According to a new report published by Facto Market Insights, titled,""Diabetic Footwear Market by Distribution Channel, End User, and Type: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,""The global diabetic footwear market size was valued at $5,526 in 2018 and is projected to reach $9,904 million by 2025, registering a CAGR of 8.7% from 2018 to 2025. 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. The diabetic specialty stores and online platform dominated the distribution channel segment in the diabetic footwear market in 2018 and the diabetic specialty store segment expected to grow at a steady pace throughout the forecast period.
Increase in obese population primarily drives the diabetic footwear market growth. 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 growth of the market. The advancement in knowledge regarding diabetes and benefits of diabetic footwear further drive the growth of the diabetic footwear market. Diabetic footwear is expected to gain popularity on online portals in the near future with few restraints such as lesser knowledge of the benefits of the diabetic shoes and negligence on the part of diabetic patients.
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The report segments the diabetic footwear market based on distribution channel, end user, type, and region. Based on distribution channel, the specialty store segment was the major revenue contributor in the diabetic footwear market in 2018. In addition, the online platform segment is expected to witness a gaining market share due to increase in Internet penetration and ease of use. However, the women segment is expected to be the fastest growing end user segment, growing at a significant CAGR during the forecast period.
Based on type, the market is segmented into shoe, sandal, and slipper. The sandal segment is expected to grow comparatively faster than other diabetic footwear types, witnessing a CAGR of 9.4%. The increase in awareness about the different styles of diabetic footwear boosts the growth of the footwear type segment during the forecast period. The shoe segment is expected to remain dominant throughout the forecast period.
Based on region, the market is dominated by North America, particularly the U.S., followed by Europe with UK as the major market, while Asia-Pacific is dominated by India, with nearly 9.0% CAGR during the forecast period. In addition, LAMEA is expected to witness a steady CAGR during the forecast period. Increase in obesity along with rise in old age population is collectively expected to majorly drive the growth of diabetic footwear in Japan. In the European region, Germany, Italy, and France possess huge growth potential owing to their increasing GDP. Major companies in the diabetic footwear industry 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.
Key Findings of theDiabetic Footwear Market:
In 2018, based on type, the shoe footwear segment accounted for the highest market share, growing at a CAGR of 8.1% from 2018 to 2025.
In 2018, based on type, the sandals footwear segment accounted for about three-tenths share of the market share and is expected to growth at the highest CAGR of 9.4%.
In 2018, based on distribution channel, the online platform segment accounted for one-fourth share and is projected to grow at the highest CAGR of 9.4% during the forecast period.
In 2018, based on end user, the women segment accounted for the highest market share. It is estimated to grow at CAGRs of 8.3% during the forecast period.
In 2018, based on region, North America accounted for a prominent market share and is anticipated to grow at a CAGRs of 7.6% throughout the forecast period.
The key 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.).