Report

The medical footwear market is expected to witness a CAGR of 5.8 % during the forecast period.

The COVID-19 pandemic had adversely affected several industries, including the medical footwear market, across the globe. Manufacturing hubs all around the world have suffered amid the pandemic. Firstly, due to the halting of operations, there was a growing number of order cancellations from international customers who were unable to sell or store products. Secondly, the demand for medical footwear was reduced as a result of temporary shutdowns and closures of manufacturing units. According to Confindustria Moda, in March 2021, revenue in the leather goods and footwear sector fell by 26% in 2020. Export orders were slowed significantly as a result of global restrictions. Such articles showed that COVID-19 had a pronounced impact on the growth of the market.

A key factor driving the market is the rising number of foot-related issues caused by poorly fitting shoes, such as plantar fasciitis, bunions, arthritis, foot and ankle injuries, corns, and flat feet. Additionally, technological advancements in medical footwear are also contributing to the growth of the market. According to the American Podiatric Medical Association (APMA) factsheet released in September 2021, 75% of Americans have foot health problems of varying severity at some point in their lives, and approximately 19% of the United States population has an average of 1.4-foot problems per year. It also reported that each year, about 5% of the United States population has foot infections such as athlete's foot, other fungal infections, and warts. The longer these conditions are left untreated, the worse the pain and discomfort become for the people. As this footwear offers cushioning to the entire foot, providing the wearer with the support to move freely, the increasing burden of foot health problems drives the growth of the studied market.

Furthermore, rising consumer awareness of the benefits of medical footwear is expected to boost product demand. For instance, an international podiatric symposium was held in Brno on August 22, 2021, as part of the KABO II 2021 trade fair, organized by the Czech Footwear and Leather Association (OKA) with the support of the Czech Podiatric Society (PS). The symposium's program was divided into two blocks, each titled "Healthy Foot and Healthy Footwear." The first section was dedicated to children's feet and appropriate footwear. Experts discussed diabetic feet, diabetic foot care options, appropriate education, and prevention of diabetic foot complications in the second block. Such initiatives help in creating awareness among individuals, thereby boosting the demand for medical footwear.

Additionally, the strategic initiatives taken by the market players are also propelling the growth of the market. For instance, in July 2021, Brace Orthopaedic launched the Fior and Gentz diabetes and post-op therapy footwear ranges. This is the newly acquired innovative range of footwear products and was added to the Brace Orthopaedic portfolio during the global pandemic.

Thus, all the aforementioned factors are anticipated to drive the market for medical footwear over the forecast period. However, the high cost of medical footwear may impede the growth of the market.

Medical Footwear Market Trends

Medical Shoes and Boots Segment is Expected to Hold the High Market Share in the Studied Market Over the Forecast Period

A medical shoe or boot is a type of shoe that is worn to protect the foot and ankle following surgery or injury, such as broken bones, tendon injuries, severe sprains, and shin splints. A medical boot keeps the foot stable and allows it to heal. People with severe joint pain or foot pain typically wear medical shoes and boots. These shoes are also recommended for people with health problems such as diabetes.

More people are likely to purchase medical shoes and boots as the target population, such as diabetic patients, is increasing. For instance, according to the study titled "Knowledge and practice of diabetic foot care and the prevalence of diabetic foot ulcers among diabetic patients of selected hospitals in the Volta Region, Ghana," published in June 2021, diabetic foot ulcers (DFUs) were found in 1.6 % to 8.0 % worldwide. It also reported that by 2045, this figure is expected to rise to 19%. The prevalence of DFU in Ghana ranged from 3.8 to 11%. Additionally, 11 to 14 % of diabetic patients will develop foot ulcers, with 6 to 23 % of those ulcers worsening and eventually leading to amputation. Thus, the rising prevalence of diabetic foot ulcers will increase the demand for medical shoes and boots over the forecast period.

Furthermore, technological advancement and product launches by the key market players are expected to have a positive impact on the growth of the segment during the forecast period. The introduction of effective and appropriate medical shoes and boots that help patients improve their quality of life is expected to provide ample growth opportunities for the medical boot and shoe segment. For instance, in December 2021, Von Wellx Germany launched diabetes shoes that were based on international patented reflex zones technology.

Thus, owing to the aforementioned factors, the medical shoes and boots segment is expected to project growth over the forecast period.

North America Dominates the Market and is Expected to do the Same Over the Forecast Period

The growing patient population, the rising geriatric population more prone to developing foot diseases, and rising prevalence of diseases such as diabetes, bodily aches, stiffness, and osteoarthritis are all factors contributing to this region's large share.

As per the Statistics Canada, 2021 census, in 2021, there were around 7,021,430 people aged 65 years or above living in Canada, out of which 3,224,680 were males and 3,796,750 were females. Such a high number of the elderly population is more likely to suffer from diabetes, cardiac disease, osteoporosis, or knee, hip, or back pain that leads to foot problems. Thus, the rising geriatric population is expected to drive market growth in the region.

In addition, increasing strategic activity by key market players, such as partnership mergers and acquisitions, is anticipated to drive market growth. For instance, in June 2021, Online 3D model marketplace PROTIQ worked with additive manufacturing software specialist Trickle to launch a 3D printing-based orthopedic footwear customization tool. Thus, such increasing foot-related issues owing to diabetes and sports-related fractures, coupled with established healthcare providers and increasing product launches, are among the primary reasons fueling the growth of the regional market.

Thus, owing to the abovementioned factors, the studied market in the North American region is expected to project growth over the forecast period.

Medical Footwear Market Competitor Analysis

The medical footwear market is moderately fragmented. The studied market consists of several international and local companies that hold the majority of the market shares and are well known, including Evonis (Dr. Comfort), Drewshoe, Incorporated, Orthofeet Inc., DARCO International, Inc., Clearwell Mobility Company, Foot Shop Limited (Cosyfeet), Worldwide, Inc., Gravity Defyer Corp., Kinetec Medical Products Ltd., and others.

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