Orthopedic Footwear Market: Insights
Orthopedic shoes are special type of shoes designed to accommodate footwear needs of individuals possessing one of several foot disorders, medical conditions or diseases. This type of shoes are designed for the patients who are suffering from issues such as plantar fasciitis, hammer toes, blisters, bunions, foot injuries, heel spurs, alignment issues of the musculoskeletal system, unequal leg length, diabetes, etc. Moreover, orthopedic shoes are best for those who are suffering foot-related disorders such as wider toe box, or need orthotic or insoles for arch support. Orthopedic shoes are worn by people of all ages who suffer from poor foot mechanics as they are specifically designed to support the structure and mechanics of the foot, ankle and leg.
In most of the countries, the cost of orthopedic footwear is reimbursed. For instance, in the U.S. a medical doctor must diagnose an individual’s medical issues and provide a Letter of Medical Necessity (LMN) for the individual’s expense in purchasing orthopedic shoes. Insoles and arch supports for orthopedic purposes are completely reimbursed in most of the countries.
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The global orthopedic footwear market is majorly driven by rise in the number of accidents, which is the major cause of orthopedic injury. In addition to this, increase in the availability as well as variability of orthopedic footwear in various applications also promotes the market growth. In context of this, about 6% of the U.S. population has foot injuries, bunions and flat feet or fallen arches each year. About 60% of U.S. population older than 17 are suffering from foot and ankle related injuries, sprains and strains of the ankle. Moreover, according to the National Trauma Data Bank data set analysis, a total of 280,933 foot and/or ankle fractures or dislocations were identified, in major trauma hospitals in the U.S, from 2007 to 2011. However, some of the factors limiting the market include ignorance of orthopedic footwear by most of the patients, especially in under developed countries.
The adult orthopedic footwear market segment will dominate the orthopedic footwear market due to its large target audience from this consumer group. The online store segment is expected to mark high growth rate during the forecast period. The increasing number of patient suffering from swollen feet- lymphedema – edema, plantar fasciitis – heel pain, flat feet – fallen arches, bunions – hallux valgus, hammertoes, heel spurs are primarily driving this market. Additionally, increasing number of patient suffering from diabetes, and arthritis also propelling the market. The booming demand of orthopedic footwear by patient those recovering from foot surgery also strengthening the orthopedic footwear market.
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Geographically, the market for orthopedic footwear can be segmented into five regions, namely North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. North America is expected to have high market share in the global orthopedic footwear market owing to the large number of patients with foot or orthopedic injuries. Moreover, available funding by federal and state government as well as favorable reimbursement scenario are also expected to boost the demand for orthopedic footwear. This is followed by the European market because of the developed healthcare infrastructure, routine healthcare check-ups and awareness about the orthopedic footwear. This is followed by the Asia-Pacific market. It represents a huge market potential due to advising by doctors. Latin America followed by the MEA is expected to have the least market share and growth rate over the forecast period due to low geographical presence of major players.
Examples of some of the key players in the global orthopedic footwear market are Aetrex Worldwide, Inc., Podartis S.r.l, Orthofeet Inc., Ablegaitor LLC., Drew Shoe Corporation, DJO, LLC, Apex Foot Health, Inc., Birkenstock digital GmbH, ORTHOPEDIC SOLUTIONS, etc. Acquisition, mergers, strategic collaborations, and technology play vital roles in the growth of the global orthopedic footwear market.
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