The latest published report by Polaris Market Research. The global “Medical Footwear Market Share, Size, Trends, Industry Analysis Report, By Type (Sandals, Shoes & Boots, Slippers, Insole and Others); By Distribution Channel (Online and Offline); By End Users (Men, Women and Kids); By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global medical footwear market was valued at USD 8.26 billion in 2019 and and is expected to reach USD 12.87 billion by 2027 to exhibit a CAGR of 5.85% over the forecast period (2020-2027) Medical footwear aids in dealing with several foot-related issues such as bunions & hallux valgus, plantar fasciitis, and arthritis. Therefore, they are also referred as therapeutic footwear. Diabetes increases the blood sugar which increases the risk of foot-related ailments. As a result, the increasing number of diabetic patients across the globe is expected to drive market growth.
According to the Centers for Disease Control and Prevention (CDC) 2020 report, approximately 3.2 million people are diabetic in the U.S alone. In addition, the report also states that 26.9 million (including 26.8 million adults) people are diagnosed while 7.3 million are undiagnosed. Furthermore, 88 million people who are 18 years or older are pre-diabetic. This has led to the increasing demand for medical footwear across the globe.
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Most of the companies operating in the medical footwear market are involved in joint ventures and partnerships to develop new products. For instance, in October 2019, Stevens Institute of technology entered into a contract which was an exclusive licensing agreement with Bonbouton. This agreement is to provide the right to use smart insole as well as develop a graphene sensing system. This system will be helpful in the early detection of foot ulcers. Key players operating in the global medical footwear market are Darco International Inc., New Balance, Mephisto, Aetrex Worldwide, Inc., Dr. Comfort, Orthofeet, Duna, Dr. Zen, Inc., and Gravity Defyer Corporation.
Major players in the medical footwear market are focusing progressively on the online shopping experience through innovative marketing strategies. They are involved in target marketing and impactful education to generate online traffic. These strategies are helpful in influencing diabetics through online platforms. Therefore, innovative product designs and promotional & advertising activities of medical footwear is expected to offer favorable opportunities to drive market growth.
Regional Insights and Trend Analysis:
North America emerged as the major revenue contributor to the medical footwear market. Increasing cases of sport-related fractures and a rise in the foot-related issues due to diabetes are responsible for the growth of the region. In addition to this, the presence of established healthcare providers and shift in the consumer preference for medical footwear to contain the pain are among the key factors fueling the growth of the North American region. A rise in the cases of diabetic patients and foot ankle sprains due to outdoor activities are boosting the market in the Asia Pacific region. A growing concern among people regarding health and a hike in disposable income is anticipated to further create a positive environment for the regional market.
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Table of Contents
Medical Footwear Market Insights
Medical Footwear Market Assessment by Type
- Shoes & Boots
- Diabetic Shoes
- Arthritis Shoes
- Flat Feet Shoes
Global Medical Footwear Market, by Distribution Channel
Medical Footwear End Users Outlook (Revenue – USD Million, 2016 – 2027)
Medical Footwear Regional Outlook (Revenue – USD Million, 2016 – 2027)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- MEA (Saudi Arabia, UAE, Israel, South Africa)
List of Tables
Table 1 Global Medical Footwear Market, By Type, 2016 – 2027 (USD Million)
Table 2 Global Medical Footwear Market, by Distribution Channel , by Region, 2016 – 2027 (USD Million)
List of Figures
Figure 1. Market Highlights (2019, Revenue)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top Down & Bottom Up Approach
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The report can be customized on the basis of regional analysis, segment analysis, industry outlook and competitive analysis. Some of the major focus points which are covered in the report include:
- Industry Trends, opportunity and challenges in the market
- Role of key players across the value chain
- End-User analysis to define the market strategy
- Competitive mapping
- Regional and country level breakdown
These insights are included in the report which would help you to have a realistic overview of the overall market including the competition, investment opportunities, restraints and challenges, regulatory factors which might affect the market growth. Moreover, the report would help to identify the regional market growth opportunities for different segments covered in the report.
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