The global orthopedic footwear market is estimated to garner a revenue of USD 11740.62 Million by the end of 2028, by growing at a CAGR of 5.85% over the forecast period, i.e., 2021 – 2028. Moreover, in the year 2020, the market generated a revenue of USD 7513.03 Million. The growth of the market can primarily be attributed to the rising concern for the surge in orthopedic disorders worldwide, followed by the growing geriatric population, who are in high risk of having various orthopedic disorders. In one of the statistics by the World Bank, the population aged 65 and above increased from 7.567% (% of total population) in the year 2010, to 9.318% in the year 2020. Orthopedic footwear is designed to provide relief to individuals who suffer from pain or swelling in the foot, ankle and leg. Backed by the growing concern for different types of orthopedic disorders worldwide, patients are increasingly seeking for personalized and comfortable footwear which are tailored to their unique health conditions. According to the statistics by the Institute for Health Metrics and Evaluation (IHME), musculoskeletal disorders around the globe increased from 3.25% of total DALYs in the year 1990 to 5.89% of total DALYs in the year 2019. On the other hand, growing prevalence of osteoarthritis, and the rising demand for knee arthroplasty, are also expected to drive the market growth in the coming years.
The market is also anticipated to grow on account of the increasing demand for these products amongst the sportspersons, aging baby boomers, and amongst the diabetic patients. Moreover, increasing awareness for health consciousness amongst the individuals worldwide and the numerous benefits associated with the use of orthopedic footwear is also expected to create significant opportunities for market growth in the coming years.
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Global Orthopedic Footwear Market Regional Synopsis
Regionally, the global orthopedic footwear market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is anticipated to garner the largest revenue of USD 4012.94 Million by the end of 2028, up from a revenue of USD 2581.48 Million in the year 2020. The growth of the market in the region can primarily be attributed to the high prevalence of musculoskeletal disorders, which according to the statistics by the IHME, grew from 10.61% of total DALYs in the year 1995 to 12.54% of total DALYs in the year 2019. On the other hand, the market in Europe is expected to attain the second largest revenue of USD 3495.18 Million by the end of 2028, up from a revenue of USD 2266.68 Million in the year 2020. The market in the region is further segmented by country into United Kingdom, Germany, France, Italy, Spain, Hungary, Belgium, Poland, Russia, and the Rest of Europe. Out of these, the market in Germany is anticipated to garner the largest revenue of USD 757.06 Million by the end of 2028, up from a revenue of USD 489.15 Million in the year 2020.
Growth Drivers and Challenges Impacting the Growth of the Global Orthopedic Footwear Market
Growth Drivers
- Increasing Orthopedic Disorders
- Rising Geriatric Population
- Growing Awareness for the Product
Challenges
- High Cost of Orthopedic Footwear as Compared to Conventional Footwear
Global Orthopedic Footwear Market Segmentation Synopsis
The global orthopedic footwear market is segmented by product into slippers, sandals, and shoes. Out of these, the shoes segment is anticipated to garner the largest revenue of USD 5190.57 Million by the end of 2028, up from a revenue of USD 3336.78 Million in the year 2020. By end-user, the market is segmented into children less than 5 years, juveniles, and adults. Out of these, the adults segment is expected to garner the largest revenue of USD 9019.12 Million by the end of 2028, up from a revenue of USD 5734.80 Million in the year 2020. By distribution channel, the market is segmented into stores-based, and online stores. Out of these, the stores-based segment is anticipated to garner the largest revenue by the end of 2028 and also grow with the highest CAGR of 6.09% during the forecast period. The market is also segmented by indication into diabetes & edema, arthritis, flat feet, heel pain, and others. Out of these, the diabetes & edema segment is projected to display the largest revenue of USD 5176.39 Million by the end of 2028, up from a revenue of USD 3272.11 Million in the year 2020.
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Key Companies Dominating the Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global orthopedic footwear market that are included in our report are DARCO International, Inc., DJO, LLC, MEPHISTO S.A.S, Apex Foot Health Industries, LLC, Propet USA, Inc., Vionic Group LLC, Chaneco Limited, DUNA-Corradini S.p.A., Orthofeet, Inc., Piedro, Drewshoe, Incorporated, New Balance Athletics, Inc., Edge Marketing Corporation, and others.
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