Portland, OR, Feb. 01, 2023 (GLOBE NEWSWIRE) -- A new business intelligence report released by Allied Market Research, the global Foot Orthotic Insoles Market size was estimated at $3.2 billion in 2021 and is expected to hit $5.7 billion by 2031, registering a CAGR of 6.4% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.2 Billion |
| Market Size in 2031 | $5.7 Billion |
| CAGR | 6.4% |
| No. of Pages in Report | 244 |
| Segments Covered | Material, Application, Distribution Channel, and Region. |
| Drivers | Rise in the prevalence of foot deformities and pain |
| Surge in the geriatric population | |
| Restraints | Limited penetration rate of foot orthotic insoles in the emerging countries |
| High cost of custom-made insoles | |
| Opportunities | Rise in demand of foot orthotic insoles by sports and athletics |
Covid-19 scenario-
- Decrease in the number of consultations for foot ailments and cancellation of orthotic appointments, as well as shortage of supply chain during the pandemic had a negative impact on the global foot orthotic insoles market.
- However, as the global situation has recovered, the market has now got back on track and is expected to continue the same trend during the analysis period.
The global foot orthotic insoles market is analyzed across material, application, distribution channel, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By material, the ethyl-vinyl acetate (EVA) segment held the largest share in 2021, garnering around almost two fourths share of the global foot orthotic insoles market revenue, and is projected to maintain its dominance by 2031. The same segment would also showcase the fastest CAGR of 6.9% during the forecast period.
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By application, the medical segment contributed to nearly half of the global foot orthotic insoles market share in 2021 and is projected to rule the roost by 2031. The personal comfort segment, on the other hand, would display the fastest CAGR of 7.3% throughout the forecast period.
By distribution channel, the retail stores segment accounted for the highest share in 2021, generating nearly half of the global foot orthotic insoles market revenue. The online stores segment would portray the fastest CAGR of 7.3% during the forecast period.
By region, North America held the major share in 2021, garnering more than one-third of the global foot orthotic insoles market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 7.8% from 2022 to 2031.
The key market players analyzed in the global foot orthotic insoles market report includes A. Algeo Ltd., Acor Orthopaedic, Inc., Aetrex Inc., Bauerfeind, Digital Orthotics Laboratories Australia Pty Ltd, Foot Science International, FootBalance System Ltd, Superfeet Worldwide, Llc, Thuasne, Tynorindia. These market players have embraced several strategies including innovation to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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