The Medical Footwear Global Market Report 2023 by The Business Research Company, provides medical footwear market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Medical Footwear Global Market Report 2023, the global medical footwear market size will grow from $9.04 billion in 2022 to $9.72 billion in 2023 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of medical footwear is expected to grow to $13.04 billion in 2027 at a CAGR of 7.6%.
The rapidly growing prevalence of foot-related issues such as bunions & hallux valgus, plantar fasciitis, Achilles tendonitis, and arthritis is significantly contributing to the growth of the medical footwear market. Foot-related issues generally refer to the issues that relate to the feet which cause pain in the foot. Foot-related issues are common in people with diabetes. Some of the foot-related issues like bunions & hallux valgus, plantar fasciitis, Achilles tendonitis, and arthritis are common in these patients. Due to these food-related issues, doctors recommend using medical footwear.
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The medical footwear market is segmented:
1) By Product: Medical Shoes & Boots, Medical Sandals, Other Products
2) By Sales Channel: Direct Sales of Medical Footwear, Footwear Specialty Stores, Medical & Healthcare Centers, Online Retailers of Medical Footwear, Mono-Brand Stores, Other Sales Channels
3) By Application: Diabetic Shoes, Arthritis Shoes, Bunions & Hallux Valgus Shoes, Flat Feet Shoes, Other Appliations
4) By End User Sex: Men, Women
Technological advancement is a key trend gaining popularity in the medical footwear market. Major companies operating in the medical footwear sector are focused on developing new technological solutions to strengthen their position. For instance, in March 2020, Nike designed a new smart shoe model named Nike Adapt Auto Max. Nike Adapt Auto Max is the first continually updated performance product from Nike due to the near-symbiotic relationship between the shoe’s digital app and the shoe’s opt-in firmware updates. By using these smart shoes consumers can link shoes with their mobiles and track workouts daily. In the coming years, companies such as MI and Under Armor are also planning to launch their smart shoes into the market. For example, the MI – Mijia Smart Shoes and Under Armor – UA HOVR Sonic 3.
The medical footwear market report table of contents includes:
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Top Major Players
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