Increase in the number of diabetic patients globally and rising disposable income in emerging economies leading to high spending on diabetes treatment is the major factor supporting the growth of the market. Moreover, increasing awareness, government initiatives and availability of customized and fashionable footwear also fuels the growth of the market.
Global Diabetic Footwear Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9.4 Billion by 2024 from $5.3 Billion in 2016; growing at a CAGR of 7.4% from 2016 to 2024.
Diabetic footwears are used to reduce foot amputation and ulceration risk in people suffering from diabetes. It is a lifestyle disease. Foot ulceration and debilitating problems affects the diabetic patients and the long term result can be amputation.
People with diabetes are suggested to wear insoles within footwear to lower the stress on mechanical tissue on the plantar surface of the foot to avoid foot ulceration.
The diabetic footwear market trends include accessibility of diabetic footwears in various styles and in several shapes which will favor the diabetic footwear market size.
Rising awareness & increasing disposable income to drive the growth of diabetic footwear market
Increasing disposable income in developing economies leading to high expenditure on diabetes treatment, growing diabetic patients worldwide, rising awareness, government initiatives and accessibility of fashionable and customized footwear. Though, accessibility of sub-standard shoes at lower price, and high price of diabetic shoes may hinder the market growth.
Additionally, untapped markets and entry of new brands could provide several growth opportunities during the upcoming years.
The global diabetic footwear market analysis by distribution channel, end-use and geography is given in this report. Based on distribution channel, market is further segmented into specialty stores, online stores, super market & hyper market, shoe stores, and departmental stores.
Additionally, end-use is bifurcated into men and women. Based on geography, the global diabetic footwear market has been segregated into North America, Europe, Asia-Pacific and Rest of the World (RoW).
Online stores accounted for the largest market share in the distribution channel segment
In 2016, based on distribution channel, online stores held the largest market share in the diabetic footwear market with 60.4% owing to accessibility of many shapes and sizes and discount rates, increasing penetration of smartphone, followed by specialty store.
Asia-Pacific is anticipated to grow at a fastest CAGR over the forecast period
Diabetic footwear market forecast that Asia-Pacific is expected to attain the fastest CAGR of 8% during the forecast period 2016 – 2024, and anticipated to continue the trend owing to rising geriatric population in countries like India, efforts on rising awareness, growing economic conditions and increasing disposable income, followed by Europe. Asia Pacific held the major market share of 36.8% followed by North America.
Major players have used various strategies to increase diabetic footwear market share and global presence. For instance, in 2017, Aetrex Worldwide Inc., declared the acquisition of SOLS Systems, United States based company.
This will allow Aetrex Worldwide Inc. to offer supreme customization and adjustability across their product lines.
The major players operating in the market are Apex Foot Health Industries LLC, Dr Comfort, LLC., Orthofeet Inc., Dr Zen Products, Inc., Podartis S.r.l., Etonic Worldwide LLC, DARCO International, Inc., Advanced Diabetic Solutions, Aetrex Worldwide Inc., and Drew Shoe Corporation, among others.
Scope of Diabetic Footwear Market
Distribution Channel Segments
- Online Stores
- Shoe Stores
- Specialty Stores
- Departmental Stores
- Super Market & Hyper Market
- North America
- South America
- Middle East
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