Rising Awareness about Benefits of Diabetic Shoes and Increased Expenditure on Healthcare
Albany, New York, Dec. 05, 2018 (GLOBE NEWSWIRE) — Aetrex Worldwide, Inc., Etonic Worldwide LLC, Apex Foot Health Industries LLC, Advance Diabetic Solution, Podartis S.r.l., Dr. Comfort, LLC., Drew Shoe Corporation, DARCO International, Inc, Orthofeet Inc., and Dr Zen Products, Inc. are to name a few of the dominant players in the global diabetic shoes market. But it has been observed that the entry of many regional players who are offering the product at knockdown prices is denting their revenues and challenging their market supremacy. To overcome the challenge, they are seen diversifying their product portfolio through innovation, expanding their operations, and foraying into new regional markets. This has served to make the market for diabetic shoes highly dynamic.
According to a recent market research report by Transparency Market Research, the revenue opportunity in global diabetic shoes market is likely to rise to US$9.9bn by 2024 from US$5.0 bn in 2015. For this to be true, the market will have registered a healthy CAGR of 8.1% over the period between 2016 and 2024.
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The World Health Organization (WHO) states that the number of diabetics has quadrupled since 1980. Among diabetics, unprotected feet are prone to injuries. Diabetic shoes are designed to regulate blood circulation, thereby reducing the risk of foot ulcers among patients. As the awareness regarding the need for using proper shoes and counseling for proper foot care rises, the global demand for diabetic shoes is also rising at an impressive pace.
E-commerce Industry Provides Impetus to Uptake of Diabetic Shoes
The e-commerce industry has made it possible for international companies to reach out to consumers and potential growth opportunities in geographical distant regions in a much economical and convenient manner in the past few years, changing the face of the retail sector in a positive manner. The scenario has also majorly influenced the positive expansion of the global diabetic shoes market by allowing several small and mid-scale businesses to benefit from the growth opportunities in majorly underserved regional markets that have well-established or even a growing e-commerce industry.
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This is especially true for several emerging economies in the Asia Pacific region where the e-commerce industry has already established itself as a big part of the retail industry and consumers using e-commerce websites for purchasing stuff ranging from fashion needs to necessities is incessantly rising. The trend is likely to remain strong in the near future, with the e-commerce industry serving to bridge the gap between the vast rise in demand for diabetic shoes and impressive products from across the globe.
North America and Asia Pacific Markets to Present Promising Growth Opportunities
Geographically, the market for diabetic shoes in North America is one of the strongest and most lucrative. Factors benefitting the regional market range from the high awareness among people about the vast benefits of using these specialized varieties of shoes and high disposable incomes. The high availability of novel and innovative diabetic shoes and growing prevalence of the disease are also fuelling the North America market for diabetic shoes. In the U.S., which remains one of the leading contributors of growth opportunities to the North America market, the high uptake of these shoes is also backed by encouraging medical reimbursement or medical insurance policies; The Medicare has a program in the U.S. that covers as high as 80% cost of diabetic shoes.
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The market in Asia Pacific is also one of the most lucrative and budding one owing to the rising population of diabetics, the well-established e-commerce industry, the increasing disposable income of consumers and the rising awareness about the benefits of these shoes. The regional market is also benefitting from the fact that several players in the global diabetic shoes market are increasingly focusing on the manufacture of high-quality diabetic shoes in low-cost range to attract consumers in emerging economies in the region.
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The report segments the Global Diabetic Shoes Market into the following:
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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