Global Orthopedic Footwear Market to Grow with a CAGR of 5.85% During 2021-2028; Market to Grow on Account of Increasing Prevalence of Arthritis Especially Amongst the Geriatric Population
Kenneth Research published a report titled Orthopedic Footwear Market: Global Demand Analysis & Opportunity Outlook 2028 which delivers detailed overview of the global orthopedic footwear market in terms of market segmentation by product, end-user, distribution channel, indication, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global orthopedic footwear market is anticipated to grow with a CAGR of 5.85% over the forecast period, i.e., 2021 – 2028. The market is segmented by product into slippers, sandals, and shoes, out of which, the shoes segment is anticipated to garner the largest revenue of USD 5190.57 Million by the end of 2028. Moreover, in the year 2020, the segment generated a revenue of USD 3336.78 Million.
The global orthopedic footwear market is estimated to garner a revenue of USD 11740.62 Million by the end of 2028, up from a revenue of USD 7513.03 Million in the year 2020. Increasing geriatric population, along with the growing concern for the rising orthopedic disorders around the globe are some of the major factors anticipated to drive the growth of the global orthopedic footwear market.
By region, the global orthopedic footwear market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in North America region is anticipated to garner the largest revenue of USD 4012.94 Million by the end of 2028. Moreover, in the year 2020, the market in the region generated a revenue of USD 2581.48 Million.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Geriatric Population and the Rising Concern for Orthopedic Diseases
In the year 2020, the population aged 65 and above touched 9.318% (% of total population), up from 7.567% in the year 2010, as per the statistics by the World Bank.
The geriatric population, who are prone to several diseases, have witnessed a hike over the past few years. Moreover, people of this age group are also known to have several orthopedic diseases, which is driving the need for tailor made comfortable footwear. The orthopedic footwear is designed to provide relief to individuals who suffer from pain or swelling in the foot, ankle, or leg. Such a factor is therefore anticipated to drive the growth of the market in the coming years.
However, the high cost of orthopedic footwear as compared to conventional footwear is expected to operate as key restraint to the growth of global orthopedic footwear market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global orthopedic footwear market which includes company profiling of 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. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global orthopedic footwear market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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