Global Diabetic Footwear Market Set For 9.8% Growth, Reaching $12.58 Billion By 2028
Diabetic Footwear Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Are You Aware of the Diabetic Footwear Market Size and its Growth Rate?
The diabetic footwear market size has grown rapidly in recent years. It is set to grow from $7.86 billion in 2023 to $8.67 billion in 2024 at a compound annual growth rate CAGR of 10.3%. The growth in the historic period can be attributed to diabetes prevalence, aging population, diabetic foot complications, footwear comfort and support, and growing health awareness.
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What Does the Future Hold for the Diabetic Footwear Market?
The diabetic footwear market size is projected to see strong growth in the next few years. It is expected to reach $12.58 billion in 2028 at a CAGR of 9.8%. This expected boom can be attributed to growing diabetic foot health education, footwear tailored for active lifestyles, the advent of sustainable and eco-friendly materials, expansion into emerging markets, and the rise of non-invasive monitoring technologies.
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What Factors Are Driving the Diabetic Footwear Market Forward?
The increasing number of diabetic patients worldwide is a key force propelling the growth of this market. Diabetes, a chronic health condition characterized by elevated blood glucose levels, necessitates protective footwear to prevent serious foot health complications. In addition to wellness aspects like improved blood circulation and pressure reduction, diabetic footwear offers added advantages – a design that incorporates a wide toe box and massaging elements targets the foot areas most prone to pain. According to a recent International Diabetes Federation report, the global diabetic population reached 537 million in 2021, and is predicted to touch 643 million by 2030, and 783 million by 2045. This rising population of diabetic patients directly fuels the diabetic footwear market's growth.
Who Are the Key Players in the Diabetic Footwear Market?
The diabetic footwear market is saturated with major companies like Podartis Srl Co., DJO Global Inc., Aetrex Worldwide Inc., Dr. Zen Products Inc., Orthofeet Inc., Dr. Comfort llc, Drew Shoe Corp., New Balance Inc., I-Runner, Finn Comfort USA Inc., Pilgrim shoes & Sewing Machine Co. Inc., Diabetic Soles Inc, and many more. These companies are constantly striving to carve out a niche and diversify their product offerings.
Are There Any Noteworthy Trends in the Diabetic Footwear Market?
Technological advancements are a key trend emerging in the diabetic footwear market. Companies are innovating new technologies to cement their place in the market. For instance, in December 2021, Germany-based Von Wellx, which specializes in health-beneficial footwear, rolled out diabetic footwear using reflex zones technology. This tech massages foot pressure points, simulating the experience of walking barefoot on grass, and improves blood circulation and oxygen supply. This results in minimal exhaustion, even after 12 hours or more of daily use.
How Is the Diabetic Footwear Market Segmented?
The diabetic footwear market's segments include:
1 By Type: Shoes, Sandals, Slippers
2 By Distribution Channel: Online Platform, Specialty Stores, Footwear Stores, Other Distribution Channels
3 By End User: Men, Women
Which Region Dominates the Diabetic Footwear Market?
In 2023, North America was the largest region in the diabetic footwear market. The report also covers regions like Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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