Diabetic Footwear Market to Rear Excessive Growth till 2023

According to a new report published by Allied Market Research, titled, Diabetic Footwear Market by Distribution Channel, End User, and Footwear: Global Opportunity Analysis and Industry Forecast, 2017-2023, the diabetic footwear market size was valued at $4,994 million in 2016, and is estimated to reach $8,148 million by 2023, registering a CAGR of 7.6% from 2017 to 2023. In 2017, number of women diabetic footwear market share and specialty stores segments share dominated the global market share.

North America is the market leader and accounts for 40% share of the global market in 2017, followed by Europe. North America is anticipated to dominate the market throughout the analysis period, due to the increasing diabetic population, more awareness regarding diabetic shoes and easy availability of these shoes.

In addition, Asia-Pacific is estimated to grow at the highest CAGR of 8.6% during the forecast period. The Diabetic footwear market is witnessing growth in the developing countries of Asia-Pacific due to the rising diabetic population, increase in disposable income and growing awareness about the diabetic footwear. The countries such as Japan and China are contributing more in the diabetic footwear market due to the high old age population which is high risk diabetic population. For instance, about 26% of Japans population is 60 years and above, and are more prone to diabetes. Therefore, companies have started investing in the diabetics footwear market.

The key driver of the global diabetic footwear market is associated with rapid increase in diabetic cases and cases pertaining to foot deformities, ulcers, and others along with its costs of treatment, which continue to escalate annually. Increase in disposable income, improvement in GDP, and expenditure on healthcare, the orthopedic/diabetic footwear market has gained popularity in markets, globally. Furthermore, majority of local players are increasingly competing for market share by improvising their shoe designs and expanding their market.

Furthermore, increased e-commerce market within major economies also aid the high market growth rate. E-commerce channels are expected to gain popularity in diabetic footwear market in the near future with some restraints, such as lesser awareness among consumers, customer-related carelessness, and higher cost issue.

Key Findings of the Diabetic Footwear Market:

• North America leads the global diabetic footwear market, followed by the European region.
• Asia-Pacific is growing with the highest CAGR of 8.6%, with the major share contributed by India and China.
• The women end-user segment accounted for the highest market share with nearly 65% in 2016; however, the men end-user segment is anticipated to witness highest demand during the forecast period.
• The online platform for diabetic footwear is expected to show better growth rate as compared to specialty stores and footwear stores.
• The shoe footwear type segment possesses higher market share and is expected to witness a considerable growth during the forecast period.

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The key players profiled in this report include Aetrex Industries, Inc. (U.S.), New Balance Atheltics, Inc. (U.S.), Orthofeet, Inc. (U.S.), DJO Global, Inc. (U.S.), Drew Shoe Corporation (U.S.), Podartis Srl (Italy), Propet USA, Inc. (U.S.), Hush Puppies Retail, Inc. (U.S.), Skechers U.S.A., Inc (U.S.), and Dr. Zen Products, Inc. (U.S)

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