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The medical footwear market share is expected to increase to USD 2.41 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.34%.
This medical footwear market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers medical footwear market segmentation by end-user (men and women), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The medical footwear market report also offers information on several market vendors, including Aetrex Worldwide Inc., Colfax Corp., Crocs Inc., Drewshoe Inc., Duna srl, Gravity Defyer Corp., New Balance Athletics Inc., OrthoFeet Inc., Podartis Srl, Propet USA Inc., Skechers USA Inc., Stradwin Pty Ltd., and Stryker Corp. among others.
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The increasing awareness of health and foot-related concerns is notably driving the medical footwear market growth, although factors such as low product penetration and product affordability concerns in developing countries may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the medical footwear industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Medical Footwear Market Driver
The increasing awareness of health and foot-related concerns is one of the key drivers supporting the medical footwear market growth. Hectic work schedules and increasing foot-related issues, such as ankle varus, arthritis, and others are encouraging people to opt for medical footwear to remain fit and avoid health concerns. Some of the benefits associated with the use of medical footwear are they provide better support, foot pain can be diminished by wearing medical shoes, and others. Meanwhile, there are some factors that increase the awareness regarding the health concerns and health benefits associated with medical footwear including recommendations from physicians/medical practitioners/doctors and physiotherapists, self-research conducted on health concerns, and self-medication done by consumers, and others. Such concerns will drive the medical footwear market growth during the forecast period.
Key Medical Footwear Market Trend
The surge in innovative product designs is one of the key medical footwear market trends that is contributing to the market growth. Consumer needs are shifting to more innovative and trendy product designs. Moreover, medical footwear manufacturers are also coming up with better-quality new and trendy designs to cater to different customer needs. The prominent vendors in the market are introducing new products to create product differentiation and value proposition for potential and prospective customers. The innovations in design allow the brands to maintain high brand associations with customers. Thus, vendors are increasingly offering medical footwear with a wide variety of functions, designs, durability, and price to attract customers. These offerings will fuel the medical footwear market growth during the forecast period.
Key Medical Footwear Market Challenge
Low product penetration and product affordability concerns in developing countries is one of the factors hindering the medical footwear market growth. The lack of technological exposure and exposure to digital media due to low internet penetration contributes to the low demand for medical footwear in rural areas and underdeveloped countries. Premium pricing, coupled with the lack of product affordability among low-income segments in rural areas of the world, hinders the growth of the global medical footwear market. Vendors should educate consumers about the benefits of medical footwear. This is because knowledge and awareness of the uses and benefits of medical footwear will help vendors penetrate the emerging markets during the forecast period. However, the lack of awareness and knowledge about medical footwear is hindering the medical footwear market growth.
This medical footwear market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global medical footwear market as a part of the global footwear market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the medical footwear market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the medical footwear market encompasses successful business strategies deployed by the key vendors. The medical footwear market is fragmented and the vendors are deploying growth strategies such as quality, technology, and pricing increasingly difficult to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The medical footwear market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the medical footwear market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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31% of the market's growth will originate from North America during the forecast period. The US is the key market for medical footwear in North America. However, market growth in this region will be slower than the growth of the market in South America.
The rising demand for trendy medical footwear with advanced functionalities will facilitate the medical footwear market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The COVID-19 pandemic temporarily impacted the growth of the regional medical footwear market in 2021. However, increased Internet penetration and high household final consumption expenditure in the US will also aid the increase in the sales of medical footwear, thus benefitting the regional medical footwear market growth during the forecast period.
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The medical footwear market share growth in the men segment will be significant during the forecast period. The demand for men's shoes is increasing as these shoes are comfortable and fashionable. In addition to relieving foot pain, these shoes are presentable enough to be worn at work. They come in different colors, including bark, beige, and others. An increasing number of shopping malls across different countries is paving the way for the entry of many international medical footwear brands. Such increasing international footwear brands will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the medical footwear market size and actionable market insights on post COVID-19 impact on each segment.
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Medical Footwear Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.34% |
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Market growth 2022-2026 |
$ 2.41 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
4.7 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 31% |
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Key consumer countries |
US, China, Germany, UK, and France |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Aetrex Worldwide Inc., Colfax Corp., Crocs Inc., Drewshoe Inc., Duna srl, Gravity Defyer Corp., New Balance Athletics Inc., OrthoFeet Inc., Podartis Srl, Propet USA Inc., Skechers USA Inc., Stradwin Pty Ltd., and Stryker Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Market Segmentation by Distribution Channel
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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