Global Diabetic Footwear Market Report, published by Variant Market Research, forecast that the global market is expected to reach $9.4 Billion by 2024 from $5.3 Billion in 2016; growing at a CAGR of 7.4% from 2016 to 2024. By geography, Asia Pacific and Europe are expected to grow at a CAGR of 8% and 7.7%, respectively, during the forecast period.
Increase in the number of diabetic patients globally and rising disposable income in emerging economies leading to high spending on diabetes treatment is the major factor supporting the growth of the market. Moreover, increasing awareness, government initiatives and availability of customized and fashionable footwear also fuels the growth of the market.
By distribution channel, online stores accounted the major share in the diabetic footwear market with 60.4% due to high penetration of smartphone, availability of various shapes and sizes and discount rates, followed by specialty store with 16.7%, in 2016.
Asia Pacific is the fastest growing region in the global diabetic footwear market, and is expected to continue this trend due to increasing geriatric population, efforts on increasing awareness, growing economic condition and rising disposable income. Asia Pacific accounts the largest share of the market with 36.8% followed by North America.
The key market players of diabetic footwear market include Orthofeet Inc., Dr Zen Products, Inc., Podartis S.r.l., Dr Comfort, LLC., Apex Foot Health Industries LLC, DARCO International, Inc., Advanced Diabetic Solutions, Aetrex Worldwide Inc., Drew Shoe Corporation and Etonic Worldwide LLC among others.