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Diabetic Footwear Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global diabetic footwear products market was valued at USD 5.6 billion in 2021 and is projected to expand at a CAGR of 5.2% from 2022 to 2029. Diabetic footwear is designed to provide comfort, support, and protection to people with diabetes who have foot problems caused by diabetes. It is designed to reduce the risk of foot injury, rubbing and pressure on the foot, and reduce pain and discomfort. Moreover, diabetic footwear is also recommended to reduce the risk of foot ulcers and infections. The market is mainly driven by the rising prevalence of diabetes and the increasing awareness of the importance of diabetic footwear. Additionally, the need for diabetic footwear is rising due to the increasing number of people with diabetes who need to be more aware of their daily foot health.
The growing number of diabetic foot clinics is another major factor driving the growth of the diabetic footwear products market. These clinics are providing customized products to meet the individual needs of the patients. Furthermore, the increasing number of collaborations between key players and healthcare providers is also helping to drive the market. For instance, in April 2021, Merrell partnered with the Foot Health Council to provide a wide range of diabetic-friendly footwear. The collaboration will help the company to provide the best possible footwear to people living with diabetes.
The rising demand for comfort and convenience is driving the demand for lightweight diabetic footwear. Moreover, the growing popularity of online shopping is also providing a boost to the market. In addition, the increasing focus of market players on innovation is also driving the market. For instance, in September 2021, Dr. Comfort introduced the LiteWalker, a lightweight and flexible diabetic walking shoe. The shoe is designed with a lightweight material that helps reduce pressure and friction on the foot and ankle.
The increasing penetration of diabetic footwear in emerging markets is expected to offer lucrative opportunities for the market. The market is witnessing a shift toward the adoption of diabetic footwear in emerging countries such as India and China, which is likely to bolster the growth of the market in the coming years. Moreover, the rising focus of major players on strategic partnerships and collaborations is also expected to drive the market. For instance, in April 2021, Rockport, a subsidiary of the Clarks Group, entered into a long-term partnership with the American Diabetes Association to provide diabetic footwear and to raise awareness about diabetic foot care.
Product Insights
The therapeutic footwear segment held the largest market share in 2020 and is expected to maintain its lead over the forecast period. Moreover, the segment is expected to register the fastest CAGR of 8.3% from 2021 to 2027. Therapeutic footwear helps reduce the risk of foot ulcers and other skin problems. Rising prevalence of diabetes, increasing awareness about the benefits of therapeutic footwear, and the availability of advanced therapeutic footwear are some of the key factors driving the segment’s growth.
The custom-molded footwear segment is expected to witness a lucrative growth rate, registering a CAGR of 7.6% during the forecast period. Custom-molded footwear is made with a mold of a person’s foot, which provides better comfort and fit while walking. Additionally, the presence of advanced technologies and increased demand for customized products is expected to propel the growth of this segment.
Distribution Channel Insights
The retail segment is estimated to account for the largest share of the market in 2022. The segment includes supermarkets, hypermarkets, department stores, and drug stores that sell diabetic footwear. The growth of this segment is attributed to the rising number of consumers who prefer to shop for diabetic footwear from physical stores. Consumers visit physical stores to check out the product quality and features before purchasing. Furthermore, physical stores offer discounts and promotional deals, which are beneficial for buyers.
The online segment is anticipated to expand at the highest CAGR of 12.4% during the forecast period. The growth of this segment is attributed to the increasing number of online platforms providing diabetic footwear. For instance, in 2020, Fit My Feet launched an online platform for diabetic footwear. This platform provides customized diabetic footwear to customers based on their size, shape, color, and design preferences. In addition, the increasing number of e-commerce websites, such as Amazon and eBay, offering diabetic footwear is also driving the growth of the online segment.
Type Insights
The therapeutic footwear segment accounted for the largest market share of 61.0% in the year 2022. The increasing geriatric population is a key factor driving the therapeutic footwear segment. The rising prevalence of chronic diseases such as diabetes is driving the demand for diabetic footwear. Furthermore, the rising awareness regarding the diabetic foot complications is also driving the growth of this segment. For instance, according to the IDF Diabetes Atlas, in 2018, around 63.4 million people were suffering from diabetes in China. The increasing initiatives by government and non-government organizations for diabetes awareness is driving the growth of this segment.
The custom footwear segment is expected to grow at the highest CAGR of 10.5% over the forecast period. The increasing demand for customized diabetic footwear is driving the growth of this segment. The customization of footwear helps to provide effective treatment to the diabetic patients. For instance, Aetrex Worldwide Inc. is a leading diabetic foot care product manufacturer and provides custom orthotics and diabetic footwear that are designed to fit the individual’s foot shape and comfort. Additionally, this segment is witnessing increased marketing and promotional activities by leading players such as Orthofeet.
Regional Insights
Europe dominated the market and accounted for the largest revenue share of over 44.3% in 2022. The presence of several key players and the increasing number of diabetic patients in the region are the key factors driving the growth of the market. For instance, according to the World Health Organization, approximately 60 million people in the European region were diagnosed with diabetes in 2020. Additionally, the increasing availability of reimbursements for diabetic footwear and rising awareness about the benefits of diabetic footwear are expected to drive the growth of the market in the region.
Asia Pacific is expected to witness the highest growth rate in the coming years. Increasing awareness among the population regarding the importance of preventive healthcare measures, along with the growing focus of major players to expand their presence in the region, are driving the growth of the market. For instance, in April 2022, a key player in the diabetic footwear market, Dr. Comfort, opened its first store in Mumbai, India.
Financial Projections
In this part of the diabetic footwear products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your diabetic footwear products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a diabetic footwear products business comes from the sales of diabetic footwear products, as well as from the sales of related accessories, such as diabetic socks and insoles. Other possible sources of revenue include online sales, special orders, and bulk orders.
Projecting Expenses
In this section, all the regular expenses related to keeping the diabetic footwear products business running will be described. The list of operating expenses includes rent, wages, marketing and advertising, utilities, insurance policies, inventory costs, and other miscellaneous expenses.
Key companies & market share insights
Some of the key companies operating in the diabetic footwear market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, Reebok International Limited launched the Flexweave series of shoes specifically designed for diabetic patients.
– In September 2022, New Balance, Inc. launched the Fresh Foam More series of shoes designed for diabetic patients.
– In August 2022, Skechers USA, Inc. launched the GOwalk Max series of shoes designed to provide superior comfort and cushioning to diabetic patients.
Some of the prominent players in the diabetic footwear market include:
– Reebok International Limited
– New Balance, Inc.
– Nike Inc.
– Skechers USA, Inc.
– Adidas AG
– Wolverine World Wide, Inc.
– Timberland LLC
– Dr. Martens
– VF Corporation
– Red Wing Shoes
Global Diabetic Footwear Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global diabetic footwear products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Diabetic Shoes
– Diabetic Insoles
– Diabetic Socks
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Supermarkets & Hypermarkets
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the key drivers of the diabetic footwear products market?
[A]: Increasing prevalence of diabetes, growing number of diabetic clinics, rising awareness about diabetic foot care, increasing government initiatives to promote diabetic foot care, and increasing demand for advanced diabetic footwear products are some of the key factors driving the diabetic footwear products market.
[Q]: Who are the key players in the diabetic footwear products market?
[A]: Key players in the diabetic footwear products market include Dr. Comfort, OSI Footwear, Orthofeet Inc., Reebok, Leguano, and New Balance, among others.
[Q]: Which regions offer the largest opportunity for sales of diabetic footwear products?
[A]: With an absolute dollar opportunity of $4.98 B (USD), Europe is expected to be the most lucrative region for the diabetic footwear products market.
[Q]: What are the factors restraining the diabetic footwear products market?
[A]: High cost of diabetic footwear, lack of reimbursement and availability, and the lack of awareness about diabetic foot care are some of the factors that are restraining the diabetic footwear products market.
[Q]: What new product innovations can we expect to see in the diabetic footwear products market?
[A]: Companies are expected to launch new products with advanced features such as temperature control, shock absorption, and improved cushioning. These products are expected to provide better comfort, durability, and performance than traditional diabetic footwear products. Furthermore, companies are also introducing diabetic footwear products with antibacterial, anti-fungal, and breathable features.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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