Published: May, 2017
As per a research report released by Transparency Market Research, the expansive nature of the global diabetic shoes market has out more of the prominent players into intense research and development phases are they vie for introducing new products on to commercial markets. Names such as Podartis S.r.l., Advance Diabetic Solution, Apex Foot Health Industries LLC, Orthofeet Inc., and Drew Shoe Corporation are at the top of the chain and have shown a very high rate of growth and expansion rate in the global diabetic shoes market over the recent past.
TMR suggests that the top players in the global diabetic shoes market are expected to witness stiff competition from new entrants, thanks to the low entry barriers and the extremely large scope for local players to gain a small share of the market pie. To contest their shares, the leading players are resorting to aggressive expansion strategies while also focusing heavily on research and development to stay ahead of the regional players. According to the TMR report, the global diabetic shoes market was valued at US$4953.8 mn in 2015. Rising at a healthy CAGR of 8.1% during the forecast period of 2016 to 2024, the market’s value is projected to reach US$9.91 bn by the end of 2024. The report identifies the global diabetic shoes market on the basis of gender and on distribution channels, the latter segmented into hyper markets and super markets, department stores, specialty stores, shoe stores, and online stores.
Consumer Awareness and eCommerce Boom Boost Diabetic Shoes Sales
“Consumer goods manufacturers often have to embrace high level marketing techniques to break niche products into the commercial markets. The same is the case with the global diabetic shoes market, where the spread of information regarding the benefits of using shoes specifically designed for patients has gained traction. This therefore forms the primary driver augmenting the growth of the global diabetic shoes market now, and likely to be the same for the immediate future. Couple that with the current eCommerce boom, and we get a number of manufacturers with a very elastic distribution channel and a growing consumer pool,” states a TMR analyst. The research report also adds that the sales of women’s diabetic shoes are much higher than men’s, prompting manufacturers to modify their research and marketing processes.
From a regional standpoint, the global diabetic shoes market has been led by Asia Pacific, which took up 51.3% of the overall market in 2015. This is considerably higher than North American demand volume, which stands in second place, followed by Latin America. Over the coming years, Asia Pacific is likely to continue providing players with ample opportunities of growth.
Rising Geriatric Consumer Pool Adds to Diabetic Shoe Sales
Another factor driving the global diabetic shoes market in all core regions is the rising population of the elderly. Research has shown that the geriatric demographic is fairly accepting to niche products aimed at improving their overall quality of life and comfort level. Their high and increasing demand for diabetic shoes is expected to further amplify the overall scope of growth for the global diabetic shoes market. The elderly population is the most susceptible to chronic diseases and diabetes, thereby making them prime candidates for the use of specialized footwear. However, the global diabetic shoes market is currently being restricted by greater tendency of consumers towards medical treatment options rather than the use of specialized equipment and apparel.
The information presented in this review is based on a Transparency Market Research report, titled, “Diabetic Shoes Market (Distribution Channel - Online Stores, Specialty Stores, Shoes Stores, Departmental Stores, Super Market, and Hyper Market; End Use - Women and Men) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
Key segments of the Global Diabetic Shoes Market
Global Diabetic Shoes market can be segmented as follows:-
Global Diabetic shoes Market, by Distribution Channel
- Online Stores
- Specialty Stores
- Shoes Stores
- Departmental Stores
- Super Market & Hyper Market
Global Diabetic Shoes Market, by End Use
Global Diabetic Shoes Market, by Geography
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Middle East
- Saudi Arabia
- Rest of Middle East
- South Africa
- Rest of Africa
- Latin America
- Rest of Latin America
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