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.
A recent report on the market published by Transparency Market Research finds that it would rise at a healthy CAGR of 8.1% over the course of the forecast period starting from 2016 and ending in 2024. As per the report, the market’s worth would likely become US$9910.2 mn by 2024-end from US$4953.8 mn in 2016.
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Various distribution channels are being leveraged by players in the global market for diabetic shoes to boost their sales. Among them, the online stores are proving to be the best avenues for pushing up sales. It already generates more than half the revenue in the market and going forward is expected to expand at an impressive 8.5% CAGR during the forecast period. From a geographical standpoint, Asia Pacific is a leading region in the market which will likely retain its leading share in the near term. This is because of the abundant availability of cheaper products produced by local companies, increasing spending capacity of people, and a large pool of diabetics in the region.
Alarming Increase in Diabetes, Due to Changing Lifestyle, Drives Market
Sedentary lifestyle and unhealthy eating habits are said to be primary cause of diabetes. With changes in lifestyle, more and more people are having the chronic ailment these days. As per the estimations of International Diabetes Federation (IDF), around 642 million people will likely have diabetes by 2040. This is expected to provide a major impetus to the diabetic shoes market. At present the market is progressing steadily because of the growing awareness about the product among people – they are well aware of how infections such as gangrenes and ulcers can result from weak blood flow in the foot. This growing awareness alongside their rising disposable incomes are having a positive impact on the market for diabetic shoes.
Thrust on Product Development Bodes Well for Revenue
The report by TMR observes that continued focus on research and development of more sophisticated products is also leading to market growth. Typically, diabetic shoes are manufactured keeping in mind a few things, including sufficient space inside the shoe so that one’s feet gets substantial space while running or walking. A large pool of elderly too are spelling opportunities in the market. The report finds that women’s diabetic shoes are much more in demand than men’s.
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