DIABETIC FOOTWEAR MARKET ANALYSIS

Diabetes is a chronic disease caused by a lack or lower levels of insulin in the body. A person suffering from diabetes may develop sores, abscesses, ulcers, or loss of sensation in parts of the body, predominantly in the feet. The exceptional design of diabetic footwear aids in protecting the patient’s feet from injuries. In 2021,

Unique properties of diabetic footwear such as diabetic footwear provides support and protection while minimizing pressure points on the feet, decreases the risk of diabetic foot ulcers and thereby reduces amputations, etc. help heal a variety of diabetic conditions such as inadequate blood circulation in the legs and thus, helps address foot pain and ulcers which is driving the diabetic footwear growth. Diabetes is classified as Type 1, Type 2, and gestational diabetes. Type 2 diabetes, the most common type, is caused mainly due to obesity and reduced physical activity. The global diabetic footwear market is largely driven by the rising cases of diabetes, increased spending on diabetes treatment, and growing geriatric population, characterized by high incidence of diabetes.

Diabetic Footwear market was valued at US$ 7783.5 Million in 2021 in terms of revenue, and is expected to exhibit a CAGR of 7.86% during the forecast period (2022 to 2030).

Drivers

The shoe sector leads the diabetic footwear industry, as diabetic shoes give the most comfort for diabetes patients when compared to slippers and sandals. The availability of different types of diabetic care goods such as insulin pen, insulin pump, ketone test strips and others in market is also supporting the increasing sales of diabetic shoes. Major players in diabetic footwear are progressively focusing on improvement of the buying experience on the internet through various strategies, such as effective online education to encourage diabetic patients to purchase diabetic footwear through online platforms and of diabetic footwear. The presence of effective for diabetic footwear by key players and rising internet penetration is encouraging consumers to purchase diabetic shoes online, along with other diabetic products. Furthermore, increasing recommendations by medical practitioner to utilize specially designed shoes that can help reduce health risk and promote healthy circulation of body is also supporting market growth of diabetic footwear.

Among region, Asia Pacific is the most dominant region in the global diabetic footwear market. In 2020, according to National Center for Biotechnology Information, around 277 Mn diabetic patients lived in this region, with over 95% diagnosed with Type 2 diabetes. The region accounted for 39.7% of the total market share in 2021, in terms of revenue. The dominance was on account of the large population suffering from diabetes coupled with an increase in expenditure on diabetes treatment and rise in the size of geriatric population. China and India are home to one-third of the total global population with India being dubbed as ‘The Diabetes Capital of the World ‘by International Diabetes Federation (IDF). Increase in has resulted in a rise in demand for diabetic footwear in the Asia Pacific region.

Figure 1. Global Diabetic Footwear Market Value Share (%), By Region, 2021

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Market Restraints

High cost of diabetic footwear is one of the major challenges for market  players which is restraining the growth of of diabetic footwear. In emerging economies, less awareness about diabetic footwear and less spending ability compared to other developed nations are the major constraints against demand for diabetic footwear. 

Market Trends

North America is the second largest region, in terms of value, in the global diabetic footwear market, followed by Europe. Various government initiatives have been put forth in the region to raise awareness on the causes of diabetes among public. For instance, American Diabetes Association is spread throughout the U.S. to raise alertness amongst the public on precautions and treatment pertaining to diabetes. In addition to this, has decided to follow November of every year as National Diabetes Month in 2006. Diabetic footwear market is expected to grow at a significant rate, owing to introduction of new brands in market. Growing popularity of e-commerce is expected to have a positive impact on the growth of the global diabetic footwear market. Large geriatric population in North America and Europe accounted for a rise in the number of diabetic cases in these regions. In 2018, according to Population Reference Bureau, a private non-profit organization specializing in collecting and supplying statistics necessary for research, Statistics Canada and EU, North America had a population of 51 million geriatrics, whereas Europe had a population of 94 million. The aforementioned factor is expected to drive the market growth in North America region over the forecast period.

Figure 2. Global Diabetic Footwear Market Value Share (%), By End User, 2021

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Among end user male segment held the largest value share of 62.60% in the global diabetic footwear market in 2021. Men were the biggest end users of diabetic footwear globally in 2020. In 2020, according to a report by the National Health Service, a publicly funded healthcare system in U.K., males are more prone to diabetes and need to gain far less weight than females to develop the disease. However, women are expected to be the fastest growing end users of diabetic footwear during the forecast period. Diabetic footwear products include sandals, shoes, and slippers.

Global Diabetic Footwear Market - Impact of Coronavirus (COVID-19) Pandemic

Global economy had been affected by coronavirus pandemic, as of countries across the globe imposed lockdown measures to curb the movement of people. Various governments of countries across the globe had opted for lockdowns due to which industrial activities halted and international travel was ceased. These measures took a significant toll on almost all industrial sectors. Factories and manufacturing facilities of diabetic footwear faced supply chain breakdowns and labour shortages.  The COVID-19 pandemic continued to hamper the supply chain of the diabetic footwear and the pandemic put the diabetic footwear industry’s . European countries such as Germany, Poland, the U.K., Italy, and France were the prominent regional markets in terms of both   of diabetic footwear. These countries have been most heavily impacted by COVID-19. The pandemic has slowed the expansion of new diabetic footwear manufacturing facilities due to labor shortage and disruptions in raw material supply. Because of such interruptions to global trade, demand for diabetic footwear has halted, which in turn is expected to restrain market growth.

Recent Developments

• In December 2021, Casa Everz Gmbh, the owner of Germany-based footwear brand Von Wellx launched diabetic footwear. These diabetes shoes are based on internationally patented reflex zones technology. It was invented by famous Dr Walter Mauch.
• In May 2022, Anodyne, LLC, a major provider of clinical footwear products most typically prescribed for diabetic patients, announced that HealthEdge Investment Partners, LLC a healthcare-focused private equity fund, had finalized an investment in the company
• In May 2022, Enovis, a global medical technology firm, had acquired 360 Med Care Pty Ltd, an Australia-based orthopaedic startup. The goal is to improve patient outcomes throughout the orthopaedic care process.

Key Players

Major players operating in the global diabetic footwear market include Enovis companies, Pilgrim Shoes, Drew Shoe, Casa Everz Gmbh, DARCO Medical India Pvt. Ltd., Anodyne, Apis Footwear Company, Propét USA, Inc., Pedors247, Reed Medical Ltd, and Oasis Footwear