The increase in aging population, rise in prevalence of diabetes, increased per capita income, increased spending on diabetes treatment, budding role of e-commerce, and expansion on brand footwear are factors expected to drive the growth of the global diabetic footwear market during the forecast period.
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.
Diabetic footwear is designed to prevent foot injuries from frequent mobility with the help of a removable shoe insert and insole, which are made up of stretchable material for adjustability and customization. Diabetic specialty stores and online portals offer a wide range of footwear styles, orthopedic and feet benefit, brands, and prices.
Customers are concerned about their foot health; thus, they like to inspect the softness and durability of shoes and insoles before purchasing them. In addition, people are purchasing footwear on their physicians’ orders to avoid numerous foot related issues. Diabetic footwear promotes blood circulation in the foot area, which increases their popularity among diabetic patients. All these factors create diabetic footwear market opportunities.
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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. Furthermore, the increase in life expectancy, which in turn results in the growth of the aging population drives the market within Asia-Pacific. Diabetic footwear is expected to gain popularity on online portals in the near future with few restraints such as lesser knowledge of benefits of diabetic shoes and negligence on the part of diabetic patients. These diabetic footwear market trends boost the market growth.
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.
The COVID-19 pandemic situation had negative impact on the diabetic footwear market due to supply chain disruption and shutdown of manufacturing units across the world.
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According to the diabetic footwear market analysis, the diabetic footwear market is segmented on the basis oftype, 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.
Increase in obesity along with rise in old age population arecollectively 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.), and Drew Shoes (U.S.). The major diabetic footwear companies are present in the U.S. market players such as DJO Global, Inc., Aetrex Industries, Inc., and Drew Shoe Corporation have established themselves as market leaders in terms of geographical presence and product portfolio.
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Key Findings Of Study
In 2020, on the basis of type, the shoe footwear segment accounted for the highest diabetic footwear market share, growing at a CAGR of 7.5% from 2022 to 2031.
In 2020, on the basis of type, the sandals footwear segment accounted for the 30.2% market share and is expected to growth at the highest CAGR of 8.6%during the forecast period.
In 2020, on the basis of distribution channel, the online platform segment accounted for 25.3% share and is projected to grow at the highest CAGR of 8.4% during the forecast period.
In 2020, on the basis of end user, the women segment accounted for the highest market share. It is estimated to grow at CAGRs of 7.7% during the forecast period.
The global diabetic footwear market size is expected to reach USD 9.65 billion by 2025, according to a new report by Radiant Insights, Inc.
Rising importance of specialty footwear which improve the lower body posture and protect the feet from fungal infection is expected to remain a favorable factor.
Download Free Sample Report @ https://www.radiantinsights.com/research/diabetic-footwear-market/request-sample Shoes are expected to generate a revenue of USD 3.31 billion by 2025.
The segment is expected to lead the market in light of its increased utility among office-going population.
Furthermore, fluctuating diet patterns and hectic lifestyle among middle class population in emerging economies including China and India is expected to encourage consumers to use diabetic shoes as a regular footwear option.
Browse Full Research Report with TOC @ https://www.radiantinsights.com/research/diabetic-footwear-market Further key findings from the report suggest:• Sandals is expected to witness a CAGR of 7.3% from 2019 to 2025, owing to increased usage of these products as casual footwear by people in the age group of 45+ in developed economies including Germany and U.K.• Slippers generated a revenue of USD 1.99 billion in 2018.
Online Pharmacy Market 2021Global online pharmacy (E-Pharma) market is expected to reach US$ 150,891.1 million by 2027, growing at an estimated CAGR of 14.8% over the forecast period as they make the life of patients simplerOnline pharmacies tend to provide services that help patients comply with their drug therapies.
This enables the consumers to make informed decisions and save money.
Also, the penetration of new entrants has made the overall online pharmacy market fragmented in nature.
Patients with limited mobility or living far from the pharmacy tend to benefit tremendously from legitimate internet pharmacies.
Owing to attractive advertisement campaigns of pharmaceutical companies on television in the press and low cost products, consumers find the aforementioned option to be more beneficial.
However, risk associated with counterfeit prescription drugs is expected to critically impact the overall market growth.
