
North America Expected to Have Healthy Growth in the Plantar Fasciitis Treatment Market Over the Forecast Period
North America holds a significant market share in the plantar fasciitis treatment market, and it is expected to withstand its position over the forecast period. The diagnosis and prevalence rates of plantar fasciitis are growing rapidly in the region. Additionally, the rise in the number of obese people in the United States and changing lifestyles are also driving the plantar fasciitis treatment market in North America.As per the National Clinical Trials (NCT) registry, as of September 2022, there were about 42 recruiting clinical trials across different phases of development for the treatment of plantar fasciitis in the United States.
Moreover, as per OECD data updated in 2022, obesity and weight issues are well-known problems in modern societies worldwide. In the United States, this problem is severe, with an extremely high prevalence of obesity among both males and females. This issue is often related to the American lifestyle, in which fast food and large serving sizes are common. Differences in the obesity rate in the United States can be seen between different ethnic groups, regions, genders, and ages. Around 42% of all African American adults were classed as being obese, compared to 36% of Hispanics and just 13% of Asian/Pacific Islanders. That same year, Mississippi was reported to have the highest share of its population that was obese among all US states, with an incredible 40% of adults in Mississippi self-reporting that they were obese. The least obese states include Colorado, Massachusetts, and Hawaii. Thus, the high obesity in the region is expected to increase the number of people suffering from plantar fasciitis in the United States. Therefore, the market is expected to see a surge over the forecast period.
Competitive Landscape
The plantar fasciitis treatment market is consolidated and competitive. Currently, many private companies are focusing on the development and introduction of affordable and accessible novel products. Some of the key companies in the market include Shapecrunch Technology Pvt Ltd, Algeo Limited, Bauerfeind, Scholl’s Wellness Co., and Ottobock.Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
This product will be delivered within 2 business days.
Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Shapecrunch Technology Pvt Ltd
- Ottobock
- Algeo Limited
- Bauerfeind
- Scholl's Wellness Co.
- SUPERFEET WORLDWIDE INC.
- GlaxoSmithKline PLC
- Sanofi
- Pfizer Inc.
- Hanger Clinic
Methodology
LOADING...
