Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Foot Orthotic Insoles Market by Material, Application, Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The foot orthotic insoles market was valued at $3,148.16 million in 2021 and is estimated to reach $5,741.00 million by 2031, exhibiting a CAGR of 6.4% from 2022 to 2031.
The foot orthotic insole is designed to stabilize the biomechanical alignment of the foot & cure foot deformities.
Many individuals are now adopting advanced-designed orthotic insoles which reduce pain and provide them with personal comfort in their daily life. A foot deformity is a type of foot disorder that can be inherited or acquired. The such deformity may include hammer toe, club foot, flat feet, pes cavus, and others, and are caused by wearing shoes that are too tight or not tight enough to support the toes on one foot.
Foot orthotic insoles are a type of medical device that is prescribed by physicians to treat foot deformities, and reduce pain. The foot orthotic insoles are made up of thermoplastics, ethyl-vinyl acetate (EVA), foams, composite carbon fibers, and leather. The foot orthotic insoles are also used by sports players and athletes. It has broad applications in the medical field and personal comfort. These applications of foot orthotic insoles drive the growth of this market.
Major factors that drive the growth of the foot orthotic insoles market include a rise in technological advancement in foot orthotic insoles, a rise in the prevalence of bunions, hammertoes, mallet toes, claw toes, and flat feet among the global population, and a surge in the number of incidences of pain in the foot.
For instance, according to the U.S. National Library of Medicine, in 2021, estimated that around 24% of community-dwelling adults over the age of 45 experience frequent foot pain. This has led to an increase in the requirement for foot orthotic insoles and drives the growth of the foot orthotic insoles market.
Furthermore, according to the research article "Evaluation of orthotic insoles for people with diabetes who are at-risk of first ulceration" in the Journal of Foot and Ankle Research, published in June 2021, suitably designed orthotic insoles are proven to reduce plantar pressures in patients at risk of plantar ulceration; therefore, increase in the prevalence of diabetes that further led to diabetic foot ulcers boost the growth of foot orthotic insoles market.
For instance, according to the 9th edition of the International Diabetes Federation, 463 million people are currently affected by diabetes globally, and it is expected to increase to 642 million by 2040. The increase in participation of sportspersons and athletes that require orthotic insoles enhances the growth of this market.
However, the high costs of orthotic insoles are expected to hamper the market growth. For instance, according to Tread Labs, custom orthotics are expensive, costing approximately from $200 to $800. On the contrary, unmet medical demands in developing countries and lucrative opportunities in emerging economies are expected to create immense opportunities for foot orthotic insoles device manufacturers worldwide in the future.
Furthermore, the healthcare business is projected to witness growth, owing to a rise in the number of inherited foot deformities, and a rise in research of advanced foot orthotic insoles which boost the growth of the foot orthotic insoles market.
For instance, in 2021, Talita Cumi Ltd., in collaboration with Aetrex Worldwide Inc., initiated a comparative clinical trial to investigate the use of prefabricated orthotics in shoes, combined with the help of indoor comfort sandals with built-in arch support, to benefit the treatment of plantar fasciitis more than the sole use of prefabricated orthotics in shoes alone. Moreover, the increase in the number of sportspersons and athletics propelled the demand for foot orthotic insoles and rise in awareness regarding the use of orthotic insoles for reducing pain in developing countries such as India, and China driving the growth of the foot orthotic insoles market. This is anticipated to offer remunerative opportunities for key players to invest in the market during the forecast period.
In addition, a rise in R&D investments in the discovery & development of effective orthotic soles, a significant rise in capital income in developed countries, and a rise in key strategies including product launch, collaboration, merger, and acquisition adopted by key players strengthen demand for foot orthotic insoles devices in the market.
For instance, in February 2022, Digital Orthotics Laboratories Australia Pty Ltd. launched a new DOLA iPhone scanning feature. The scanning feature provides easy scanning of feet & foam impression boxes and has various characteristics including attaching clinical photos and clinical notes, and instant 1 touch orthotic ordering. Hence, such factors drive the growth of the foot orthotic insoles market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the foot orthotic insoles market analysis from 2021 to 2031 to identify the prevailing foot orthotic insoles market opportunities.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- An in-depth analysis of the foot orthotic insoles market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes an analysis of the regional as well as global foot orthotic insoles market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Material
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fiber
- Others
By Application
- Sports and Athletics
- Medical
- Personal Comfort
By Distribution Channel
- Hospital Pharmacies
- Retail Stores
- Online Stores
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- Thuasne
- Acor Orthopaedic, Inc.
- Aetrex Inc.
- Tynorindia
- Bauerfeind
- Superfeet Worldwide, Llc
- A. Algeo Ltd.
- Foot Science International
- Footbalance System Ltd.
- Digital Orthotics Laboratories Australia Pty Ltd
Key Market Insights
- By material, the ethyl-vinyl acetate (EVA) segment was the highest revenue contributor to the market in 2021 and is estimated to reach $ 2,229.8 million by 2031 and is expected to be the fastest-growing segment with a CAGR of 6.9% during the foot orthotic insoles market forecast period.
- The study provides an in-depth analysis of the global foot orthotic insoles industry along with the current Foot Orthotic Insoles Market Trends and future estimations to explain the imminent investment pockets.
- On the basis of application, the personal comfort segment is expected to witness the highest CAGR of 7.3% during the forecast period.
- Based on the distribution channel, the online store's segment witnessed a CAGR of 7.3% during the forecast period.
- Based on region, North America Foot Orthotic Insoles Industry garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 7.8% during the forecast period.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: FOOT ORTHOTIC INSOLES MARKET, BY MATERIAL
CHAPTER 5: FOOT ORTHOTIC INSOLES MARKET, BY APPLICATION
CHAPTER 6: FOOT ORTHOTIC INSOLES MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: FOOT ORTHOTIC INSOLES MARKET, BY REGION
CHAPTER 8: COMPETITIVE LANDSCAPE
CHAPTER 9: COMPANY PROFILES
Companies Mentioned
- Thuasne
- Acor Orthopaedic, Inc.
- Aetrex Inc.
- Tynorindia
- Bauerfeind
- Superfeet Worldwide, Llc
- A. Algeo Ltd.
- Foot Science International
- Footbalance System Ltd.
- Digital Orthotics Laboratories Australia Pty Ltd
For more information about this report visit https://www.researchandmarkets.com/r/dyfrg3
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