Diabetic Shoes Market is Projected to Reach US$9.9 Billion by 2024

According to the estimations by the report, the opportunities in the global diabetic shoes market was valued at US$4953.8 mn. Rising at a healthy CAGR of 8.1% during the forecast period of 2016 to 2024, the valuation is projected to reach US$9910.2 mn by the end of 2024. The report segments this market on the basis of distribution channels, into online stores, shoe stores, specialty stores, departmental stores, and super market and hyper market, on the basis of end-use into men and women. Geographically, the report studies the regions of North America, Europe, Asia Pacific, Middle East, Africa, and Latin America.

Online Stores Lead Distribution Channels Segment

Among the distribution channels, the segment of online stores is most lucrative, accounting for more than half of the revenue in the market and is expected to remain substantially profitable in the near future, rising at a strong CAGR of 8.5% during the forecast period. The segment of specialty store is also expected to expand strongly over the course of the forecast period. The report also finds that women’s diabetic shoes are more in demand than the same for men and the parity is expected to continue further, however marginally. This is a reflection of higher tendency to purchase among the women than the men.

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Geographically, Asia Pacific dominated the diabetic shoes market in 2015, holding 51.3% shares, significantly more than second most profitable region of North America, followed by Latin America. Asia Pacific is expected to remain most important region during the forecast period, owing to factors such as availability of cheaper products from the domestic player, increasing disposable income, and vast population of diabetic patients.

Rising Geriatric Population Augmenting Demand

Diabetic shoes have gained fair acceptance among the consumers as their comfort level is optimized as compared to normal shoes. Diabetic shoes are made keeping several factors into consideration such as sufficient space inside the shoe so that the feet of the wearer receives considerable space while walking or running. Growing geriatric population, who frequently suffer from diabetic conditions, are another prominent factor that is augmenting the demand. Moreover, increasing incidences of diabetes will favor the market. The report finds that 415 million people were living with diabetes in 2015. Conversely, factors such as consumer preference for medicines for treating diabetes and lack of awareness pertaining to the availability of these shoes are expected to hinder the growth rate.

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According to the author of the report, “Currently, there are less initiatives taken up by the regulating bodies for diabetic footwear to educate the mass about the benefits of diabetic footwear. However, this is likely to increase in the future, and is expected to complement the growth of the market in the future.”

The global diabetic shoes market is progressive in nature as the key players are concentrating on research and development of new products as the same time when the awareness among the consumers pertaining to the availability of these shoes is increasing. Some of the key players in diabetic shoes market at the global level are Aetrex Worldwide, Inc., Podartis S.r.l., Etonic Worldwide LLC, Advance Diabetic Solution, Dr. Comfort, LLC., Apex Foot Health Industries LLC, DARCO International, Inc, Orthofeet Inc., Dr Zen Products, Inc., and Drew Shoe Corporation. One of the key challenge for these prominent players is the growing threat from local entrants who are offering diabetic shoes at affordable price.

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To maintain their hold over the market, the report highlights that Podartis S.r.l is expanding its product portfolio, Aetrex worldwide, Inc. is increasing its operational expansion, Orthofeet Inc. is focusing on innovation through new product development, whereas DARCO International Inc. is eyeing geographical expansion.

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