Global Medical Footwear Market by Distribution Channel (Offline, Online), by End Use (Men, Women) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global medical footwear market was valued at USD 8.30 million in 2019. It is projected to grow at a compound annual rate (CAGR of 5.7%) between 2020 and 2027. Market growth is driven by the rising incidence of foot-related problems such as bunions, arthritis and plantar fasciitis. According to the American Podiatric Medical Association, 77% of Americans have experienced foot problems or related issues in 2019. For normal walking or running, wearing ill-fitted shoes can cause injuries to the feet that can restrict the wearer's ability to do daily activities. These conditions can cause severe pain and discomfort if they are not treated quickly. The demand for medical footwear is expected to rise as consumers become more aware of the benefits. These shoes provide cushion for the whole foot and support the wearer's movement.

Patients with diabetes and other medical conditions are also a major consumer of therapeutic footwear to heal the foot and ankle. Patients with diabetes or other medical conditions can have their blood sugar levels uncontrolled, which can cause damage to many areas of the body. This makes them more susceptible to developing foot problems, also known as neuropathy. Medical footwear is a category of shoes that are specifically designed to reduce risk and promote healthy blood flow, mobility, and support for the feet.

Diabetes.co.uk estimates that nearly 415 million people are living with diabetes worldwide as of 2019. This is 1 in 11 of the global adult population. By 2040, this number will rise to 642 millions people with diabetes around the world. Market growth will be boosted by rising diabetes cases.

Long-distance runners, athletes, and military personnel who engage in high-intensity outdoor sports are all likely to experience knee pain and ankle sprains. They will need medical footwear to heal their feet. Many companies are now focusing their efforts on footwear that appeals to this market. Kingetics, a startup, introduced a new technology in footwear for military combats in May 2020. Kignetics' mechanical insole system lever uses advanced composite insoles to reduce stress fractures, and injuries during training. This orthopedic design incorporates lever and spring plates to reduce injury impact. It can be used in infantry units up to 30%.

The purchasing habits of consumers have changed in the wake of the coronavirus pandemic and other adversities. According to Vertical Web Media, online sales increased during the lockdown period. But, customers are still primarily looking for essential products such as groceries and medicines. The consumer is more aware of their spending habits and avoids buying non-essential items, which has a negative impact on the growth of the footwear industry, especially medical footwear.

End-use Insights

Men dominated the market, accounting for 57.2% of global revenue in 2019. The segment has been driven by an increase in the number of men with diabetes and other medical conditions. Diabetes.co.uk reported that men made up close to 56% in the U.K.'s diabetes population in 2019. According to the U.S. National Library of Medicine (US), more men are diagnosed with diabetes than women each year. The segment's growth is expected to be influenced by an increase in diabetic patients during the forecast period.

From 2020 to 2027, the CAGR for women is 5.9%. Women are more likely to engage in outdoor activities such as running, climbing and other adventure sports, which will drive the demand for medical footwear that can prevent injuries and knee pain. Companies have been investing in research and development to provide the best footwear for their customers. In October 2019, New Balance Athletics, Inc., an apparel and sports footwear manufacturer, teamed up with FIGS, a medical apparel company, to create fashionable and functional footwear. The 574S shoe is performance-oriented and designed for women. It features water resistance attributes and new foam midsoles that offer greater support.

Distribution Channel Insights

The market was dominated by offline distribution channels, which accounted for 74.9% of global revenue in 2019. The market's distribution channels have been changing to reflect a growing consumer preference for buying medical footwear products in offline stores. These products are more popular because they can be physically tested for durability, comfort, and material by purchasing them in stores. The quality of medical footwear is a major reason for segment growth.

Online distribution channels are expected to experience the greatest growth during the forecast period. Due to the wider distribution network, ecommerce channels are likely to see significant growth. These factors have encouraged manufacturers to sell their products online. Global e-commerce is set to transform the market in the next few years. With increased sales of medical footwear through online channels, consumers are noticing a shift in their purchasing habits, especially in the developed regions like North America and Europe.

Regional Insights

North America was the dominant market for medical shoes in 2019, accounting for 33.5% of global revenue. The growth of the market is due to the growing number of foot-related problems resulting from diabetes and sports-related injuries, as well as established healthcare providers. WebMD LLC. According to WebMD LLC., close to 23,000 Americans require medical attention for ankle sprains each day. This includes both athletes as well as non-athletes. Ankle sprains are the most common ankle and foot injuries among active-duty military personnel. There have been close to 103 ankle sprains for every 1000 soldiers. Medical footwear is preferred by consumers to lessen the pain, and they are willing to pay more for them.

Asia Pacific will experience the fastest growth during the forecast period. The key drivers of the market are the rising number of diabetic patients as well as the increasing incidence of foot and ankle sprains from outdoor activities. According to an International Diabetes Federation report, India and China saw the most active cases of diabetes in 2016. During the forecast period, product demand will be driven by growing health concerns and increasing disposable income.

Market Share Insights & Key Companies

Due to the presence of several prominent players at regional levels, particularly in Asia Pacific, the market for medical footwear can be fragmented. To remain competitive in the future, market leaders are expected to invest heavily in research and development activities. The market leader in medical footwear is:

• New Balance

• Dr. Comfort

• Mephisto

• Aetrex Worldwide, Inc.

• Orthofeet

• Duna

• Darco International Inc.

• Aetrex Worldwide, Inc.

• Dr. Zen, Inc.

• Gravity Defyer Corp.

Up Market Research published a new report titled “Medical Footwear Market research report which is segmented by Distribution Channel (Offline, Online), by End Use (Men, Women), By Players/Companies Aetrex Worldwide Inc, Dr Zen Inc, Dr Comfort, Darco International Inc, Mephisto, New Balance, Orthofeet, Duna, Aetrex Worldwide Inc, Gravity Defyer Corp”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Medical Footwear Market Report Segments:

The market is segmented by Distribution Channel (Offline, Online), by End Use (Men, Women).

Medical Footwear Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Medical Footwear Market

Overview of the regional outlook of the Medical Footwear Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Medical Footwear Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Medical Footwear Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Offline

                2. Online

                1. Men

                2. Women

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Medical Footwear Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Medical Footwear Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.