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HEALTHCARE & PHARMACEUTICAL

Orthopedic Footwear Market 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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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

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.

Introduction to Orthopedic Footwear Market

Orthopedic shoes are designed specifically to accommodate a variety of features that aid in normal functioning of the foot and ankle, making them essential for patients with orthopedic medical conditions. A podiatrist assesses the condition and accordingly recommends the required footwear that guarantees good mechanics as a result of various factors such as high torsional strength, removable sock liners, wide variety of sizes and shapes, firm heels and others.

Market Size and Forecast

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.

Growth Drivers

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.

Restraints

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.

Market Segmentation

Our in-depth analysis of the orthopedic footwear market includes the following segments:

By Product

  • Slippers
  • Sandals
  • Shoes

By End-user

  • Children less than 5 years old
  • Juveniles
    • Girls
    • Boys
  • Adults
    • Women
    • Men

By Distribution

  • Stores based
  • Online stores

By Indication

  • Diabetes and Edema
  • Arthritis
  • Flat Feet
  • Heel Pain
  • Others

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:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Poland, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
  • Middle East and Africa (Israel, GCC, North Africa, Turkey, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

  • DARCO
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Dr. Comfort
  • Mephisto
  • Apex
  • Propet
  • Vionic
  • Chaneco
  • Duna
  • Orthofeet
  • Piedro
  • Drew Shoe
  • Sole
  • New Balance

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