What is the global market size of Foot Orthotic Insoles Market?

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).

What is the key driver of Global Foot Orthotic Insoles Market?

Increasing Prevalence of Chronic Foot Conditions and Favorable Reimbursement Policies Driving Market Growth

What is the key market trend for Global Foot Orthotic Insoles Market?

Increasing Strategic Initiatives by Prominent Players to Accelerate Growth

Global Foot Orthotic Insoles Market Size, Share, Growth Analysis, By Type(Prefabricated, Customized), By Applications(Medical, Sport & Athletics) - Industry Forecast 2024-2031

Report ID: SQMIG35F2003 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 62 | Figures: 75

Global Foot Orthotic Insoles Market Insights

Foot Orthotic Insoles Market size was valued at USD 3.2 billion in 2019 and is poised to grow from USD 3.4 billion in 2023 to USD 5.95 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

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 2019 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 2019.

US Foot Orthotic Insoles Market is poised to grow at a sustainable CAGR for the next forecast year.

Global Foot Orthotic Insoles Market Report Snapshots

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FAQs

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. 'Bauerfeind AG', 'Superfeet Worldwide, Inc.', 'Aetrex Worldwide, Inc.', 'Hanger, Inc.', 'Otto Bock HealthCare GmbH', 'ComfortFit Orthotic Labs Inc.', 'Footbalance System Ltd.', 'Birkenstock Orthopädie GmbH & Co. KG', 'Sidas SAS', 'Powerstep LLC', 'SOLO Laboratories, Inc.', 'Foot Levelers, Inc.', 'Spenco Medical Corporation', 'Cambion, Inc.', 'Algeo Limited', 'Nagata Corporation', 'Implus LLC', 'Wiivv Wearables Inc.', 'Amfit Inc.', 'MyFootShop.com'

More than 30.0% of the general population is said to experience foot discomfort. Numerous medical disorders, including arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers, can contribute to this pain. So, doctors recommend foot orthotic insoles to cure these disorders. According to NCBI, there will be between 9.1 and 26.1 million diabetic foot ulcers worldwide in 2021. Additionally, it is predicted that 20 to 25 percent of those with diabetes mellitus may develop a diabetic foot ulcer. Since the growing prevalence of diabetes reached an epidemic level, the volume and incidence of diabetic foot ulcers are quickly rising globally. Therefore, the aforementioned elements are significant market growth drivers on a global scale.

The market has seen a lot of strategic market changes throughout the years. The need for treatment devices is anticipated to grow as the frequency of foot conditions and the number of patients with these conditions rise. Due to this, the major companies have increased their portfolios and used mergers and acquisitions to grow their businesses. These tactics will assist the businesses in obtaining cutting-edge technology like high-frequency and shock-absorbing materials. Additionally, the industry is gradually shifting toward offering its clients specialised support depending on their issues and assisting them in improving their quality of life. For instance, Thuasne announced in January 2021 that it had successfully acquired the Therafirm branch of the American maker of textiles for the medical market, Knit-Rite. The company's entry into a new market for orthopaedic prosthesis medical equipment would be aided by the purchase. It is projected that these developments will have a significant impact on the market's growth prospects throughout the forecast period.

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.

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