Medical Footwear Market Size, Share & Trends Analysis Report By End Use (Men, Women), By Distribution Channel (Offline, Online), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2020 - 2027
New York, Sept. 09, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Medical Footwear Market Size, Share & Trends Analysis Report By End Use, By Distribution Channel, By Region And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05965065/?utm_source=GNW
Medical Footwear Market Growth & Trends
The global medical footwear market size is anticipated to reach USD 12.97 billion by 2027., 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 2019. Increasing technological innovation and product launches have been driving the demand for medical footwear. For instance, in 2019, 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 2019, 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.
North America dominated the market for medical footwear and accounted for 33.5% share of the global revenue in 2019. 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 online distribution channel emerged as the fastest distribution channel in 2019 and is expected to maintain its lead throughout the forecast period. The increasing availability of medical footwear of different brands, free delivery, and seasonal discount on e-retailer platforms are among the major reasons fueling the segment growth
• The men segment led the market and accounted for 57.2% share of the global revenue in 2019
• Asia Pacific is the fastest growing regional market with a CAGR of 6.1% from 2020 to 2027. Growing awareness among people regarding the benefits of medical footwear including increased blood flow, improved mobility, and enhanced foot support is expected to drive the regional market.
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