The global diabetic shoes market is highly dynamic and packed with new regional players, reports Transparency Market Research. These players are offering products at highly competitive prices, thus posing a challenge to the existing players. Prominent players in the global diabetic shoes market include Advance Diabetic Solution, Aetrex Worldwide, DARCO International, and Dr Zen Products, Inc. These players are gradually expanding their revenue share in the market by introducing new products and making strategic collaborations.
As projected by TMR analysts, the diabetic shoes market is expected to rise at a steady CAGR of 8.1%. Growing at this pace, the market is perceived to rise from its initial value of US$5.0 bn to attain a valuation of US$9.9bn by 2024.
In terms of distribution channels, the global diabetic shoes market is segmented into specialty stores, departmental stores, shoes stores, super market and hyper market, and online stores. Among these, the online stores segment fetches the maximum revenue. It is anticipated to progress at a promising CAGR of 8.5% during the forecast period.
Regionally, the global diabetic shoes market spreads across Asia Pacific, North America, Europe, Latin America, Africa, and Middle East. Out of these, Asia Pacific presents the highest growth opportunities for the market due to an increase in the purchasing power and the availability of low-cost diabetic products.
Rising Incidence of Diabetes Spike Demand for Diabetic Shoes
According to World Health Organization, in 2016 approximately 1.6 million deaths were caused due to diabetes and about 422 million adults were living with diabetes in 2014. This is an alarming number that necessitates the need for the prevention and control of diabetes. This factor has greatly encouraged the adoption of diabetes shoes, thereby expanding the diabetic shoes market’s growth.
Additionally, the growing disposable income and high purchasing power have influenced the market’s growth. The urban population is well aware of the precautions that need to be taken by a diabetic patient. Besides, governments are creating awareness among the population regarding diabetes and the benefits of diabetic shoes. Moreover, clinicians highly recommend this product to the patients, thus contributing to the diabetic shoes market’s growth.
In addition to the aforementioned drivers, rising research and development activities leading to the development of enhanced products is driving the industry’s growth. Additionally, enhancement of the online shopping experience has also presented lucrative growth opportunities for the diabetic shoes market’s growth. The market is effectively foraying in the online platform leading to an expansion of its consumer base.
However, there are a few bottlenecks that may pose a challenge to the global diabetic shoes market. Lack of awareness in the underdeveloped regions and the availability of other diabetic care devices and products may confine the market’s growth. Nonetheless, rising global population and the consciousness regarding health may reduce the effects of the restraints.
New Product Innovations to Guide the Way for the Market
Purdue researchers have developed a new shoe insole that release oxygen throughout the day, thus healing diabetic ulcers. Moreover, the insole can be customized to take any weight. These insoles are made out of silicon which offers excellent oxygen permeability. The researchers used laser to tune target the wound site and control the permeability. This facilitates supply of oxygen only where needed, thus preventing rest of the foot from getting poisoned due to excessive oxygen. The development of this product has created numerous growth opportunities for the global diabetic shoes market.