Demand for Medical Footwear is on Rise owing to Patient Comfort and Foot Safety: Persistence Market Research
NEW YORK, Oct. 19, 2021 /PRNewswire/ -- Global sales of medical footwear topped US$ 9.7 Bn in 2020, and are set to increase at a CAGR of 5.4% through 2031, mostly driven by rising awareness to keep the feet pain-free.
Severe foot pain affects millions of individuals across the world, making daily activities such as climbing stairs or going for a stroll difficult. This is where 3D printing comes into the picture.
- Peacocks Medical Group, a prominent medical equipment provider and designer of Podfo orthotics, is now cooperating with Stratasys Direct Manufacturing to maximize 3D printing for large-scale production of custom orthotics.
- Stratasys Direct, one of the world's largest 3D printing and advanced manufacturing service providers, is providing life-changing orthotics to millions of new patients, providing much-needed pain relief and improved mobility.
- Furthermore, market players are focusing on product development and expanding their product portfolios in order to attract more customers.
- For instance, New Balance collaborated with FIGS, a medical apparel manufacturer, to develop two medical footwear designs for women and one for men, tailored to meet the needs of the healthcare industry.
While high-performance footwear is frequently designed with athletes in mind, there are plenty of medical professionals, residents, and students who would benefit from comfortable solutions their feet all day.
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Major manufacturers of medical footwear have released new products with enhanced capabilities by forming strategic alliances with industry giants. They've also taken the required steps to increase the accuracy and usefulness of medical footwear.
- For instance, in January 2018, Sensoria Health (a separate strategic partnership between Sensoria Fitness and Genesis Rehab Services) and Optima Molliter, a maker of diabetic mobility garments, started working together on a smart footwear product that can track diabetes patients' compliance with prescribed mechanical offloading protocols.
Key Takeaways from Market Study
- Demand for medical shoes & boots is expected to expand at the highest CAGR of 4.9%.
- In terms of consumer orientation, men accounted for a noteworthy revenue share of 40% in 2020, with the number of men individuals suffering from blood pressure, body pain, stiffness, and osteoarthritis has increased.
- North America led market revenue share at 26% in 2020.
- In terms of sales channel, online retailing is expected to surge at the highest CAGR of 9%, as nowadays, consumers prefer buying more products online due to feasibility and variety of offerings on these platforms.
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"Besides product innovation, booming companies, changing lifestyles among the youth generation, and rising health awareness among the general public may present a significant potential for global medical footwear manufacturers in the future," says an analyst at Persistence Market Research.
Impact of COVID-19
During the first quarter of 2020, the COVID-19 pandemic had a negative impact on medical footwear sales. Worldwide shutdowns had a disastrous effect on a great majority of workers in the leather and footwear industries. Supply chain interruptions as well as shortage of raw materials and manpower had an adverse influence on the market.
The industry, on the other hand, gained traction in the first quarter of 2021. To address a variety of issues, retailers began offering free shipping and delivery to offline businesses in nations where COVID-19 cases were low.
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Key Market Players
The report underlines ground-breaking insights into the competitive scenario of the medical footwear market, along with the highlights of differential strategies used by manufacturers.
Some of the key players identified across the value chain include Horng Shin Footwear Co., DJO, LLC (Dr. Comfort), Kinetec Medical Products Ltd, Watts Footwear, ASICS Corporation, Drewshoe, Incorporated, Orthofeet Inc., DARCO International, Inc., Clearwell Mobility Company, Foot Shop Limited. (Cosyfeet), Aetrex Worldwide, Inc., and Gravity Defyer Corp.
Know More about Report Inclusions
Persistence Market Research published a new market report on the medical footwear market, covering global industry analysis of 2016-2020 and forecasts for 2021 to 2031. This research report provides compelling insights on the basis of product, customer orientation, price range, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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