The Plantar Fasciitis Treatment Market is expected to register a CAGR of nearly 6.8% during the forecast period. Increasing adoption of orthotics technique coupled with increasing number of plantar fasciitis cases are the major factors driving the growth of the market globally.
According to the National Center for Health Statistics (NCHS) report, it is estimated that about two million population suffers from plantar fasciitis every year globally. Moreover, growing obese population is also attributing for the growth of the market studied as obese people are at greater risk of developing plantar fasciitis.
Furthermore, increasing geriatric population, growing technological advancements, availability of various treatment options are also few factors fueling the growth of plantar fasciitis treatment market. However, high cost of the treatment and lack of awareness about the plantar fasciitis condition are hindering the growth of plantar fasciitis treatment market.
Key Market Trends
Orthotic Devices Segment is Expected to Dominate the Global Plantar Fasciitis Treatment Market Over the Forecast Period
- Orthotic devices are also called orthoses, are the type of braces helps in supporting the weakened muscles while running and walking. They also improve comfort and helps in slowing the progress of contractures (tightened muscles or tendons that become shorter over time).
- Orthotic devices can be worn at any time of the day or night. The use of a specific orthotic device depends on the patient’s type of concern. The main types of orthotic devices include ankle-foot orthoses and knee-ankle-foot orthoses.
- Plantar fasciitis typically occurs as a result of flattening of the foot. This flattening of the arch makes the foot appear larger, one of the best ways to ease the burden on the foot is by essentially replacing the structure of the arch. Orthotics can be a valuable solution for people struggling with the discomfort of plantar fasciitis.
- According to a Health and Wellness Survey report by Richard L Nahin et al., published in Journal of Pain 2018, estimated the prevalence of plantar fasciitis in United States adults which was highest among women (1.19%) compared to men (0.47%), in population aged 45 to 64 (1.33%) versus population aged 18 to 44 (0.53%).
- Hence, to reach the consumer requirements market players are focussing on developing various novel and technological advanced Orthotic devices which is anticipated to propel the overall market.
North America is Expected to Dominate the Global Plantar Fasciitis Treatment Market Over the Forecast Period
- North America holds a significant market share in the global plantar fasciitis treatment market and 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 U.S. and changing lifestyle is also driving the plantar fasciitis treatment market in North America.
- As per National Clinical Trials (NCT) registry, as of June 18, 2020, currently, there are about 6 recruiting clinical trials across different phases of development for the treatment of Plantar Fasciitis in the United States.
- Owing to the growing healthcare expenditure, high investments in the development of new products, large population base with foot pain conditions, and expansion in the distribution networks of leading players are the major factors driving the market in the Asia Pacific region.
The Plantar Fasciitis Treatment Market is consolidated competitive. Currently, many private companies are focusing on the development and introduction of novel products into the market which is easily affordable and accessible. Some of the key innovations in the market include in 2017, BioElectronics Corporation received USFDA approval of ActiPatch as drugfree pain therapy for plantar fasciitis and osteoarthritis.
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