The Global Diabetic Footwear Market was valued at US$ 5331.8 million in 2016, according to a new report published by Coherent Market Insights. Diabetes is a prolonged medical condition that is caused due to the lack or lower levels of insulin in the body. A person suffering from this condition is susceptible to conditions such as sores and other external injuries, predominantly in feet. Diabetic footwear has evolved as a medicinal revolution that helps avoid the feet of a person suffering from diabetes prone to such injuries. Therefore, using the suitable diabetic footwear helps diabetic patients with significant result with respect to prevention and treatment of the condition. Diabetes can result in permanent blindness and can result in a stroke and amputation of the legs. According to WHO, an estimated 1.6 million deaths were directly caused by diabetes in 2015. Diabetes can be classified as Type 1, Type 2, and gestational diabetes. Though Type 2 diabetes was diagnosed only in adults, recently it is also being found in children.
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Key Trends and Analysis of the Diabetic Footwear Market:
Men dominated the end user segment in 2016, according to the stats provided by Coherent Market Insights. The reason for the same is the prevalence of diabetes among men as compared to women. According to International Diabetes Federation (IDF), there were about 15.6 Mn more men than women with diabetes (215.2 million men vs 199.5 million women) in 2015. According to WHO, the prevalence of diabetes among adults has risen from 4.7% in 1980 to 8.5% in 2014 globally. According to a report published by the National Health Service, men are prone to diabetes twice as compared to females.
Key Takeaways of the Market:
Asia Pacific dominated the market in 2016 and the trend is expected to remain the same during 2017-2025. This is due to the presence of a large population in China and India suffering from diabetes. WHO states that Type 2 diabetes is up to six times more prevalent in people of South Asian descent and up to three times more common among those of African and African-Caribbean origin. According to a study published by National Center for Biotechnology Information, around 79.4 million deaths are expected due to diabetes by 2025 in India alone. China is expected to account for around 42.3 million deaths due to diabetes during the forecast period. The reason behind such huge rates is genetic factors coupled with environmental influences such as obesity — associated with increasing disposable incomes, steady urban migration, and lifestyle changes. Rising spread of awareness regarding the prevention and cure of diabetes by various government bodies is expected to drive the growth of diabetic footwear market in the Asia Pacific region. According to National Center for Biotechnology, between 5% and 10% of India’s health budget is spent on the prevention and treatment of diabetes every year.
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The Europe market for diabetic footwear is expected to grow at a CAGR of 7.43% during the forecast period. The market was valued at US$ 4 million in 2016. Awareness among the population has resulted in an increasing demand for diabetic footwear in the region. According to WHO, there are about 60 Mn people with diabetes in this region, out of which, 10.3% are men and 9.6% are women aged 25 years and above. Main causes of diabetics in this region are obesity, unhealthy diet, and reduced physical activity.
Podartis S.r.l., Aetrex Worldwide Inc., Orthofeet Inc., Etonic Shoes, Drew Shoe, Dr. Comfort, DARCO International, Duna S.r.l, and Hong Kong Grace Shoes among others are a few key players operating in the global diabetic footwear market. There are various organic and inorganic growth strategies, which are being followed by the leading players in the market. For instance, to retain their market share globally, Podartis S.r.l is intensifying its portfolio by introducing innovative products, Aetrex Worldwide, Inc. has increased its production capacity, while Orthofeet Inc. is focusing on revolutionizing its products via product development and increased R&D, and DARCO International Inc. is planning on entering untapped markets in the Asia Pacific.