Research and Development
Over the past few years, there has been an increased emphasis by healthcare providers on preventative care such as podiatry, which has led to a steadily growing demand for foot care services. Other demographic and societal changes have also contributed to this cause, including a steady rise in the prevalence of diabetes, which alone triggers a number of foot care issues among its sufferers.
In addition, based on Canada’s 2011 census data, the population of Ontario is projected to grow by over 30% in the next 25 years. As the population grows, the available service providers will be insufficient to meet the needs of those requiring podiatric care.
According to the College of Chiropodists of Ontario in their 2015 Annual Report, fewer than 700 of its members actively provide care across Ontario. Of this group, the vast majority are over 60 years of age, many of whom will retire over the coming years. This inverse relationship impending between the declining number of foot care providers and increasing population renders it an optimal time to enter the podiatric care industry.
This year, more podiatric service providers are turning to new and innovative technology to streamline the delivery of services and provide better treatment options to patients. This advent of new technology forces clinicians to implement these new tools in order to adapt to the changing market. In order to do so, however, substantial economic resources are required. As a result of this rapid change in technology, and its associated costs, many smaller clinics will be unable to sustain such costs and eventually force them out of business. Additionally, as much of this new equipment is not yet widely used in Ontario, by offering this newer technology, Dr. Foot providers will have a competitive advantage.