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The global Diabetic Footwear Market Size is expected to attain a market size of $8.1 billion by 2023, growing at a CAGR of 7.6% during the forecast period.
Diabetic footwear is specially designed for patients who suffer from any diabetic problems. Diabetic footwear provides the highest level of prevention and comfort to the patient?s sensitive feet. The material used in the production of diabetic footwear is generally softer than the normal footwear. These footwears could help in reducing feet sweat and also protect skin from blisters. The factors driving the demand for diabetic footwear market is the growing number of diabetic patients all over the world. Additionally, increase in consumers? income is also contributing in the growth of diabetic footwear, as people have started spending significant part of their income for better diabetic treatments.
Growing awareness about the benefits related to diabetic footwear and growing geriatric population has also contributed to the expansion of the diabetic footwear market. However, one of the major restrains for the diabetic footwear market is its high cost; diabetic footwear generally cost higher than normal footwear, and as a result limiting the consumers from buying better quality footwear. More and more people are being diagnosed with diabetes all over the world. Therefore, market players are launching innovative products to enhance consumer engagement. For instance, in June 2017, a new product named Revs? was announced to be launched in the market.
The product comes as natural therapy of reflexology massage. Additionally, broader varieties of shoes are also available in the market such as wide fit shoes, toe box, sock liner socks and others. Consumers can select shoes as per their requirement or as suggested by the physician. The diabetic footwear market has been segmented on the basis of distribution channels, by footwears, by end-users, and by regions. Based on Distribution channels, the market is segmented into specialty platforms, online platforms, footwear stores, and others. Based on Footwears, the market is segmented into sandals, slippers, and shoes. Based on End-users, the market is segmented into Men?s and Women?s segment. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and LAMEA (Latin America, Middle East & Africa).
The key players operating in the diabetic footwear market are New Balance Athletics, Inc., Skechers U.S.A. Inc., Aetrex Industries, Inc., Orthofeet, Inc., DJO Global, Inc., Drew Shoe Corporation, Wolverine Worldwide (Hush Puppies), and Dr. Zen Products, Inc.