Global Diabetic Footwear Market is Estimated to Reach $9 Billion by 2024
Global Diabetic Footwear Market report published by Accurize Market Research forecast that the global market is expected to reach $9 billion by 2024; growing at a CAGR of 7.3% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing diabetic patients to drive the global market
The major factors supporting the growth of the market are rising the number of diabetic patients globally and increase in the disposable income in emerging economies. This is leading to high spending on diabetes treatment. Furthermore, increasing alertness, government initiatives and the availability of customized and fashionable footwear also fuel the growth of the global market.
The global diabetic footwear market is split into a distribution channel, end-use, and geography. Distribution channel segment is further divided into online stores, shoe stores, specialty stores, departmental stores, and supermarket & hypermarket. The end-user segment is categorized into women and men.
North America, Europe, Asia-Pacific and Rest of the world (RoW) are the geographical segments of the market. North America is further bifurcated into countries namely; U.S., Canada, and Mexico. Europe covers countries like Russia, the U.K., Germany, France, Italy and Rest of Europe. Asia-Pacific covers China, India, Japan, South Korea and Rest of Asia Pacific. Rest of the World (RoW) covers South America, the Middle East, and Africa.
"Online stores accounted for the largest market share in the distribution channel segment", says Accurize
In the distribution channel segment, online stores accounted for the major share in the diabetic with 60.4%. This was possible due to the high penetration of smartphone, accessibility of various shapes and sizes and discount rates, followed by a specialty store with 16.7%, in 2017
"Europe dominated the global market with the highest market share over the forecast period", says Accurize
Europe accounts for the largest share of the market with 30.78% followed by North America with 30.5%, in the year 2017. The Asia Pacific is the fastest-growing region in the global Diabetic Footwear market and is anticipated to continue the trend owing to exceeding defense budget, the vast expansion of terrorism and increased participation in sports activities.
Top players in the market
Major companies operating in the market include Orthofeet Inc., Dr. Zen Products, Inc., PodartisS.r.l., Dr. Comfort, LLC., Apex Foot Health Industries LLC, DARCO International, Inc., Advanced Diabetic Solutions, Aetrex Worldwide Inc. and Drew Shoe Corporation among others.