Global Foot Orthotic Insoles Market to be Driven by the Rising Diabetes Cases and the Increasing Elderly Population During the Forecast Period of 2021-2026
The new report by Expert Market Research titled, ‘Global Foot Orthotic Insoles Market Share, Size, Price, Trends, Growth, Report and Forecast 2021-2026’, gives an in-depth analysis of the global foot orthotic insoles market, assessing the market based on its segments like applications, manufacturing process and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026)
• Historical Market Size (2020): USD 3.3 billion
• Forecast CAGR (2021-2026): 5.2%
• Forecast Market Size (2026): USD 4.4 billion
The global market for foot orthotic insoles is being propelled forward by the growing senior population and rising diabetes and plantar fasciitis rates. As a result of increased R&D spending, the industry is projected to gain from rapid technological advancements. The demand for customized foot orthotics is driving the growth in the global foot orthotic insoles industry. These items are made to the customer’s specifications and based on a thorough evaluation of the user’s foot structure.
Custom-made or personalized orthotics have several clinically proven advantages over prefabricated orthotics in terms of pain relief and comfort. End-users are increasingly asking for 3D printed orthotics, and eco-friendly materials are increasingly being employed in the production of orthotics insoles. These are lighter and more efficient than traditional ones, with better gait efficiency and proprioception, boosting the industry’s growth over the forecast period. Due to a vast untapped market in the developing country sector, the foot orthotic insoles are predicted to grow significantly throughout the forecast period.
Industry Definition and Major Segments
Orthotics is a branch of medicine that deals with the design, manufacturing, and application of orthoses. Foot orthotics insoles are medical devices that are placed inside shoes to correct biomechanical foot problems such as running, standing, and walking. These insoles are designed to help or rectify an abnormal or irregular walking pattern. The insoles help support the limb or torso in repositioning the foot by changing the angle at which the foot hits the ground when walking.
They are widely used in sports and athletics, as well as medicinal and personal comfort. Insoles are very flexible and are utilized to provide extra cushioning to the foot as well as support and comfort to the arches of the patient. The advantages include improved overall foot and ankle health, alignment of the feet and ankles to support the body, and prevention of foot abnormalities.
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By material, the market is divided into:
• Polyethylene Foams
• Composite Carbon Fibres
• Ethyl-Vinyl Acetates (EVAs)
By application, the market is divided into:
• Sports and Athletics
By product, the market is divided into:
By distribution channel, the market is divided into:
• Drug Stores
• Hospitals and Specialty Clinics
• Online Stores
By age-group, the market is divided into:
By region, the industry is categorized into:
• North America
• The Asia Pacific
• Latin America
• The Middle East and Africa
The need for custom-made foot orthotics is increasing among the consumers, majorly aiding the industry’s growth. Custom orthotics have clinically proven advantages over prefabricated orthotics in terms of pain treatment and comfort. The thermoplastic market is expected to grow fast due to the associated benefits of this material, such as comfort and long-term durability. Thermoplastic is a heat-molded material that is growing in popularity among people who take good care of their feet and need therapeutic walking help.
Individuals with inflexible foot and senior patients with a high physiological reserve should avoid rigid thermoplastics. On the other hand, semi-rigid thermoplastic has a higher pain tolerance in the senior population and is used for people with biomechanical feet discomfort. The online industry is likely to grow at a robust rate over the forecast period. The company’s remarkable growth can be attributed to its wide range of products.
Three of the most prominent online firms, Amazon, Flipkart, and Indiamart, all offer a huge selection of and over-the-counter orthotics on their platforms. Furthermore, because of the increasing popularity of e-commerce platforms, many orthotic insoles are now being purchased online. The greater selection and shipping options supplied by these portals benefit customers and are expected to further aid the market’s growth.
North America is expected to continue to lead the global fracture fixation products market in the next years, owing to an ageing population, rising government spending, and an increase in the prevalence of osteoporotic fractures. The presence of a number of significant industry firms in this region adds to the market growth in the region. The Asia Pacific is expected to grow phenomenally due to factors such as a huge target audience and technological advancements.
Furthermore, improved health awareness has benefited this region’s growth. Prefabricated and customized insoles are in significant demand in this region due to the high prevalence of chronic illnesses such as musculoskeletal disorders and diabetes. Europe accounted for a considerable percentage of the global foot orthotic insoles market during the historic period. Due to its well-established healthcare infrastructure, rapidly rising geriatric population, and a huge base of foot insole manufacturing enterprises, Europe’s foot orthotic insoles market is expected to grow at a quicker rate over the forecast period as well.
Key Market Players
The major players in the market are Scholl’s Wellness Co., Stable Step, LLC, A. Algeo Ltd, Birkenstock Group B.V. & Co. KG, Bauerfeind AG, Superfeet Worldwide Inc., among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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