Diabetic footwear is a therapeutic footwear which is specifically designed and developed for diabetic patients. Market of diabetic footwear is expected to grow impressively, at a CAGR of 8% during 2019-2026. Diabetic footwear is designed to minimize the risk of skin problems in diabetic patients such as blisters, sores, and skin breaks. According to the latest estimates of the International Diabetes Association (IDF), there were 415 million people living with diabetics in the world, and by 2040 the number would reach 642 million. The growing number of diabetic patient are creating a new opportunity for diabetic footwear. Furthermore, significant research and development for the betterment of these products is another factor that is fuelling the market in a positive direction, as new products provide more comfort.
Growing prevalence of diabetes and high disposable income is boosting the market growth. This large diabetic population is the primary driver of the global diabetes market. According to the World Health Organization (WHO), in 2016, approximately 422 million people across the globe are suffering from diabetes. At present, the market is expanding steadily due increasing disposable income. Increasing disposable income, among the urban population, who are well aware of the infection due to weak blood flow and are ready to avoid complications such as ulcers and gangrenes.
Geographically, Asia Pacific dominates the global diabetic footwear market and is expected to witness the highest growth rate for the duration of 2019-2026. Factors for the growth of this market are the giant population in the region. According to the National Center for Biotechnology Information, approximately 150 million diabetic patients reside in Asia Pacific. In addition, 95% of these individuals are diagnosed with Type 2 diabetes. This has resulted in increasing the demand for prevention and treatment of diabetes in the Asia Pacific that is driving the market growth of diabetic footwear in the region. In addition, North America is expected to show significant market growth during the forecast period owing to high prevalence of diabetes and numerous government initiatives in the region put forth to raise awareness amongst public on diabetes. According to Joslin Diabetes Center, approximately 1.5 million Americans are diagnosed with diabetes each year.
Global diabetic footwear market is classified on the basis of distribution channel, end users, and type of footwear. On the basis of distribution channel, market segment is classified as online platform, specialty store, footwear store, other. Online platform is dominating the market for the forecast year, due to growing E-commerce. On the basis of end user, market is segmented in consumer group such as men and women. Women end-user is expected to dominate the market of diabetic footwear across the globe. However, as per the National Institute of Health (U.S.) due to an increase in the total number of male diabetic patients as compared to female diabetic patients globally male segment is expected to be the fastest growing segment. Global diabetic shoes market is also divided into type of footwear. The segment is classified into shoes and other footwear markets.
Some of the leading market players within global diabetic footwear market are: Aetrex Worldwide (U.S.), Dr. Zen Products, Inc. (U.S.), OrthoFeet (U.S.), Podartis (Italy), Dr. Comfort (U.S.) and Other. All such companies adopts various strategies such as partnership, collaboration, Merger & acquisition, joint venture and product launch are some of the strategies that were adopted by companies within global market. For instance: In April 2017, Aetrex Worldwide (U.S.) acquired the 3D printing footwear start up SOLS, with the aim to focus more on comfort and wellness footwear and technology.