The global medical footwear market size is expected to reach USD 12.87 billion by 2027 according to a new study by Polaris Market Research. The report “Medical Footwear Market Share, Size, Trends, Industry Analysis Report, By Type (Sandals, Shoes & Boots, Slippers, Insole and Others); By Distribution Channel (Online and Offline); By End Users (Men, Women and Kids); By Regions; Segment Forecast, 2020 - 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Medical footwear aids in dealing with several foot-related issues such as bunions & hallux valgus, plantar fasciitis, and arthritis. Therefore, they are also referred as therapeutic footwear. Diabetes increases the blood sugar which increases the risk of foot-related ailments. As a result, the increasing number of diabetic patients across the globe is expected to drive market growth.
According to the Centers for Disease Control and Prevention (CDC) 2020 report, approximately 3.2 million people are diabetic in the U.S alone. In addition, the report also states that 26.9 million (including 26.8 million adults) people are diagnosed while 7.3 million are undiagnosed. Furthermore, 88 million people who are 18 years or older are pre-diabetic. This has led to the increasing demand for medical footwear across the globe.
A wide variety of smart shoes are available in the medical footwear market for diabetic patients and athletes. For instance, CMST and Holst Center are working with the Belgian companies as their main objective is to make intelligent shoe sole that helpful for athletes and patients. The sole measure pressure distribution while walking or running due to the presence of 900 sensors. Therefore, the addition of technology is expected to drive the demand for medical footwear.
Furthermore, there are some popular shoes that are Medicare-approved shoe brands such as Orthofeet, Apex, Anodyn, Dr. Comfort, New Balance, and Surefit which in turn is expected to increase awareness for medical footwear. For instance, Orthofeet is the most popular brand biochemically engineered and designed for pain relief. These shoes are also useful for the patient who have multiple foot or pain-related issues.
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Most of the companies operating in the medical footwear market are involved in joint ventures and partnerships to develop new products. For instance, in October 2019, Stevens Institute of technology entered into a contract which was an exclusive licensing agreement with Bonbouton. This agreement is to provide the right to use smart insole as well as develop a graphene sensing system. This system will be helpful in the early detection of foot ulcers. Key players operating in the global medical footwear market are Darco International Inc., New Balance, Mephisto, Aetrex Worldwide, Inc., Dr. Comfort, Orthofeet, Duna, Dr. Zen, Inc., and Gravity Defyer Corporation.
Major players in the medical footwear market are focusing progressively on the online shopping experience through innovative marketing strategies. They are involved in target marketing and impactful education to generate online traffic. These strategies are helpful in influencing diabetics through online platforms. Therefore, innovative product designs and promotional & advertising activities of medical footwear is expected to offer favorable opportunities to drive market growth.
Polaris Market Research has segmented the medical footwear market report on the basis of type, end-user, distribution channel and region.
Medical Footwear Type Outlook (Revenue - USD Million, 2016 - 2027)
Medical Footwear Distribution Channel Outlook (Revenue - USD Million, 2016 - 2027)
Medical Footwear End Users Outlook (Revenue - USD Million, 2016 - 2027)
Medical Footwear Regional Outlook (Revenue - USD Million, 2016 - 2027)