The global diabetic shoe market size was valued at around USD 5.8 billion in 2020 and is projected to reach a staggering USD 18.99 billion by 2031, exhibiting a healthy Compound Annual Growth Rate (CAGR) of 8.6%. This growth is fueled by rising diabetes prevalence, increasing geriatric population, and growing awareness about diabetic foot care.
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Market Size and Growth
Market research suggests a steady rise in the market size throughout the forecast period. Here's a glimpse into the projected growth trajectory:
The diabetic shoe market can be segmented based on various factors:
North America currently dominates the market due to advanced healthcare facilities and high diabetes prevalence. However, the Asia Pacific region is expected to be the fastest-growing market due to factors mentioned earlier.
Market Drivers and Challenges
Drivers:
The diabetic shoe market holds immense potential for growth in the coming years. Rising awareness, technological advancements, and increasing disposable income in developing regions are expected to propel the market forward.
Key Market Study Points
The diabetic shoe market is moderately competitive with a presence of established players as well as new entrants. Some of the key players include Podartis Srl, DJO Global Inc., Aetrex Worldwide Inc., Dr. Zen Products Inc., Orthofeet Inc., and Propet USA Inc.
Recent Developments
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Market Size and Growth
Market research suggests a steady rise in the market size throughout the forecast period. Here's a glimpse into the projected growth trajectory:
- Regions like North America and Europe are expected to witness significant growth due to establishing healthcare infrastructure and high diabetic population.
- The Asia Pacific region is anticipated to show the fastest growth rate due to a rapidly aging population and increasing disposable income.
The diabetic shoe market can be segmented based on various factors:
- By Service Type: Preventive footwear, therapeutic footwear, custom-made footwear
- By Sourcing Type: Retail stores, online stores, healthcare providers
- By Application: Men's diabetic shoes, women's diabetic shoes, unisex diabetic shoes
- By Industry Vertical: Hospitals, clinics, diabetic care centers
North America currently dominates the market due to advanced healthcare facilities and high diabetes prevalence. However, the Asia Pacific region is expected to be the fastest-growing market due to factors mentioned earlier.
Market Drivers and Challenges
Drivers:
- Rising diabetes prevalence
- Growing geriatric population
- Increasing awareness about diabetic foot care
- Government initiatives for diabetic care
- Reimbursement issues for diabetic footwear
- High cost of advanced diabetic shoes
- Lack of skilled personnel for proper footwear fitting
- Growing demand for aesthetically pleasing diabetic shoes
- Integration of advanced materials and technologies
- Increasing focus on online sales channels
- Rising popularity of custom-made diabetic shoes
The diabetic shoe market holds immense potential for growth in the coming years. Rising awareness, technological advancements, and increasing disposable income in developing regions are expected to propel the market forward.
Key Market Study Points
- Impact of COVID-19 on the diabetic shoe market
- Technological innovations in diabetic footwear
- Emerging markets with high growth potential
- Strategies adopted by key players in the market
The diabetic shoe market is moderately competitive with a presence of established players as well as new entrants. Some of the key players include Podartis Srl, DJO Global Inc., Aetrex Worldwide Inc., Dr. Zen Products Inc., Orthofeet Inc., and Propet USA Inc.
Recent Developments
- Leading manufacturers are focusing on developing diabetic shoes with advanced features for better comfort and functionality.
- Online retailers are expanding their product offerings and providing convenient purchasing options for diabetic patients.