Medical Footwear Market To Hit Value .97 Billion By 2027 |Grand View Research, Inc.
Posted by Mrudula Karmarkar on June 24th, 2022
The global medical footwear market size is anticipated to reach USD 12.97 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Increasing cases of foot-related issues, ankle sprain, ulcers, diabetes, and strain and foot pain owing to obesity are expected to fuel the growth of this market. According to the American Podiatric Medical Association (APMA), in 2018, close to 81% of obese people accepted that they have witnessed foot pain and multiple foot and ankle conditions due to overweight.
The men segment led the market and accounted for 57.2% share of the global revenue in 2020. Increasing technological innovation and product launches have been driving the demand for medical footwear. For instance, in 2020, Footwear Unlimited, Inc. brand Baretraps introduced comfortable shoes with Posture+ technology that help the wearer to correct the posture and reduce strain and pressure on knees, toes, and ankle. The shoes come with a supportive heel cup and a built-in orthotic that reduces the foot pain.
The women segment is expected to register the fastest CAGR of 5.9% from 2020 to 2027. Manufacturers have been broadening their product portfolio by launching casual looking shoes for women, which is proliferating the segment growth. For instance, in July 2020, Dr. Comfort, a medical footwear brand, launched an athleisure-style shoe, The Ruth in women’s category, made of full-grain leather and has reduced seam lines, protective toe box, stable outsoles, removable outsoles, and anti-abrasion material to aid durability, stability, and support.
The COVID-19 (coronavirus) outbreak has severely impacted the footwear industry, including medical footwear, with a reduction in demand owing to store closures, lockdown measures, and restriction in imports and exports at the global level. Sales data reported for Amazon between mid-February and mid-March 2020 showed footwear sales fell by an average of 40 percentage points. Consumers have become more conscious of their spending habits and tend to purchase mostly essential products, which is a major challenge for the market.
The online distribution channel is expected to witness the fastest growth over the forecast period. The rising popularity of e-commerce channels among the manufacturers and high internet penetration among millennials, Gen Z, and Gen X have been driving the sale through this channel. E-commerce websites such as Amazon, Flipkart, Orthorest, and Dr. Comfort offer discounts, deals, and new launches, which attract the consumers and fuel the segment growth.
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North America dominated the market for medical footwear and accounted for 33.5% share of the global revenue in 2020. The growth of the regional market is powered by an increasing number of people witnessing foot-related issues in the region. According to a report by the American Podiatric Medical Association, 50% of Americans have limited their outdoor activities due to foot pain because of poor design shoes and high impact activities, such as jumping, running, and dancing. Asia Pacific is expected to register the fastest CAGR of 6.1% from 2020 to 2027. Increasing cases of diabetes in the region are expected to drive the demand for medical footwear. Moreover, people in the countries, including China, India, and Japan, have become more conscious of their health and are willingly purchasing footwear that can offer relief to chronic foot pain.
Medical Footwear Market Report Highlights
The rising number of foot-related issues, such as plantar fasciitis, bunions, arthritis, foot and ankle injuries, corns, and flat feet, on account of poorly fitting shoes, is a key factor driving the market. According to the American Podiatric Medical Association (APMA) 2020, in the U.S., about 77% of Americans have encountered foot disorders and related issues. Usage of ill-fitted shoes for a prolonged period of time for normal walks or running can result in sprains, strains, or trauma in the feet, which can limit the wearers’ mobility to perform day-to-day activities. The longer these conditions are left untreated, the worse the pain and discomfort become for the people. However, growing awareness regarding the benefits of medical footwear among consumers is expected to propel the product demand. These footwear offers cushion to the entire foot, providing it with the support to the wearer to move freely.
The market for medical footwear is fragmented on account of the presence of prominent players at the regional level, especially in the Asia Pacific region with the same end-use offerings. In this respect, key market participants are expected to invest in research & development activities to remain competitive over the forecast period. Some of the prominent players in the medical footwear market include:
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About the AuthorMrudula Karmarkar
Joined: March 30th, 2020
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