Segmentation By Product (Slippers, Sandals, and Shoes); By End User (Children <5 years, Juveniles [Girls and Boys], Adults [Women and Men]); By Distribution Channel (Stores Based and Online Stores); By Indication (Diabetes and Edema, Arthritis, Flat Feet, Heel Pain, and Others) – Global Demand Analysis & Opportunity Outlook 2028
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Rising Cases of Orthopedic Disorders
Increasing cases of orthopedic disorders of the leg which result in pain and swelling in ankles and feet is a major growth factor for the orthopedic footwear market. The patients require comfortable and customized footwear which are specific to their health condition, resulting in a higher demand for these products. This is anticipated to lead to a higher growth rate in the market over the forecast period.
Globally Improving Footwear Quality to Drive the Market Growth
The orthopedic footwear market is growing at a high rate all over the world owing to the increasing number of cases of various orthopedic disorders which result in a growing demand for better footwear that is user friendly and provides the required support to the foot. The growing research and development for treatment methods of these disorders at research laboratories further fuels the footwear industry. On the back of these factors, the market is predicted to grow over the forecast period.
The orthopedic footwear market is anticipated to record a significant CAGR over the forecast period, i.e., 2021-2028. The market is segmented by product, by end user, by distribution channel, by indication and by region. The product segment is further categorized into slippers, sandals and shoes, depending on the prescription by the physician as well as the choice of users. Additionally, rising number of patients diagnosed with various orthopedic disorders further supports the growth of orthopedic footwear market. On the basis of indication, the market is segmented into diabetes and edema, arthritis, flat feet, heel pain and others. Out of these, the segment for diabetes and edema is anticipated to hold the leading share in the market on account of rising cases of diabetes which eventually results in swollen feet. According to the International Diabetes Federation, around 463 million adults between the ages 20 and 79 were estimated to live with diabetes in 2019. This number is predicted to reach 700 million by 2045. Moreover, it was reported that 79% of adults with diabetes were living in low and middle income countries in 2019. This is anticipated to create a significant business opportunity for existing and well as new market players in the industry to expand their businesses in these regions. As a result of this, the demand for orthopedic footwear is predicted to increase over the next few years.
Lack of Required Equipment and Skilled Labor to Hamper the Market Growth
Despite improving footwear market, there is a shortage of necessary equipment in order to meet the growing demand globally as well as lack of skilled labor in the research and development. This is estimated to hinder the growth of orthopedic footwear market in the future.
Our in-depth analysis of the orthopedic footwear market includes the following segments:
By Product
By End-user
By Distribution
By Indication
By Region
On the basis of regional analysis, the orthopedic footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market for orthopedic footwear in North America is anticipated to hold the largest share in the market on account of leading market players in the region. Increased availability of customized footwear, growing healthcare awareness, and majority of the players domiciled in the region are some of the prominent factors supporting the growth of orthopedic footwear market in North American region. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period owing to increasing availability of products, rising orthopedic surgeries and growing research activities in the region. The improving diabetic testing facilities in the region, especially in countries such as China, India and Japan further raise the demand for orthopedic footwear in the region.
The orthopedic footwear market is further classified on the basis of region as follows:
On April 21, 2020, the disposal of medical waste and facemask was found to impose a risk on the environment as about 116 million masks were disposed each day due to the ongoing global pandemic COVID-19. To compensate for this, the founder of Shoe X, an orthopedic footwear company, announced that they are developing face masks which are eco-friendly. This is how the orthopedic footwear market is transforming during this pandemic.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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