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.
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Increase in obese population primarily drives the diabetic footwear market. Moreover, rapid advancement observed in internet penetration, increase in life expectancy, and growth in popularity of online shopping portals over the last decade augment the diabetic footwear market growth. The advancement in knowledge regarding diabetes and benefits of diabetic footwear further drive the demand for online rental by making the process even more convenient.
The diabetic footwear market’s long-term expansion is projected to be supported by expanding infrastructure facilities associated to distribution outlets and specialized footwear shops. The global population’s unhealthy and hectic lifestyles encourage the rise in demand for diverse medical footwears. Aside from that, the growing number of elderly individuals across the globe is expected to boost the growth of the global diabetic footwear market during the forecast period.
The increased expense of diabetic footwear, on the other hand, is expected to limit the market expansion. Furthermore, fierce competition from industry players is projected to impede the important market players’ business growth, stifling the market expansion during the forecast period.
According to the diabetic footwear market analysis, the diabetic footwear market is segmented on the basis of type, end user, and distribution channel. Amongst the distribution channel segments, the specialty store segment is the major revenue contributor in the diabetic footwear market, which is anticipated 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. In addition, the online platform segment is expected to witness a gaining market share due to increase in internet penetration and ease of use.
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On the basis of region, the market is dominated by North America, particularly the U.S., followed by Europe, where UK has the major market, while Asia-Pacific is dominated by India, with nearly 8.2% CAGR during the forecast period. In addition, LAMEA is expected to witness a steady CAGR of 7.9% during the forecast period.
Increase in obesity along with rise in old age population are collectively expected to majorly drive the diabetic footwear market demand in Japan. In Europe, Germany, Italy, and France possess huge growth potential owing to their increase in GDP.
The key diabetic footwear industry players profiled in the report include Podartis Srl (Italy)
DJO Global Inc. (U.S.)
Aetrex Worldwide, Inc. (U.S.)
Dr. Zen Products, Inc. (U.S.)
Orthofeet Inc. (U.S.)
Propet USA, Inc. (U.S.)
I-Runner (U.S.)
Pilgrim Shoes (U.S.)
Finn Comfort (U.S.)
Drew Shoes (U.S.)
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