Diabetic Footwear Market to Reach $9.90 Bn, Globally, by 2025 at 8.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, January 23, 2019 /PRNewswire/ --
Rise in prevalence of diabetes, high cost of treatment, and increase in popularity of online portals are expected to propel the growth of the global diabetic footwear market
Allied Market Research recently published a report, titled, "Diabetic Footwear Market by Distribution Channel (Online Platform, Specialty Store, Footwear Store, and Others), End User (Women and Men), and Type (Shoes, Sandals, and Slippers): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers detailed analyses of the industry dynamics, top investment pockets, value chain, key market segments, and competitive landscape. As per the report, the global diabetic footwear market was pegged at $5.53 billion in 2018 and is projected to garner $9.90 billion by 2025, registering a CAGR of 8.7% through 2025.
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Increase in the number of diabetes patients coupled with large geriatric population who are prone to foot ailments and high cost of treatment of foot deformities caused by diabetes drive the growth of the diabetic footwear market. Moreover, comfort and preventive properties of these footwear will propel the adoption in the market. However, low awareness among the populace regarding diabetic footwear and proper counseling for preventive foot care hamper the market growth. On the contrary, awareness through social media and increase in popularity of online portals will create lucrative opportunities for the market players in the near future.
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Specialty store segment to retain largest market share through 2025
The specialty store segment held the largest share in 2018, contributing more than half of the total market, owing to the option of trying out the product, variety, and personalized advice through expert consultants before purchase. However, the online platform segment is projected to manifest the fastest CAGR of 9.4% during the forecast period, owing to growing penetration of internet and increasing preference of online stores as a viable and convenient source for purchase and sale of goods. The report also analyzes footwear stores and others segments.
Men diabetic footwear segment would manifest fastest growth by 2025
The men diabetic footwear segment is expected to register the fastest CAGR of 9.3% during the study period, owing to increased consciousness among men for foot care. However, the women end user segment held the largest share in 2018, contributing nearly two-thirds of the market, owing to inherit consiousness in women about foot care, higher vunerability to diabetes-induced foot deformities, purchase of multiple pairs to suit various outfits, and higher replacement rate.
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Diabetic shoe segment to govern the market through 2025
Diabetic shoe segment held the lion's share of the market in 2018, contributing more than half of the total revenue, as it is highly preferred by both men and women and offers better protection to the feet. However, the sandals segment is estimated to record the fastest CAGR of 9.4% through 2025, as sandals are perceived to be more comfortable than shoes and can be worn with numerous outfits. Moreover, the slippers segment is expected to witness steady growth during the forecast period.
Asia-Pacific region to portray fastest growth through 2025
Asia-Pacific region is expected to grow at the fastest CAGR of 9.7% during the forecast period, owing to the increase in awareness about such product and rise in purchasing power in the region. However, North America held the largest market share in 2018, contributing nearly two-fifths of total market revenue, owing to high product awareness among people and higher diabetic population. The other regions analyzed in the report include Europe and Latin America, Middle East and Africa (LAMEA).
Torchbearers of the industry
The major market players analyzed in the report include Podartis Srl (Italy), Aetrex Worldwide, Inc. (U.S.), Orthofeet Inc. (U.S.), I-Runner (U.S.), Finn Comfort (U.S.), DJO Global Inc. (U.S.), Dr. Zen Products, Inc. (U.S.), Propet USA, Inc. (U.S.), Pilgrim shoes (U.S.), and Drew Shoes (U.S.).
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