The Diabetic Footwear Market is expected to reach USD 14,183.7 Million by 2031, registering a CAGR of 7.9% from 2022 to 2031.
Rising Obese Population Mainly Drives Diabetic Footwear Market
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, February 22, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “diabetic footwear market By Type, End-User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2031,” the global diabetic footwear market size was valued at $5,802.5 million in 2020 and is projected to reach $14,183.7 million by 2031, registering a CAGR of 7.9% from 2022 to 2031.
Diabetic shoes are designed to prevent foot injuries from frequent mobility using a removable shoe insert and insole, which are made of stretchy material for fit and customization . Diabetic specialty stores and online portals offer a wide range of shoe styles, orthopedic and foot benefits, brands, and prices.
Customers are concerned about the health of their feet; thus, they like to inspect the softness and durability of shoes and soles before buying them. Also, people buy shoes on the orders of their doctors to avoid many foot-related problems. Diabetic shoes promote blood circulation in the foot area, which increases their popularity among diabetic patients. All these factors create market opportunities for diabetic footwear.
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The increase in obese population is mainly driving the diabetic footwear market. Additionally, the rapid progress seen in internet penetration, increase in life expectancy and growth in the popularity of online shopping portals over the past decade are augmenting the growth of footwear market for diabetics. Advancement in knowledge about diabetes and the benefits of diabetic footwear is further driving the demand for online rentals by making the process even more convenient. Also, increasing life expectancy, which in turn drives the growth of aging population, is driving the market in Asia Pacific. Diabetic shoes are expected to gain popularity on online portals in the near future with few restraints such as less knowledge about the benefits of diabetic shoes and neglect by diabetic patients. These diabetic footwear market trends are driving the growth of the market.
The long-term expansion of the diabetic footwear market is expected to be supported by the expansion of infrastructure associated with distribution outlets and specialty shoe stores. The unhealthy and hectic lifestyles of the global population have encouraged the rise in demand for various medical footwear. Apart from this, the increasing number of elderly people across the globe is expected to drive the growth of the global diabetic footwear market over the forecast period.
Rising spending on diabetic footwear, on the other hand, is expected to limit the market expansion. In addition, fierce competition from industry players is expected to hamper the business growth of major market players, stifling market expansion over the forecast period.
The COVID-19 pandemic situation has negatively impacted the diabetic footwear market due to supply chain disruption and closure of manufacturing units across the globe.
According to the diabetic footwear market analysis, the diabetic footwear market is segmented on the basis of type, end-user, and distribution channel. Among the distribution channel segments, the specialty store segment is the major revenue contributor in the diabetic footwear market, which is expected to reach $7,551.7 million by 2031. However, the online platform segment is expected to be the fastest growing end-user segment, growing at a CAGR of 8.4% during the forecast period. Additionally, the online platform segment is expected to witness a growing market share due to the increase in internet penetration and ease of use.
On the basis of type, the market is segmented into shoes, sandals, and slippers. The sandals segment is expected to grow comparatively faster than other types of diabetic footwear, growing at a CAGR of 8.6% during the forecast period. The increased awareness of different styles of diabetic shoes is driving the growth of the shoe type segment over the forecast period. The footwear segment is expected to remain dominant throughout the diabetic footwear market forecast. The Diabetic Footwear for Slippers Market is expected to reach $2,441.7 million by 2031, growing at a CAGR of 8.4% during the forecast period.
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Based on region, the market is dominated by North America, especially the United States, followed by Europe, where United Kingdom holds the major market, while Asia-Pacific is dominated by India, with a CAGR of almost 8.2% during the forecast period. Additionally, LAMEA is expected to experience a steady CAGR of 7.9% over the forecast period.
Rising obesity along with increasing elderly population is collectively expected to drive the demand for diabetic footwear market in Japan. In Europe, Germany, Italy and France have enormous growth potential thanks to the increase in their GDP.
Key Diabetic Footwear Industry Players profiled in the report are Podartis Srl (Italy), DJO Global Inc. (US), Aetrex Worldwide, Inc. (US), Dr. Zen Products, Inc. (USA), Orthofeet Inc. (USA). ), Propet USA, Inc. (USA), I-Runner (USA), Pilgrim shoes (USA), Finn Comfort (USA) and Drew Shoes (USA). Major diabetic shoe companies are present in the US market. Players such as DJO Global, Inc., Aetrex Industries, Inc., and Drew Shoe Corporation have established themselves as market leaders in terms of geographic presence and product portfolio.
Main results of the study
In 2020, based on type, footwear segment accounted for the highest diabetic footwear market share, growing at a CAGR of 7.5% from 2022 to 2031.
In 2020, on the basis of type, sandal footwear segment accounted for 30.2% market share and is expected to grow at the highest CAGR of 8.6% during the forecast period.
In 2020, based on distribution channel, the online platform segment accounted for 25.3% market share and is expected to grow at the highest CAGR of 8.4% during the forecast period.
In 2020, on the basis of end user, the female segment accounted for the highest market share. It is estimated to grow at a CAGR of 7.7% during the forecast period.
In 2020, based on region, North America accounted for a large market share and is expected to grow at a CAGR of 7.1% during the forecast period.