Ortho Diabetic and Handicap Footwear Market Size Estimated to Reach $11.4 Billion by 2027
The Ortho Diabetic and Handicap Footwear Market size is estimated to reach $11.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 2.7% over the forecast period of 2022-2027. The ortho diabetic and handicap market covers a wide array of footwear requirements presented by patients afflicted with various kinds of conditions. Further, diabetic footwear has been gaining immense market traction owing to the dual functional benefits being provided by the manufacturers, which allows the comfort to the person without any disability/condition, while also providing comfort to the person suffering from diabetic neuropathy. Disability footwear has been positioned for the older population, which provides agility to them while also preventing falls. People suffering from various conditions often make them choose between handicap shoes each providing a unique advantage to the wearer, while also helping them lead their daily life. The growing geriatric population coupled with the high case prevalence of diabetes would allow the Ortho Diabetic and Handicap Industry to be driven at a robust pace in the projected period of 2022-2027.
Ortho Diabetic and Handicap Footwear Market Segmentation Analysis- By Type
The ortho diabetic and handicap market based on type can be further segmented into Standard Footwear and Custom-Made Footwear. Standard Footwear held a dominant market share in the year 2021. It is owing to the high amounts of product innovations that have taken place in the year 2021, which allows the required customers to directly make the sale without waiting for a cobbler to customize the product according to their preferences. Surveys and talking to the local market sellers have been the key strategies that allow the corporates to bring in the said innovations. Moreover, the population suffering from conditions is growing. For example, within the US, around 34.2 million people have confirmed type-2 diabetes. Further, the region is growing old at a quicker pace, which further propels the use of standard footwear.
However, custom-made footwear is estimated to be the fastest-growing, with a CAGR of 3.3% over the forecast period of 2022-2027. It is owing to the high cost allocated with certain branded end-products which forces the low-level income getter to adopt custom-made footwears, which can reduce the cost by around 15-20%. Additionally, certain orthopedic surgeries force the patient to make the product customized according to the doctor’s advice. Owing to such reasons, the segment would grow at a steadfast pace.
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Ortho Diabetic and Handicap Footwear Market Segmentation Analysis- By Distribution Channel
The ortho diabetic and handicap footwear market based on distribution channels can be further segmented offline and online. The offline segment held a dominant market share in the year 2021. It is owing to the need which mostly wants the said patient to physically try the product and then make a purchase decision. Additionally, post orthopedic surgeries, hospitals often prescribe customized footwear which allows the market to occupy a dominant share.
However, the online segment is estimated to be the fastest-growing, with a CAGR of 3.5% over the forecast period of 2022-2027. It is owing to the growing internet penetration in developing countries which allows for an increased knowledge base. Furthermore, digital marketers are roped in for promoting the products which allows the targeted audience to gain confidence. Lastly, additional discounts are being provided on the brand’s online platforms. For example, Dr. Comfort offers a 20% discount on the MRP for the entire medical shoe range.
Ortho Diabetic and Handicap Footwear Market Segmentation Analysis- By Geography
The ortho diabetic and handicap footwear market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 42% in the year 2021. It is owing to the various associations in place between public and private entities which smoothens the entire market flow. For example, ADA has partnered with Dr. Comfort to provide relief to the diabetic population of the US, which holds a considerable share of 34.2 million. Additionally, one in every four aged adults is now diabetic in the US. Owing to the following reasons, the market held a lion’s share.
However, Asia-Pacific is expected to offer lucrative growth opportunities to marketers in the projected period of 2022-2027. It is owing to the cases of road accidents and the geriatric population presence. For example, Japan recorded 499,232 road accidents with around 614,000 injuries. Further, around 28.4% of the Japanese population is above the threshold of 65, with around 15% of the population prediabetic.
Ortho Diabetic and Handicap Footwear Market Drivers
A growing prevalence of diabetes along with heightened cardiovascular issues have been a key aider for the market growth.
The major driving factor for the entire market is the growing prevalence of diabetes around the globe, especially in North America and Asian regions. India has been called the diabetic capital of the World. As per a recent survey, around 10% of the population of both India and the US now have type-2 diabetes, and the rates are only growing more and more. One of the reasons for developing diabetic foot or neuropathy is being overweight. People having BMI above 25 are being referred to as overweight, and as per various doctors, it becomes a primary reason for having nerve damages in legs and feet. The symptoms can range from pain and numbness in the legs to excoriating movements during simple walks. Furthermore, the older population suffering from diabetes have higher chances of incurring serious damages to the foot, and as per various countries’ projection, the population is growing older every year. Owing to such factors, the market has been driven.
Cases of disability have soared owing to trauma accidents which have further aided the footwear market.
Orthopedic problems have been growing around the globe, especially because of the soaring geriatric population. Additionally, various orthopedic surgeries require the afflicted patient to use a special form of footwear, as per the doctor’s advice to ease the recovery process. For example, around 720,000 knee replacement surgeries happen within the US each year, which as per estimates would grow even more. Lastly, disability problems owing to trauma accidents or road accidents propel the use of such footwear. For example, around 3.54 lakh road accidents happened in India in 2020 of which around 3,35,201 faced injuries of various forms. Of which, a proportion of people experienced fatal injuries which ultimately results in form of disability. As per WHO, around 15% of the world population lives with some form of disability, of whom around 2-4% experience significant difficulties in functioning. The following statistics govern how evenly poised the market is for the projected period of 2022-2027.
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Ortho Diabetic and Handicap Footwear Market Challenges
High costs pertaining to ortho, diabetic, and handicap footwear impede the overall market growth.
A major factor that impedes the overall market growth of the said products is the high-end product costs. One of the predominant reasons for the same is the knowledge of high technician/ shoemaker knowledge. Secondly, the quality of the raw materials is costlier than normal footwear. However, in low-and middle-income countries, diabetic patients are not able to afford such products. For example, diabetic shoe footwear would of Dr. Comfort would cost anywhere between $100-$150 as per the quality and durability, The following, if reflected in INR would come down to INR 7300 to INR 10500. The average rural income in India per month is close to INR 3500. Additionally, the diabetes population in rural India is 17 times higher than in urban areas. Owing to such anomalies, the market’s growth would be hampered.
Ortho Diabetic and Handicap Footwear Market Competitive Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Ortho Diabetic and Handicap Footwear Market. The top-10 Key companies of Ortho Diabetic and Handicap Footwear Market are-
Medline Industries,
Sigvaris Inc.,
DARCO International Inc.,
Hong Kong Grace Shoes Development Co Ltd.,
Ortho Europe Inc.,
Duna Srl, Thuasne Inc.,
Podartis Srl,
Supreme Health Care Bangalore Private Limited,
Drew Shoe Corporation
Dr. Comfort
Recent Developments
In December 2021, American Diabetes Association and Dr. Comfort have teamed up. The aim for the former is to advance consumer resources for successful foot care in patients suffering from various forms of foot-ailments, especially owing to diabetes. Every four minutes in America, a limb is amputated due to diabetes. The ADA is working hard to help the over 34 million Americans with diabetes deal with and overcome the unique health complications they face on a daily basis such as foot complications. Through this personalized diabetes journey experience, hope to meet them where they are to deliver the resources and education they need to thrive.
In June 2021, Product modification for the already introduced footwear from Dr. Comfort took place. The double-depth shoe, by the brand names of Gordon X for men and Grace-X for women. The product would be cross-functional and will have the same sleep and the popular original design. However, now the product would have full-length, heel-to-toe filler benefits. The extra interior space would prove out to be a haven for those suffering from diabetes, poor circulation, foot ulcers, and peripheral neuropathy.
In October 2019, The John has been launched by Dr. Comfort as the shoe which would serve the benefits of both being fashionable and yet fulfilling the needs of the diabetic population. Further, the product offers reduced seam lines, specifically in the toe box region, as well as an internal heel counter that lends support and control to the rear of the foot. Constructed of genuine leather with soft pigskin lining, this fashionable men’s dress shoe is durable, comfortable, and breathable, which is essential for all-day wear.
Key Takeaways
Geographically, North America’s Ortho Diabetic and Handicap Footwear Market held a dominant market share in the year 2021. It is owing to the heightened awareness pertaining to the availability of such footwear. Additionally, the shoes help in delivering the daily functional utilities which further allows the market to space. Moreover, Asia-Pacific is expected to offer lucrative growth opportunities to the marketers in the projected period of 2022-2027 owing to the preference Asian regions such as India and China get for manufacturing footwear.
The growing geriatric population coupled with the high case prevalence of diabetes would allow the market to be driven at a robust pace. However, the high cost associated with obtaining the end-product along with the high tech-manship required to manufacture such footwear impedes the overall market growth.
A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Ortho Diabetic and Handicap Footwear Market Report.
Relevant Titles
Footwear Materials Market
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