Albany, NY -- (SBWIRE) -- 04/07/2021 -- Transparency Market Research (TMR) has published a new report on the plantar fasciitis treatment market for the forecast period of 2019–2027. According to the report, the global plantar fasciitis treatment market was valued at ~ US$ 695 Mn in 2018, and is projected to expand at a CAGR of 4.3% from 2019 to 2027. Rise in the patient population and surge in the adoption of technologically-advanced products are the major factors anticipated to drive the global plantar fasciitis treatment market from 2019 to 2027.
Increase in Burden of Patient Population to Drive Plantar Fasciitis Treatment Market
Plantar fasciitis is one of the most common foot pain conditions. Plantar fasciitis is primarily caused due to repetitive strain on the ankle, leading to progressive wear and tear and degeneration of plantar fascia, a thick connective tissue covering the lower side of the foot.
The obese and geriatric populations are more prone to plantar fasciitis. It leads to sharp pain and other complications, in which, plantar fascia, a tissue connecting the heel and the toe bones becomes less flexible and more constrained.
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Rise in the number of individuals living sedentary lifestyles coupled with changes in eating habits leads to an increase in obesity, which puts pressure on the joints and ankles, and can result in plantar fasciitis.
Increase in the percentage of geriatric and obese populations is likely to propel the number of patients suffering from plantar fasciitis.
Moreover, prolonged standing, weight bearing, ill-fitted shoes, incorrect walking posture, and sudden rise in sports activities can trigger micro-tears in the plantar fascia, and lead to plantar fasciitis.
This multi-factorial etiology of the disease is anticipated to drive the global plantar fasciitis treatment market during the forecast period.
Orthotics Treatment Type to Gain Market Share and offer Lucrative Opportunities
The report offers detailed segmentation of the global plantar fasciitis treatment market based on type, end user, and region. In terms of type, the plantar fasciitis treatment market has been segmented into medication therapy (oral and parenteral), orthotics, shockwave therapy (extracorporeal shock wave therapy (ESWT) and intracorporeal pneumatic shockwave therapy (IPST)), surgery, and others. Rise in the awareness about the use of orthotics and proven efficacy of orthotics in managing and correcting plantar fasciitis are the factors driving the orthotics segment in the plantar fasciitis treatment market.
Based on end user, the global plantar fasciitis treatment market has been classified into hospitals, clinics, and others. The hospitals segment is expected to be the largest market segment due to an increase in the number of patients suffering from plantar fasciitis, and rise in the number of patients coming in through reimbursement programs such as Medicare.
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Asia Pacific Plantar Fasciitis Treatment Market to Grow at a Rapid Pace
North America held a prominent share of the global plantar fasciitis treatment market in terms of revenue in 2018, and is projected to sustain its market share during the forecast period. The prevalence and diagnosis rates of plantar fasciitis is increasing rapidly across the world. Rise in the number of obese people in the U.S. and changes in lifestyle drive the plantar fasciitis treatment market in North America.
The plantar fasciitis treatment market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Increase in the penetration of leading players in the region is expected to boost the plantar fasciitis treatment market in the region during the forecast period.
The plantar fasciitis treatment market in Asia Pacific is primarily driven by the surge in investments in healthcare infrastructure, rise in disposable income of people, economic growth, large population base with chronic diseases & other foot pain conditions, and expansion in the distribution networks of leading players in the region to establish themselves in lucrative plantar fasciitis treatment
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Dr. Scholl's, Superfeet Worldwide, Inc., Hanger, Inc., and Pfizer to Lead Market
The report contains the profiles of leading players operating in the global plantar fasciitis treatment market. These include Hanger, Inc., Bayer Group (Dr. Scholl's), A. Algeo Limited, Bauerfeind AG, Superfeet Worldwide, Inc., Ottobock SE & Co. KGaA (Ottobock Holding), Pfizer, Inc., Sanofi, and GlaxoSmithKline plc.
Hanger, Inc. is a U.S.-based manufacturer and distributor of orthotic and prosthetic devices, and provides therapeutic solutions to patients and businesses in acute, post-acute, and clinic settings. It offers integrated rehabilitative solutions with innovative technologies and efficient & effective clinical solutions.
Bayer is a life sciences company operating in the pharmaceutical, consumer health, animal health, and agriculture domains, with over 150 years of history and core competences in the areas of healthcare and agriculture. The company's foot care products are covered under the consumer health segment, which also includes products in dermatology, nutritional supplements, analgesic, digestive health, cold, allergy, sinus and flu, and sun care.
Pfizer, Inc. is a global biopharmaceutical company that operates through five segments: specialty care & oncology, primary care, established products, emerging markets, and animal & consumer healthcare. The consumer health products segment includes Advil, Centrum, and Robitussin. The emerging markets segment offers non-pharmaceutical products in various therapeutic categories such as pain management, dietary supplements, personal care, and respiration.
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