Podiatrists Industry Profile

Practitioners in this industry diagnose and treat diseases and deformities of the foot. No major companies dominate the industry.

In the US, there are about 18,000 podiatrists licensed and practicing, according to the Advancing foot and ankle medicine and surgery.

The US industry includes about 8,000 podiatry clinics that generate about $5 billion in annual revenue.

COMPETITIVE LANDSCAPE

Demand for podiatry services is driven by population growth and demographics. Profitability depends on patient volume, insurance reimbursement, reputation, and operational efficiency. Large practices enjoy economies of scale related to administrative costs and purchasing diagnostic equipment. Small practices can compete effectively by providing good customer service and by operating from convenient locations.

The industry is highly fragmented: the top 50 firms account for about 10% of industry revenue. Historically, solo practice has been the norm for podiatrists. However, more group practices are emerging, often with other specialists as part of the practice group. Podiatrists are also employed by hospitals, health departments, and nursing homes.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major areas of treatment include patient care related to ICD-10 major category, accounting for more than 50% of the industry's revenue. Other areas include musculoskeletal diseases (20%) and skin and subcutaneous diseases (about 15%). Podiatrists also offer treatment for certain infectious and parasitic diseases; endocrine, nutritional, and metabolic diseases; and diseases of the circulatory system.

Among the common disorders podiatrists treat are ingrown toenails, corns, bunions, bone spurs, arch support, and heel problems. ...