Global Diabetic Footwear Market - 2019-2026
Diabetic footwear is the therapeutic footwear designed for reducing the risk of the skin breakdown in diabetics with pre-existing foot disease due to the poor circulation, neuropathy, and foot deformities. The footwear provides the protection for diabetic feet and reducing the risk and support healthy blood circulation in feet. Diabetic footwear is available in a variety of features such as non-binding uppers, stretchable uppers, orthotic support, extra depth design for a pressure-free fit, deep-toe-box, functional soles, and others. The global diabetic footwear market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
There is an increase in the demand for diabetic footwear for the people suffering from foot deformities that occurred due to diabetes. The increasing prevalence of diabetic foot ulcers with an increasing prevalence of diabetes with the increasing aging population and diabetes cases. According to the International Diabetes Federation, the approximately 463 million adults of age-groups 20-79 years are suffering from diabetes worldwide and this number is expected to increase and reach up to 700 million by 2045. Approximately, 1 in 5 of the people who are above 65 years old are affected by diabetes worldwide. Approximately, 10%-30% of diabetic patients with a foot ulcer would eventually progress to amputation.
There is an increase in the launch of diabetic footwear. For instance, in March 2018, Siren had launched the siren diabetic sock and foot monitoring system developed by using the proprietary Neurofabric material. The Siren Diabetic Sock and Foot Monitoring System and its accompanying app monitor wearers’ foot temperature as an early warning sign of inflammation and, subsequently, diabetic foot ulcers. The smart sock provides wearers continuous, clinical-grade temperature monitoring throughout the day. The wearers can view the current temperature as measured at six points on the users foot, and receive a push notification or text message when an increase is detected through the app or online web portal.
Several institutes are focusing on developing diabetic footwear. For instance, in October 2019, The University of Manchester and Manchester Diabetes Centre tested the effectiveness of a shoe insole system that tracks pressures and provides instant feedback, prompting users to adjust their behavior or stance to alleviate or offload the kind of pressure that can cause ulcers. In July 2015, Central Leather Research Institute had developed therapeutic open footwear for the reduction of foot complications in diabetic patients by reducing abnormal distribution of foot pressure. The CLRI developed the footwear in collaboration with MV Hospital for Diabetes and Diabetes Research Centre and Novo Nordisk Education Foundation.
The global diabetic footwear market is segmented based on product type as shoes, sandals, slippers, and others. The shoes segment accounts for the highest market share due to the higher usage of the shoes as diabetic shoes provide more comfort & protection in comparison to the sandals and slippers. Diabetic shoes are effective in preventing several complications such as strain, ulcers, calluses, or even amputations for patients with diabetes and poor circulation. Moreover, diabetic shoes could also provide additional protection from feet injuries for reducing the occurrence of fungal infections. The diabetic shoes comprised of the protective interior, shock-absorbing soles, stretchable uppers, toe box, extra depth design, ergonomic soles, and other features. The diabetic shoes are made-up of the flexible material, such as leather, canvas, or suede. The diabetic shoes also have a solid back for providing extra support. The market is dominated by the availability of the various types of diabetic shoes such as in-depth shoes, healing shoes, custom-made shoes, and others.
The slippers segment is expected to grow at the fastest CAGR over the forecasted period owing to the increasing usage of the diabetic slippers in daily life. Diabetic slippers are developed by using advanced materials such as leather, cotton, polyesters, and nylon. The diabetic slippers comprised of several features such as arch support, removable footbeds, adjustable closure designs, breathable leather uppers, durable rubber outsoles designed with slippery floor surfaces, and other features.
Further, the market is classified based on the distribution channel as the offline, and online. The offline segment accounts for the highest market share of XX% in 2019. Diabetic footwear is available in the various offline channels such as specialty stores, pharma outlets, and other stores. There is growing investment in the development of the new specialty outlets providing diabetic footwear with other accessories.
The online channels segment is expected to grow at the highest CAGR during the forecasted period. There is an increasing popularity of e-commerce portals for buying diabetic footwear with rising internet penetration. Several market players are focusing on improvement of the online shopping experience through various strategies, such as targeted marketing and effective online education for encouraging diabetic patients to purchase diabetic footwear through online platforms. Several value-added services such as Cash-on-Delivery (COD), coupon benefits, and free home delivery are boosting the sales of the diabetic footwears through the online channel.
By region, the global diabetic footwear market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America dominated the global diabetic footwear market and is expected to grow at the highest CAGR during the forecasted period owing to the high prevalence of diabetic foot ulcers with the increasing prevalence of the diabetics. According to the Centres for Disease Control and Prevention (CDC), approximately 30.3 million people are suffering from diabetic foot ulcers in 2015. There is a high adoption of diabetic footwear. Several companies are developing customized and fashionable diabetic footwear for meeting the recent fashion trend. There is an increasing availability of diabetic footwear with advanced and excellent feet comfort features.
The Asia-Pacific region is expected to have positive market growth due to the growing awareness regarding awareness among diabetic patients regarding the benefits of diabetic footwear. There is a growing preference for diabetic footwear recommended by the physicians to the diabetic patient for preventing foot-related problems. There is increasing investment by the companies for the development of diabetic footwear. The increasing domestic income and purchasing power of the people shall boost the demand for diabetic footwear.
The global diabetic footwear market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. Aetrex Worldwide, Inc, DJO Global, Dr. Zen Products Inc, Drew Shoe Corporation, Orthofeet Inc., Podartis srl Unipersonale, and Propet USA Inc., are the leading market players with significant market share.
The major players are using product development, novel product launches, market expansion, and product diversification strategies for holding their position in the market. For instance, in May 2020, Vimaranense company Lavoro had developed the high-tech therapeutic footwear project better adapted to the condition of the diabetic foot. The project is being worked on within a consortium of research and technological centers.
In February 2013, REED Medical had launched a new range of diabetic footwear called Healix footwear in partnership with Tekscanthat reduces the risk of ulceration in the neuropathic diabetic foot.
The companies are entering into the collaborations, mergers, strategic partnerships, and acquisitions to increase the demand for Diabetic Footwear and their expansion across the globe. For instance, In January 2018, Sensoria Health had entered into the partnership with Optima Molliter to create the smart diabetic footwear product that would monitor the patient's compliance to the clinician’s prescribed mechanical offloading protocol. The smart device, Motus Smart powered by Sensoria Health, would combine pressure sensors and the Sensoria Core technologies together with the clinically tested Optima Molliter Offloading System.
In March 2011, DJO Global, Inc. had entered into the definitive agreement to purchase Rikco International, LLC, a diabetic footwear provider for approximately $254.6 million in cash.
Several companies are raising investment and funding for the development of diabetic footwear products. For instance, in March 2020, Siren had raised $11.8 million in funding led by Anathem Ventures, with participation from existing investors DCM, Khosla Ventures, 500 Startups, and Peter Thiel's Founders Fund. In March 2018, Siren had raised the $3.4 million investment from DCM, Khosla Ventures and Founders Fund.
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