Among all the precautions that a diabetic patient must observe, it has been recently found that wearing proper shoes is of equal importance as diabetes disrupts the blood flow in a human body and causes sores and cuts to heal considerably slowly. With the help of physicians and footwear professionals, diabetic patients are now able to avoid several serious foot complications as it helps in relieving the areas of excessive pressure, reducing shock and shear, accommodate and stabilize deformities, and limit the motion of joints. The prevalence of diabetes is undeniable, in fact the number of patients continues to surge annually. Consequently, the global market for diabetic shoes is estimated for a healthy CAGR of 8.1% during the forecast period of 2016 – 2024. According to the report, the opportunities in global diabetic shoes market was valued at US$5.0 bn, which is projected to reach US$9.9bn by 2024.
This report on global diabetic market is a comprehensive study of the current scenario and the figurative estimations presented are based on several factors that are expected to influence the market during the forecast period. The report also profiles some of the key players currently active in the market, including their market share, product portfolio, and recent strategic developments. The report also segments the global diabetic shoes market on the basis of distribution channel, end use, and geography.
Product Innovation and Awareness about Progression of Diabetes Drive Global Market
According to recent estimations by the International Diabetes Federation (IDF), there were 415 million diabetic patients across the globe, and the number will reach 642 million by 2040. This vast population is the primary driver of the global diabetic shoes market. Currently, the market is expanding steadily due rising disposable income among the urban population, who are well aware of infections caused by weak blood flow in the foot, and are willing to invest to avoid the complications such as ulcers and gangrenes.
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Research and development for enhancement of these products is another factor that is propelling the market in positive direction, as newer products provide more comfort. Moreover, emphasis on innovation production quality on the formulation of new therapeutic shoes to improve performance is expected to impact the market for diabetic shoes globally. Furthermore, the report observes that diabetic shoes are gaining importance among the aged population across the globe.
Asia Pacific Shows Phenomenal Growth as Region Witnesses Spike in Number of Diabetics
Geographically, the report studies the lucrativeness of regional diabetic shoes markets of North America, Europe, Asia Pacific, and rest of the world. During the forecast period, Asia Pacific region is projected to witness the most prominent growth rate in the diabetic shoes market, with China being the most lucrative market in the region, followed by India. These two countries reside nearly one third of the world’s population. Rising geriatric population, growing economic condition, improving purchasing power and rising disposable income and rise in the per capita income are major factors that booming the demand of diabetic shoes in the Asia Pacific Furthermore, North America is projected to remain an attractive market for the diabetic footwear manufacturers.
Aetrex Worldwide, Inc., Podartis Srl., Etonic Worldwide LLC, Dr. Comfort, LLC., Advance Diabetic Solution, Apex Foot Health Industries LLC, Dr Zen Products, Inc., DARCO International, Inc, Orthofeet Inc. and Drew Shoe Corporation. are some of the prominent companies currently operating in the global diabetic shoes market. Extensive research and development by these companies to introduce new diabetic shoes is expected to address the growing needs of consumers. Also, some of the local players offer diabetic shoes at an affordable price, and due to this affordability of this product coupled with increasing variety of the this footwear, diabetic patients have shown increased preference for more comfortable therapeutic shoes.