USD 3.2 billion
Report ID: SQMIG35F2003 | Region: Global | Published Date: April, 2023 | Pages: 157 | Tables: 62 | Figures: 75
Foot Orthotic Insoles Market size was valued at USD 3.2 billion in 2021 and is poised to grow from USD 3.4 billion in 2022 to USD 5.95 billion by 2030, growing at a CAGR of 6.4% in the forecast period (2023-2030).
Medical devices called foot orthotic insoles are recommended by doctors to alleviate and relieve foot discomfort. The market for foot orthotic insoles has grown as a result of the rising incidence of chronic diseases including diabetes, which can cause diabetic foot ulcers, and other foot maladies. The lockdown, however, had an adverse effect on the market owing to the COVID-19 pandemic, as retail outlets saw a disturbance in their sales and there was a decrease in the number of patients visiting healthcare providers. Significant technical developments in the orthotics industry and solid clinical research demonstrating the effectiveness of insoles in treating a variety of disorders are favourable to market expansion. For instance, in 2021 Talita Cumi Ltd. and Aetrex Worldwide Inc. began a comparative clinical trial to examine whether using indoor comfort sandals with built-in arch support in addition to prefabricated orthotics in shoes will help treat plantar fasciitis more effectively than using only those devices alone. Additionally anticipated to fuel market expansion throughout the projection period are such research projects.
During the pandemic in FY 2020, most market participants saw a decline in the revenues of their orthotic business sectors. However, during the FY 2021, the market saw a jump in the sales of foot orthotic insoles. For instance, Hanger Inc., a crucial firm, had a decrease in sales in its patient care and product & services business sectors during FY 2020 compared to the same time in 2019. However, the company's product & services and patient care businesses had increases in sales of 4.5 percent and 13.4 percent, respectively, in FY 2021. Similar to this, the company's bracing and support division saw an increase in revenues during FY 2021 compared to the same period in 2020.
US Foot Orthotic Insoles Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.2 billion
To get more reports on the above market click here to Buy The Report
The Foot Orthotic Insoles Market is segmented based on the type, application, and region. Based on the type, the foot orthotic insoles market is segmented as prefabricated, customized. Based on the application, the Foot Orthotic Insoles Market is segmented into medical, sport & athletics, personal. Based on region, Foot Orthotic Insoles Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Foot Orthotic Insoles Market Analysis by Type
The global foot orthotic insoles market is be divided into prefabricated and customised segments based on type. In 2021, the sector that was specifically tailored had the most market share. The sector was dominant because more patients were choosing bespoke foot orthotic insoles since they met their comfort needs. Additionally, to aid with improved therapeutic outcomes, the majority of orthotists also prescribe personalised foot insoles. Technology developments like 3D foot scanners and moulding clay have made it simpler for producers to give clients with personalised foot insoles, thereby foreseeing the segment's expansion. However, it is predicted that the prefabricated category would see a somewhat lower CAGR throughout the projection period. Additionally, a growth in the senior population and increased consumer knowledge of the product's advantages contributed to an increase in the foot orthotic insoles market share relative to the total orthotics market. The segment's growth is projected to be aided by the rise in the prevalence of plantar fasciitis and rheumatoid arthritis.
Foot Orthotic Insoles Market Analysis by Application
The market is divided into three categories: medical, sports & athletics, and personal. The biggest share of this section belongs to the medical sector. The effectiveness of foot orthotic insoles in relieving pain in a variety of illnesses and disorders is the fundamental reason for the significant share of the medical segment, according to a growing body of clinical data. For instance, according to the Rehabilitation paper from the Archives of Physical Medicine Journal, prescribed shoe orthotics considerably reduced back pain and dysfunction. Numerous research proving the value of foot orthotic insoles are anticipated to support their use in healthcare. The second-largest shareholder, the sports and athletics section, is anticipated to expand with a strong CAGR throughout the projection period. The market is anticipated to develop as shock-absorbing foot insoles are increasingly used to avoid injuries during sports and other physical activities. People are now more aware of the benefits of leading active lives that include sports, walking, and running. It is simple to install foot insoles purchased over the counter to shoes. Additionally, a lot of manufacturers provide footwear options with fixed foot orthotic insoles. The need for foot orthotics in athletics and sports is expected to rise as a result. The adoption of a healthy lifestyle by people is anticipated to boost the personal segment. The growing availability of foot insoles for formal and fashionable attire may possibly be contributing to the expansion of this market.
To get detailed analysis on other segments, Request For Sample Report
The global foot orthotic insoles market is divided into four regions based on geography: North America, Europe, Asia Pacific, and the rest of the world. North America's market, which had a 2021 value of USD 1.47 billion, is anticipated to hold a significant portion of the worldwide market over the projection period. Due to the quick adoption of 3D printers for producing personalised orthotic insoles, North America controls the majority of the worldwide market. The market in this region is expanding as a result of the rise in podiatric operations as well as the number of podiatrists and orthotists. The second-largest market is anticipated to be in Europe. Favorable reimbursement regulations and increased government initiatives to raise public awareness are to blame for the surge. For instance, according to a cross-sectional analysis of orthotic services published in the BMJ Open journal, the United Kingdom spent over USD 36.2 million on orthotic devices between 2015 and 2016. Increased spending on orthotic services and goods is therefore anticipated to benefit the European market. Due to an increase in the number of elderly people, the Asia Pacific market is anticipated to expand significantly during the projected period. It is a significant factor in the adoption of these insoles. Comparatively speaking, the remainder of the globe has a smaller market share. However, development is anticipated as a result of reduced healthcare costs and increased awareness among residents of emerging nations in these areas.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Foot Orthotic Insoles Market Driver
Increasing Prevalence of Chronic Foot Conditions and Favorable Reimbursement Policies Driving Market Growth
Foot Orthotic Insoles Market Restraint
High Prices for Custom Insoles and Low Market Penetration in Emerging Nations to Limit Market Growth
Speak to one of our ABIRAW analyst for your custom requirements before the purchase of this report
The foot orthotic insoles market is relatively fragmented, with a high level of competition. Companies are working on new product launches and other initiatives to provide better equipment to their customers and expand their companies globally. These industry leaders are expanding their client base in a variety of ways, and many organizations are forming strategic and creative partnerships with other start-up businesses to increase market share and profitability.
Top Players in the Global Foot Orthotic Insoles Market
Foot Orthotic Insoles Market Recent Developments
In Feb 2022, A new iPhone scanning function was introduced by Digital Orthotics Laboratories Australia Pty Ltd. Using an iPhone, the consumer may scan, recommend, and purchase orthotics.
In Nov 2021, Propel and Propel + Carbon insoles were introduced by Spenco, a division of Implus Footcare LLC, to upgrade running shoes with the most recent in running technology.
Increasing Strategic Initiatives by Prominent Players to Accelerate Growth
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our foot orthotic insoles market analysis, research report offers a thorough overview of the industry and focuses on important factors including the top players, sources, products, and applications. The research also identifies significant advancements in the industry and provides insights into market trends and the competitive environment. The study includes a number of aspects, in addition to those already mentioned, that have assisted in the market's expansion in recent years.
|Market size value in 2021||USD 3.2 billion|
|Market size value in 2030||USD 5.95 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
Free report customization with purchase. Customization includes:-
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Foot Orthotic Insoles Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Foot Orthotic Insoles Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Foot Orthotic Insoles Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Foot Orthotic Insoles Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
"We have purchased recently a report from SkyQuest Technology, and we are happy to inform you that this report was so useful and practical for our team. Skyquest Team was very active and our queries were followed up completely.It was amazing. "
- Mr. Ali Zali, Commercial Director, ICIIC Iran.