Diabetic Footwear Market Trends

Growth Drivers

• Rising Geriatric Population Across the Globe – Aging brings a lot of health issues into people’s lives. Numerous aging-related changes are prevalent, and require special care, including a reduced immune system, increased blood pressure, and a slight reduction in eyesight and hearing. Therefore, the increasing aged population is fueling up the diabetic footwear (shoes) market. According to the World Health Organization (WHO), the global population of people aged 60 and over is expected to grow from 1 billion in 2020 to 1.4 billion by 2030. By 2050, the world's population of people aged 60 and over is anticipated to increase to 2.1 billion.
• Growing Prevalence of Diabetic Neuropathy – Diabetes patients may experience diabetic neuropathy, a kind of nerve damage. It occurs owing to long-term nerve damage caused by high blood sugar levels. It is a typical and increasingly prevalent consequence of diabetes, and it is projected to boost the market’s growth in the upcoming years. For instance, nearly 51% of people with diabetes are estimated to eventually develop diabetic neuropathy around the globe.
• Upsurge in Pes Planus (Flat Foot Pain) – It is a disorder where the foot's medial longitudinal arch collapses, resulting in the foot being flat and causing pain, instability, and trouble walking. For instance, it is anticipated that nearly 22% to 35% of the population suffers from pes planus globally.
• Rise in Spending on Diabetes Treatment – The cost of treating diabetes has significantly increased in recent years, owing to several factors. Diabetes is becoming more and more common, and as a result, the expense of treating the condition rises. As per the Centers for Disease Control and Prevention (CDC), USD 327 billion is the total annual cost of caring for people with diabetes around the globe.
• Worldwide Increase in Healthcare Expenditure -With the rise in poor lifestyle habits and the growing burden of disease, health expenditure has shot up globally, and it is expected to rise the growth of the global diabetic footwear market.  According to World Bank data, global healthcare expenditure increased by 9.83% in 2019.

Challenges

• Less Ability to Spend on Diabetic Footwear Shoes in Emerging Countries- Diabetes treatment costs are already high in developing countries such as India and Japan. In addition, the high cost of these therapeutic products makes them less affordable for the residents of the county. Hence, such a factor is projected to restrict the market growth in the coming years.
• High Cost of Diabetic Footwear Shoes
• Lack of Awareness About Diabetic Footwear in Emerging Economies