New York, NY, Sept. 29, 2023 (GLOBE NEWSWIRE) -- Zion Market Research has published a new research report titled “Foot Orthotic Insoles Market By Type (Custom-Made And Prefabricated), By Distribution Channel (Hospitals & Clinics, Drug Stores, And Others), By Material (Composite Carbon Fiber, Thermoplastic, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Foot Orthotic Insoles Market size & share in terms of revenue was valued at USD 3889.92 million in 2022 and it is expected to surpass around USD 6162.58 million mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.94% during the forecast period 2023 to 2030.”
What is Foot Orthotic Insoles? How big is the Foot Orthotic Insoles Industry?
Report Overview:
The global foot orthotic insoles market size was worth around USD 3889.92 million in 2022 and is predicted to grow to around USD 6162.58 million by 2030 with a compound annual growth rate (CAGR) of roughly 5.94% between 2023 and 2030.
The term "orthotics" can also be used to refer to foot orthotic insoles. They are inserts for shoes that have been made specifically to help offer support for feet that move in an unnatural manner. Orthotics can be crafted from a wide variety of materials and come in a plethora of quality configurations and variations. This indicates that not all orthotics are the same, and as a result, purchasers need to devote a substantial amount of time to choosing which orthotics will best meet their needs. Foot orthotic insoles are often used for the primary purpose of providing the user's feet with additional padding and comfort. In addition to this, they are also used to encourage the correct movement and alignment of the foot. Orthotics are medical devices that require a doctor's prescription and are intended to be worn inside of shoes in order to alleviate discomfort and address various forms of foot ailments. They can be removed and are often personalized to meet the requirements of the patient. The market for foot orthotic insoles is expanding at a quick pace as a result of an increase in the number of users as well as many advances that aim to improve the effectiveness of the device. During the time covered by the forecast, the participants operating in the orthotics industry will have access to chances for rapid growth, but they may also have to deal with certain difficulties.
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Global Foot Orthotic Insoles Market: Growth Factors
Increasing the product's use in the sporting goods sector to propel market expansion
As a result of the growing need for innovative and high-performance orthotics in the expanding sports industry, the global market for foot orthotic insoles is anticipated to expand at a healthy rate over the next few years. Players in every sport and category, including football, soccer, basketball, and tennis, employ these devices in their games. On the professional level, the managers of sports teams, the coaches, and the athletes themselves are making greater efforts to protect their players against injury. The professional sports sector is worth several billion dollars, and leading athletes in every sport have a significant amount of money invested in them. In addition to this, there has been a significant increase in the number of athletes competing in a variety of sports at the high school, collegiate, and university levels. The key driving reasons that are resulting in a growing demand for customized foot orthotic insoles are rising awareness about the benefits of sports involvement and lucrative chances in professional sports.
The increasing proportion of senior people who experience foot-related medical issues is expected to drive up consumption.
The proportion of elderly people in the population is likely to continue to rise, which should drive up demand for foot orthotic insoles. Utilizing effective insoles as a treatment or management option for a variety of foot-related medical issues is possible. Some of these illnesses worsen with age and might make living less enjoyable for the affected individual. According to studies, almost one-third of the older population experiences painful feet, foot discomfort, and foot stiffness. The majority of these diseases are brought on by improperly fitting footwear. A specialized pair of orthotics should be able to alleviate the pain. The world's population of people aged 65 and older is estimated to stand at 771 million, according to the most recent official estimates.
An increase in the number of people diagnosed with arthritis could drive market expansion.
Arthritis is a common medical disorder that can affect one or more joints, and it can cause pain and swelling in those joints. According to the World Health Organization (WHO), the number of people living with arthritis around the world increased to over 528 million in 2019. The number of people receiving treatment is increasing on an annual basis for a variety of reasons. The companies who are already active in the market for food orthotic insoles now have a big opportunity for growth.
The Foot Orthotic Insoles Market and Its Limiting Factors
It is possible that a lack of awareness on the part of potential customers will hinder market expansion.
Due to a general lack of awareness among customers regarding the availability of the product and the benefits it offers, the growth of the global market for foot orthotic insoles is expected to be restricted. In addition to this, a big portion of the population has a propensity to ignore problems associated with food because they consider it to be unimportant until the associated discomfort or problems become intolerable. There are a number of additional options available to treat a variety of concerns that are associated with the foot, such as diet and exercise, therapy, surgery, and regulating one's weight or way of life. The market penetration for other approaches continues to be higher than that of foot orthotic insoles since the majority of the alternatives are more well-known than foot orthotic insoles.
The Opportunities Offered by the Foot Orthotic Insoles Market
It is possible that increasing product innovation for greater insole performance could generate prospects for growth.
Because of the rising demand from final consumers, makers of food orthotic insoles are making significant investments in the development of innovative products and the enhancement of their existing ones. For instance, in 2017, a new business in the orthotics industry called Upstep made the announcement that the company would be upgrading its product offerings within the first year after the company had been established. Upstep is now able to guarantee the happiness of their clients thanks to the newly updated protocol. The company first provides the user with a footprint kit, and then utilizes 3D printing technology to produce insoles that are tailored to the individual specifications of the customer. The global leader in information technology, HP Inc., officially entered the market in June 2021 by announcing the debut of their Arize Orthotic Solution. It is a digital platform that helps consumers gain access to individualized and high-quality orthoses. It is anticipated that patients, as well as podiatrists and orthotists, will benefit from using this platform.
The Challenges Facing the Foot Orthotic Insoles Market
The high cost of orthotics is expected to be a barrier to market growth.
The high price of orthotics is anticipated to be a barrier to the market expansion of foot orthotic insoles around the world. The price of fully personalized food orthotic insoles can range anywhere from US$300 to US$800, while the price of semi-personalized options can be anywhere from US$60 to US$300. Because of the related expenditures, it is out of reach for a significant portion of the population, particularly people living in countries with poor incomes. Additionally, some of the brands that are sold in the commercial market may make claims that are not entirely accurate, and the product itself may not be entirely effective, which can lead to consumer uncertainty and unhappiness.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 3889.92 million |
| Projected Market Size in 2030 | USD 6162.58 million |
| CAGR Growth Rate | 5.94% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Dr. Scholl's, Superfeet, Aetrex, Powerstep, New Balance, Spenco, Tread Labs, SOLE, Samurai Insoles, Birkenstock, Pedag, Vionic, WalkFit Platinum, Protalus, Wiivv, and others. |
| Key Segment | By Type, By Distribution Channel, By Material, and By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Foot Orthotic Insoles Market: Segmentation Analysis
The foot orthotic insoles market around the world may be broken down into four distinct categories: material, distribution channel, type, and region.
The global market can be broken down into two different types of segments: prefabricated and custom-made. The sector of the market known as "custom-made" had the highest growth rate in 2022, with a total market share of 54.5%. It is anticipated that this segment would develop at a compound annual growth rate (CAGR) of 7% throughout the course of the forecast period. The expansion of this market sector can be attributed to the increased need for individualized solutions. Foot orthotic insoles are becoming increasingly popular as a result of the fact that the majority of product manufacturers offer individualized solutions. It's possible that the medical requirements of each patient are unique, and that prefabricated insoles won't meet those requirements. Nevertheless, the latter variety is available at a lower price point while maintaining a large market share in the sector.
There are three divisions in the foot orthotic insoles industry: hospitals and clinics, drug shops, and others. Each division is based on the distribution route.
Composite carbon fiber, thermoplastic, and other materials make up the different material-based segments of the global market. The thermoplastic segment is predicted to increase at a compound annual growth rate (CAGR) of 6.92% between now and 2022, when it would have accounted for 56.2% of the total revenue. The material is very long-lasting and provides an exceptional level of comfort. Semi-rigid thermoplastic materials typically provide a higher level of comfort for senior people, despite the fact that the elderly population might not find stiff thermoplastics to be particularly useful. It's possible that the composite carbon fiber market will post a CAGR of 7.41% between now and 2030.
The global Foot Orthotic Insoles market is segmented as follows:
By Type
- Custom-made
- Prefabricated
By Distribution Channel
- Hospitals & Clinics
- Drug Stores
- Others
By Material
- Composite Carbon Fiber
- Thermoplastic
- Others
Browse the full “Foot Orthotic Insoles Market By Type (Custom-Made And Prefabricated), By Distribution Channel (Hospitals & Clinics, Drug Stores, And Others), By Material (Composite Carbon Fiber, Thermoplastic, And Others), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report At https://www.zionmarketresearch.com/report/foot-orthotic-insoles-market
Competitive Landscape
Some of the main competitors dominating the global Foot Orthotic Insoles market include -
- Dr. Scholl's
- Superfeet
- Aetrex
- Powerstep
- New Balance
- Spenco
- Tread Labs
- SOLE
- Samurai Insoles
- Birkenstock
- Pedag
- Vionic
- WalkFit Platinum
- Protalus
- Wiivv
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Foot Orthotic Insoles market is likely to expand at a CAGR of around 5.94% during the forecast period (2023-2030).
- In terms of revenue, the Foot Orthotic Insoles market size was valued at around US$ 3889.92 million in 2022 and is projected to reach US$ 6162.58 million by 2030.
- The foot orthotic insoles market is projected to grow at a significant rate due to the increasing application in the sports industry.
- Based on type segmentation, custom-made was predicted to show maximum market share in the year 2022.
- Based on material segmentation, thermoplastic was the leading segment in 2022.
- On the basis of region, North America was the leading revenue generator in 2022.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Foot Orthotic Insoles industry?
- What are the main driving factors propelling the Foot Orthotic Insoles Market forward?
- What are the leading companies in the Foot Orthotic Insoles Industry?
- What segments does the Foot Orthotic Insoles Market cover?
- How can I receive a free copy of the Foot Orthotic Insoles Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis By Type, By Distribution Channel, By Material, and By Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
North America accounts for the largest market share
The global foot orthotic insoles market is anticipated to be led by North America during the forecast period. In 2022, more than 44.15% of the global revenue was generated by North America mainly driven by high demand in the thriving sports industry. The growing number of students playing several sports along with a higher rate of exercising in the form of running or jogging has created a significant consumer base of orthotics in North America. The region is home to several players offering customized solutions and high per capita spending capacity allows them to invest in essential medical tools. The US also has a large population of people suffering from foot conditions caused by medical conditions. For instance, around 11.3% of the American population is diabetic as per the Centers for Disease Control and Prevention. Asia-Pacific is expected to grow at a CAGR of 7.85% primarily due to the presence of a large potential consumer base. Additionally, Asian countries are witnessing a rising geriatric population along with patients with musculoskeletal disorders.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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