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Medical Footwear Market Trends, Growth & Forecast 2024-2033
Medical Footwear Market Trends
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According to The Business Research Company's, The medical footwear market size has grown strongly in recent years. It will grow from $9.87 billion in 2023 to $10.71 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to aging population, orthopedic conditions, post-surgery recovery, diabetic foot care, foot pain management, podiatric recommendations.
The medical footwear market size is expected to see strong growth in the next few years. It will grow to $14.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%. The growth in the forecast period can be attributed to increasing health awareness, foot health education, athletic footwear for injury prevention, rise in foot surgeries, cultural and lifestyle changes. Major trends in the forecast period include 3D printing technology for customization, advanced materials for comfort and support, smart footwear technologies, stylish designs for therapeutic shoes, non-slip and slip-resistant soles.
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Market Drivers and Trends:
The rapidly growing prevalence of foot-related issues such as bunions & hallux valgus, plantar fasciitis, Achilles tendonitis, and arthritis is significantly contributing to the growth of the medical footwear market. Foot-related issues generally refer to the issues that relate to the feet which cause pain in the foot. Foot-related issues are common in people with diabetes. Some of the foot-related issues like bunions & hallux valgus, plantar fasciitis, Achilles tendonitis, and arthritis are common in these patients. Due to these food-related issues, doctors recommend using medical footwear. For instance, according to the survey conducted by D López-López in 2021, there is an increase in the prevalence of foot pathologies, ranging between 61 and 79%, which is why they constitute an important public health problem. Most of the people were facing issues like bunions & hallux valgus, plantar fasciitis, Achilles tendonitis, and arthritis. So, an increase in these foot-related issues is driving the growth in the medical footwear market.
Major companies operating in the medical footwear market are developing innovative products such as PPE footwear to gain a competitive edge in the market. PPE stands for Personal Protective Equipment. It refers to specialized equipment or clothing designed to protect individuals from potential hazards in the workplace or during specific activities. For instance, in June 2021, Gales, a US-based footwear company, launched Smart PPE Footwear designed exclusively for nurses, offering innovative antimicrobial, waterproof, slip-resistant shoes. Developed in collaboration with healthcare professionals, the footwear prioritizes comfort, safety, and affordability, addressing specific concerns such as infection exposure, easy cleaning, and stylish design. With a focus on comfort, protection, and low-maintenance design, the shoes include machine washable Ortholite insoles, antimicrobial material, and a lightweight XL Extralight technology.
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Major Key Players of the Market:
New Balance Athletics Inc., Crocs Inc., Wolverine Worldwide Inc., The Timberland Company, Rockport Company LLC, Dansko LLC, Sanita Clogs Inc., DJO LLC (Dr. Comfort), Orthofeet Inc., Aetrex Worldwide Inc., Vionic Group LLC, Gravity Defyer Corp, Drew Shoe Corporation, Alegria Shoe Shop LLC, Nurse Mates Inc., Darco International Inc., Dr. Foot Inc., Duna Co Ltd., Extro Style LLC, Horng Shin Footwear Co Ltd., Hush Puppies Worldwide Inc., Klogs Footwear Inc., Novamed s.r.o., SAS Shoes Inc., Watts Footwear Inc., Zen Products Inc., Dr. Zen Inc., Propét USA Inc., Apex Foot Health Industries LLC
Medical Footwear Market 2024 Key Insights:
• The medical footwear market size is expected to see strong growth in the next few years. It will grow to $14.89 billion in 2028 at a compound annual growth rate (CAGR) of 8.6%.
• Rising Prevalence Of Foot-Related Issues Propels Growth In The Medical Footwear Market
• Product Innovations Transforming The Medical Footwear Market
• North America was the largest region in the medical footwear market in 2023
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