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Global Diabetes Shoes Market is Projected to Cross USD 9.95 Billion by 2024

Published on: Thursday 27th July 2017

Diabetes shoes (which are commonly known as sugar shoes also) are very beneficial for diabetic patients, as these are therapeutic shoes having extra depth. These are specially designed, so as to reduce the risk of skin breakdown in diabetic patients with pre-existing foot disease. 

Currently, the global market for diabetes shoes is valued at USD 4,953.8 Million approximately. During the forecast period of 2016 – 2024, this market is predicted to cross USD 9,911 Million with a consistent compound growth annual rate (CAGR) of 8.1%. A comprehensive overview of the ongoing and future phases of the industry needs to be studied which will be based on the parameters such as major commercial events, research initiatives, government policies, market drivers, restraints and opportunities and detailed industry segmentation and regional distribution.

The studies of prominent market research and consulting firms have revealed that there is a huge scope of the spread of the market. The SWOT analysis (strengths-weaknesses-opportunities-threats) of the industry shows that there are major weaknesses or threats present, which are refraining the customers (diabetic patients) from purchasing the diabetic shoes. One of the major reason is, though these shoes give relief up to some extent to diabetics, still, they cannot cure diabetes. Hence, a major portion of diabetic patients prefers curable medicines over such shoes. The second reason is the cost of these shoes. In the developing countries like India, cost-effectiveness is one of the major concerns for the majority of the masses. These two are the major factors which in turn are hindering the growth of global diabetes shoe market. However, as a result of fast-paced globalisation, awareness about this product is rising rapidly. Hopefully, this will change the scenario during the upcoming forecast period. 

Regional outlook is of utmost importance while studying the global diabetes shoe market. Based on the demographics, this industry is segmented into following regions – viz., North America, Europe, Asia-Pacific (APAC), Latin America & Africa. Naturally, the regions with dense population are one of the major and key potential markets for this industry. Emerging countries in APAC regions such as India, Nepal, Bhutan, Bangladesh are facing some issues which are refraining the customers from using these shoes but, giant companies in the market are making honest endeavours to overcome all the problems coming on between and thus avoiding hindering of growth of the global diabetic shoe market.

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