The increasing demand for minimally invasive treatment methods is a key factor predicted to facilitate the growth of the plantar fasciitis market, says Fortune Business Insights in a report, titled “Plantar Fasciitis Market Size, Share and Global Trend By Treatment (Medication Therapy, Orthotics, Radiation Therapy, Shock Wave Therapy, Surgery, Others), By End User (Hospitals, Ambulatory Surgery Centers, Specialty Clinics, Others), and Geography Forecast till 2026” the rising cases of obesity around the world is likely to propel the growth of the plantar fasciitis market during the forecast period. The increasing prevalence of plantar fascia owing to the growing geriatric population is expected to bolster the healthy growth of the market during the forecast period. According to the National Center for Health Statistics (NCHS) report, it is estimated that globally one million population suffers from plantar fasciitis every year. Anti-inflammatory drugs, shock wave therapy, and orthotic insoles are some of the available options for mitigating and reducing the pain caused during planar fasciitis — Furthermore, the rising demand for effective treatment options for plantar fasciitis is expected to boost the plantar fasciitis market trends.
The increasing prevalence of obesity around the world is likely to augment the growth of the market in the forthcoming years. according to the world health organization (WHO), it was estimated that 650 million adults were suffering from obesity, which is expected to rise in the future.
The report is aimed at delivering a comprehensive view of the plantar fasciitis market dynamics and structure by identifying and providing information regarding the key market segments. It also focuses on an all-encompassing analysis of leading market players by financial position, product, product portfolio, price, growth strategies, and regional presence. It offers PORTER’s analysis and SWOT analysis to record the question of shareholders and highlights the investment potential in the upcoming future. It also showcases different procedures and strategies of companies currently operating in the market. It further examines the components, convincing market expansion, growth patterns, restricting factors, and market strategies.
Some of the Major Companies in the Plantar Fasciitis Market include:
- Superfeet Worldwide, Inc.
- Eli Lilly and Company
- GlaxoSmithKline plc
- Pfizer Inc.
- Allergan plc.
- Bristol-Myers Squibb Company
- Bayer AG
- Bauerfeind AG
- Ottobock Holding GmbH
- Hoffmann-La Roche Ltd.
- And others.
Approval for ActiPatch by FDA to Boost Growth Prospects
The launch of ActiPatch as drug-free pain therapy for plantar fasciitis by BioElectronics Corporation is likely to facilitate the growth of the market. For instance, in February 2017, BioElectronics Corporation received FDA approval of ActiPatch as drug-free pain therapy for plantar fasciitis and osteoarthritis which was highly efficient in treatment and demonstrated no harmful effects in patients. Furthermore, the reduction in the follow-up Phase IIb study of injectable AmnioFix is expected to accelerate the plantar fasciitis market share. For instance, in September 2016, the FDA reduced the follow-up requirement from two years to one year for a Phase IIb study of injectable AmnioFix for the treatment of plantar fasciitis. The approval of the protocol amendment was based on the injection’s safety profile and a lack of immunogenic response in study patients. Begun by MiMedx in August 2014, the trial involves up to 146 subjects at 20 clinical sites. In addition, the growing demand for minimally-invasive treatment methods to treat plantar fasciitis is expected to be a crucial factor in foster the growth of the market.
However, the high cost associated with the treatment of plantar fasciitis is predicted to hamper the growth of the plantar fasciitis market during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Rising Obese Population to Encourage Growth in North America
Geographically, the global Plantar fasciitis is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is predicted to have a major share in the global plantar fasciitis market during the forecast period due to the growing obese population in the U.S. For instance, in 2016, according to OECD Health Statistics, it was estimated that the obesity rate among adult population was 40% in united states. In addition, growing investments in the development of oral medications and effective therapy for the treatment of plantar fasciitis by many research organizations and pharmaceutical companies are likely to boost the plantar fasciitis market in North America during the forecast period. In the Asia Pacific, the plantar fasciitis market is likely to grow at a significant rate during the forecast period owing to an increase in the geriatric patient population. In addition, the rising sedentary lifestyle of people and an increase in the demand for cost-effective treatment for plantar fasciitis is likely to aid the market in Asia Pacific.