Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Foot Orthotic Insoles Market Size, Share & Industry Trends Analysis Report By Distribution Channel (Hospitals & Clinics, Drug Stores, and Others), By Type (Custom-made and Pre-fabricated), By Material, By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Foot Orthotic Insoles Market size is expected to reach $4.5 billion by 2028, rising at a market growth of 5.9% CAGR during the forecast period.
Market Growth Factors
Rising Occurrence Of Varicose Veins & Plantar Fasciitis
Plantar fasciitis is a typical degenerative ailment that affects persons 45 to 50 years of age or older. People with diabetes are especially at risk since it typically causes persistent heel pain. Older age, feminine gender, certain types of activity that put a lot of stress on the heel and connected tissue, poor foot mechanics, obesity, jobs that require a lot of standing, and wearing the wrong shoes are more at risk of developing plantar fasciitis.
Advanced Technologies Supporting Market Growth
Companies are employing cutting-edge production practices to enhance workflow and increase output as technological improvements catch up. The major advancement in manufacturing technology includes the advancement of scanning technology leading to the mass production of foot orthotic insoles. The first innovative foot scanners were laser scanners and stereophotigrammetric machines.
Market Restraining Factors
The Cost Of Raw Materials Is Generally High
Raw materials like plastic, leather, and rubber are now more expensive. Unbalances in the supply and demand of materials have an effect on the industry. In recent years, the raw materials needed to produce foot orthotic products accounted for around half of total production expenditures. For instance, the recent ban on the animal slaughter in some regions has had a big impact on the leather industry because regions such as India is a major supplier of leather all over the globe.
Material Outlook
Based on material, the foot orthotic insoles market is segmented into thermoplastics, composite carbon fiber and others. In 2021, the thermoplastics segment dominated the foot orthotic insoles market with the maximum revenue share. This is due to the advantages of this material, including its high level of comfort and durability.
People who take care of their feet and others who want therapeutic support when walking are increasingly using thermoplastic, a heat-molded material. For elderly individuals with a large physiological reserve and unyielding foot, rigid thermoplastics have limited use.
Type Outlook
On the basis of type, the foot orthotic insoles market is fragmented into pre-fabricated and custom-made. The pre-fabricated segment covered a significant revenue share in the foot orthotic insoles market in 2021. This is mostly attributable to consumers' growing knowledge of foot orthotic insoles among those with diseases like plantar fasciitis and foot arch issues. The segment's growth is also projected to be boosted by expanding product placement and accessibility at online and offline retail channels that sell pre-fabricated foot orthotic insoles.
Distribution Channel Outlook
By distribution channel, the foot orthotic insoles market is divided into drug stores, hospitals & clinics and others. In 2021, the hospitals & clinics segment witnessed the highest revenue share in the foot orthotic insoles market. This is largely attributable to the fact that patients & their preferences make up a sizeable portion of the consumer base. These individuals much prefer to get their foot orthotic insoles from hospitals and clinics.
Regional Outlook
Region wise, the foot orthotic insoles market is analyzed across is analyzed North America, Europe, Asia Pacific and LAMEA. In 2021, the North America region led the foot orthotic insoles market by generating the highest revenue share. This is due to the increased incidence of diabetes in this region. Demand is also fueled by an increase in sporting activities. In the upcoming years, growth potential is anticipated to improve due to technological advancements brought on by significant continuous investments in R&D.
Key Market Players
List of Companies Profiled in the Report:
- Materialise NV
- Colfax Corporation
- Reckitt Benckiser Group PLC
- Hanger, Inc.
- Ossur Hf.
- Groupe Gorge
- Superfeet Worldwide, LLC
- Ottobock SE & Co. KGaA
- A Algeos Limited
- Bauerfeind AG
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Foot Orthotic Insoles Market by Distribution Channel
Chapter 4. Global Foot Orthotic Insoles Market by Type
Chapter 5. Global Foot Orthotic Insoles Market by Material
Chapter 6. Global Foot Orthotic Insoles Market by Region
Chapter 7. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/k2lkqs
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