Players Expending Energy on Product Development to Gain Competitive Advantage in the Global Diabetic Shoes Market
The global market for diabetic shoes is dynamic in nature with key participants expending a lot of energy on developing cutting-edge products. They are betting big on the rising awareness among the consumers about such shoes. Local players foraying into the diabetic shoes market, however, are gradually upping the ante against the well-entrenched players with their affordable line of products. On account of such robust competition between international and local players, the market is forecasted to expand at an impressive CAGR of 8.1% from 2016 to 2024 to attain a value of US$9910.2 mn by the end of 2024.
What are the expansion strategies adopted by important players in the market?
To retain on to their market shares and increase it further, different big players are adopting various strategies. Podartis S.r.l, for example, is busy adding to its product portfolio to enhance its customer base. Aetrex worldwide, Inc., on the other hand, is emphasizing on expanding its operational expansion. Others such as Orthofeet Inc. is laying a lot of thrust on innovation and product development and DARCO International Inc. is endeavouring to expand its geographical footprint.
Which distribution channel will help players reap maximum benefit?
Among the different distribution channels leveraged by companies to purvey their products, the online platforms are proving to be most profitable. They help gross over half the revenue in the market and going forward too is slated to contribute substantially. Specialty stores too are slated to account for significant revenue generation in the near future.
Currently, women’s diabetic shoes are seeing comparatively higher demand than men’s shoes. In the years ahead too, the trend will prevail.
What factors are stoking demand in the market?
At the forefront of driving demand in the global market for diabetic shoes is the increasing geriatric population and the rising prevalence of diabetes. Diabetic shoes have attained popularity among consumers as they help up comfort levels. Such shoes are crafted keeping in mind the space and comfort required by the wearer.
A sizeable proportion of people are still not aware about diabetic shoes and this is hampering the market to some extent. So far, initiatives adopted by regulatory bodies and other relevant institutes about the use of such shoes has not been enough.
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What is the reason behind the dominance of the Asia Pacific market?
Based on geography, Asia Pacific accounts for maximum share in the market. In 2015, for instance, it held over half the market share. It was much higher than the most profitable region of North America. Latin America is another key region.
In the upcoming years too, Asia Pacific is predicted to maintain its leading position because of the availability of lesser priced products from the domestic players, rising spending capacity of people, and a massive pool of diabetic patients.