Developed by Aylesbury-based firm Pulseboot, the unique design is hoped to be available through the NHS and privately by the end of June.
People with diabetes are particularly at risk of having foot amputations because bad circulation and foot ulcers can mean their feet are unable to pump blood back up their legs.
The Pulseboot works by replicating this pumping mechanism, allowing the foot to heal and preventing the need for amputation.
Pulseboot chief executive Les Lindsay said: “Each year over 6,000 people in the UK alone lose their limbs due to the complications caused by diabetes.
“Around the world, one amputation due to diabetes happens every 20 seconds.
“We’ve built this shoe to help stop this happening to those British diabetics and many thousands more around the world.”
The technology has been designed in Smeaton Close and developed around the country with the help of people from all over the world.
It has attracted significant interest from other countries, including America, and its creators think it will have an ‘astronomical’ impact on the treatment of diabetics.
Aylesbury MP David Lidington visited Pulseboot’s base last week to view the technology and to discuss how it can be made widely available.
Mr Lidington said: “Diabetes is growing problem for many countries around the world.
“I’m pleased to see that one of our companies in Aylesbury is going to help so many people avoid one of the more devastating effects of this disease.”
The design was first conceived around five years ago and clinical trials on the prototype will begin this month.
On average, 115 diabetes-related amputations take place every week in England and a recent NHS report put the annual costs of diabetic amputations at £120 million.