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., 2020-2028. The market is segmented by product, by application, by distribution channel, by indication and by region. The product segment is further segmented into slippers, sandals and shoes, depending on the prescription by the physician as well as the choice of users. This is anticipated to result in the market growth by a significant CAGR over the forecast period. This can be attributed to the rising number of patients suffering from various orthopedic disorders of the bones and joints in foot or the ankle. On the basis of indication, the market is segmented into edema, diabetes, arthritis, flat feet, heel pain and others. Out of these, the segment for diabetes 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 was predicted to increase to 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 such as diabetic footwear for providing relief from symptoms of diabetes is predicted to increase over the next few years.
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. CLICK TO DOWNLOAD SAMPLE REPORT
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.
Lack of Required Equipment and Skilled Labor to Hamper the Market Growth
Despite the 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:
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 Asia Pacific is anticipated to hold the largest share in the market on account of leading market players in the region. Moreover, the growing demand for continuously improving the quality of footwear in the market and for innovative diagnostic methods is met in this region which is further predicted to increase the product demand. The market in Asia Pacific region is predicted to grow at the highest rate during the forecast period as a result of developing infrastructure 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:
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