Dublin, April 13, 2023 (GLOBE NEWSWIRE) --
Fact.MR has provided detailed information about the price points of key manufacturers of foot orthotic insoles positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, a market research and competitive intelligence provider, the global foot orthotic insoles market is estimated at US$ 4,166.9 million in 2022 and is expected to expand at an impressive CAGR of 7.8% during the forecast years of 2022-2032.
Due to an increase in the percentage of people who need orthopaedic devices to relieve foot pain and an increase in the number of elderly people with orthotic conditions worldwide, the market for foot orthotic insoles is growing rapidly. During the projection period, an increase in the number of elderly and obese people is projected to drive up the adoption rate of foot orthotic insoles.
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Technologies like 3D bio printing, personalised foot orthotic insoles, and computer-assisted foot orthotic insole fixation have seen rapid acceptance rates. End-user demand for technologically enhanced items is increasing as a result of benefits including fewer complications and improved product lifespan.
Additionally, it is predicted that the expanding market for foot orthotic insoles worldwide would offer opportunities for business growth due to the rising demand for custom-made insoles. The market is expected to expand as a result of significant funding from venture capitalists for these cutting-edge products, as well as an increase in the use of customer-specific products with distinctive geometrical designs by the urban population.
Key Takeaways from Market Study
- The global foot orthotic insoles market is projected to expand at an impressive CAGR of 7.8% and be valued at US$ 8,822 million by 2032.
- The market witnessed 5.4% CAGR for the period of 2017-2021.
- Under user age group, the adult segment is estimated to be valued at US$ 2970.3 million in 2022.
- North America dominated the market with 40.5% market share in 2021.
- Based on region, demand for foot orthotic insoles is expected to increase at CAGRs of 7.8% and 6.8%, respectively, in North America and Europe.
“Leverage Advancements in Manufacturing Technology to Boost the Market,” says a Fact.MR analyst.
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Competitive Environment
The foot orthotics insoles industry is crowded with both domestic and international companies. Businesses can increase their customer base and establish a monopoly in their respective markets by forming alliances and making acquisitions.
In an endeavour to create a presence on the global market, new enterprises are partnering for increased market penetration and a growing novel product variety.
In order to create the thinnest orthotic insole, Aetrex has partnered with EOS, a reputable German 3D printer manufacturer, in September 2020.
Reckitt announced a deal to purchase Performance Health's Biofreeze and TheraPearl in February 2021. The addition of Biofreeze strengthens the business' position in the area of pain relief and is a perfect match for RB's Health platform.
Prominent Keyplayers
- Aetrex Worldwide Inc.
- Bauerfeind AG
- Acor Orthopedic
- Amfit Inc.
- Blatchford Clinical Services
- Dr. Scholl’s (Bayer)
- Salts Techstep
- The Foot Lab
- Arden Orthotics Ltd.
- Bolton Bros
- Cascade Dafo Inc.
- Algeo Limited
- Tynor Orthotics Pvt. Ltd.
Market Development
A lot of emphasis is placed on original concepts and unconventional thinking, product design flexibility, product style innovation, and expanding worldwide footprints via supply chain and distribution networks by market players. For instance, Aetrex partnered with True Fit, which is a data-driven personalization platform. This will integrate True Fit’s- size, fit, and style recommendations with the Aetrex technology ecosystem.
Furthermore, the participants in the foot orthotic insoles market are also working with upcoming businesses that have innovative product pipelines. During the projection period, new products with improved functionalities are anticipated to be introduced as a result of the combination of technological competence of key players and unique product techniques or materials of new market entrants.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global foot orthotic insoles market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of product (prefabricated, custom), age group (adult, paediatric), application (sports & athletics, medical, personal comfort), material (thermoplastics, polyethylene foams, leather, cork, composite carbon fibres, EVA, gel, others), end-user (prefabricated, custom), distribution channel (drug stores, hospitals & specialty clinics, online stores, others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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Segmentation of Foot Orthotic Insoles Industry Research
- By Product :
- Prefabricated
- Custom
- Rigid/Function Orthotic Insoles
- Soft/Accommodative Insoles
- By Age Group :
- Adult
- Pediatric
- By Application :
- Sports & Athletics
- Medical
- Personal Comfort
- By Material :
- Thermoplastics
- Polyethylene Foams
- Leather
- Cork
- Composite Carbon Fibers
- EVA
- Gel
- Others
- By End-user :
- Prefabricated
- Adult
- Pediatric
- Custom
- Adult
- Pediatric
- Prefabricated
- By Distribution Channel :
- Drug Stores
- Hospitals & Specialty Clinics
- Online Stores
- Others
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
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