According to Custom Market Insights (CMI), The Global Foot Orthotic Insoles Market Size was valued at USD 3.93 billion in 2021 and is estimated to reach USD 6.75 billion by the end of 2030 at a CAGR of approximately 7.1% during the forecast period 2022-2030.
The increasing demand for comfort among people has boosted the growth of the foot orthotics insole market to a great extent. In addition, many people suffer from joint complaints and spinal disorders that are the future complications of improper footwear. This factor has propelled the growth of the foot orthotic insoles market to a great extent. In addition, the healthcare sector’s massive demand for customized orthotic insoles has emerged as a driving force for developing the foot orthotic insoles market.
The sports and athletics sector has also shown a tremendous demand for this advanced product. In addition, the advanced features provided with the help of football orthotic insoles, such as better balance and shock-absorbing properties, help the market record considerable revenue over time.
Browse the full “Foot Orthotic Insoles Market Size, Trends and Insights By Type (Customized, Prefabricated), By Material (Ethyl vinyl Acetate, Thermoplastics, Composite Carbon fiber, Form, Others), By Application (Sports and athletics, Medical, Personal), By Age Group (Pediatrics, Adults), By Distribution Channel (Retail stores, Hospital pharmacies, Online stores), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/foot-orthotic-insoles-market/
Market Dynamics
Drivers
The extensive research and development carried out by the key market players to offer advanced technologies and features to potential customers have significantly boosted the market’s growth. In addition, the significant number of geriatric populations which resides all over the world is a primary reason for the development of the foot orthotic insoles market.
A rapidly increasing number of spinal operations and joint replacement surgeries have also boosted this market to a great extent. In addition, the advanced technology used by the manufacturers to expand production capacity has also helped the market record considerable growth over time. These multiple reasons have allowed the market to drive to new heights and are expected to continue during the forecast period.
Restraints
The cost of customized foot orthotic insoles is relatively high, which makes it impossible for the ordinary person to opt for such advanced products. Furthermore, the lack of awareness among the people regarding the available products in this sector hinders the market’s growth to a great extent. Moreover, the foot orthotic insoles market has not pierced society considerably, so the change is significantly hampered. Finally, a shortage of disposable income available to the people hinders the purchasing capacity and hence inhibits the market’s growth to a great extent. These multiple reasons have emerged as the restraining factors for developing the foot orthotic insoles market.
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Opportunities
The key market players are constantly trying to reduce the total cost of production to make these products affordable for ordinary people. The research and development carried out by the key market players to introduce new products into society have boosted the demand for foot orthotic insoles. In addition, insurance companies’ lucrative offers in reimbursement facilities that cover such products have encouraged people to opt for foot orthotic insoles. The availability of such advanced products in hospital pharmacies is a significant opportunity for the foot orthotic insoles market growth.
Challenges
Lack of awareness among the people regarding the new products launched into the market to provide maximum comfort to patients has emerged as a significant challenge for the growth of the foot orthotic insoles market. In addition, the high cost of the products appears as another significant challenge for the market’s growth, hindering it from penetrating the deeper sections of society.
Report Highlights
Based on type, customized insoles have emerged as a leading market due to the high demand experienced among the people. Perfect fitting is provided with the help of customized fabrication of the foot insoles, which provides the customer with a unique experience. Based on material, ethyl vinyl acetate is the most commonly used material worldwide, making it a leading segment in the market. Based on application, the medical sector has emerged as a significant market for foot orthotic insoles due to the rapid prescriptions made by orthopedic doctors to avoid spinal disorders and joint complaints among people.
The adult segment has emerged as the largest market based on age due to the enormous demand for advanced footwear. In addition, an increasing number of spinal disorders and joint complaints among people has boosted this segment to a great extent. Based on the distribution channel, the hospital pharmacies have emerged as the largest segment due to the attached hospitals, which provide potential consumers to the pharmacies. Finally, based on geography, the region of North America is the largest market for foot orthotics insoles.
Regional Snapshots
The region of North America has emerged as a massive market for foot orthotics insoles resulting in the geriatric population in this country. Furthermore, the increasing number of people suffering from congenital foot disorders has also boosted the demand for food orthotic insoles to a great extent. In addition, people belonging to the senior population suffer from joint complaints and chronic pain, another reason for the growth of the food orthotic insoles market.
Spinal disorders are a widespread complaint among older adults; hence, maximum comfort is expected of footwear provided by the orthotic insoles market. The high disposable income available to the people in this region has enabled them to opt for such advanced technologies to obtain maximum comfort. The part of Europe is the next largest sector for the foot orthotic insoles market due to the enormous demand for advanced technologies in this sector. In addition, the rapid acceptance of customized orthotic insoles, which provide maximum comfort and balance, has boosted the market tremendously. The Asia Pacific region has also made a considerable contribution to the foot orthotic insoles market, which is a result of the significant number of spinal operations that are taking place in this region.
Key Player
- Superfeet Worldwide Inc.
- Ottobock
- Scholl’s
- Powerstep (Stable Step LLC)
- Algeo Ltd.
- Hanger Inc.
- Foot Science International
- Create O & P
- Bauerfeind AG. Birkenstock digital GmbH
- Ottobock SE & Co. KGaA
- Groupe Gorgé
- DOLA – Digital Orthotics Laboratories Australia.
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