Birmingham, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Data Bridge Market Research Published Latest Foot Orthotic Insoles Market Study by in-depth analysis of the current scenario, the Market size, demand, growth pattern, trends, and forecast. Foot Orthotic Insoles market report is an absolute background analysis of the Foot Orthotic Insoles industry which includes an assessment of the parental market. This global Foot Orthotic Insoles market report also estimates the market status, market share, growth rate, future trends, market drivers, opportunities and challenges, risks and entry barriers, sales channels, distributors, and Porter's Five Forces Analysis. This global market report identifies and analyses the emerging trends along with major drivers, challenges, and opportunities in the Foot Orthotic Insoles industry with an analysis of vendors, geographical regions, types, and applications. The report studies various inhibitors as well as motivators of the market in both quantitative and qualitative manner so that users can have perfect information.
The Foot Orthotic Insoles market report clearly explains what market definition, classifications, applications, engagements, and market trends are for the Foot Orthotic Insoles industry. Further, market drivers and market restraints displayed in this Foot Orthotic Insoles report give an idea about the rise or fall in the consumer demand for the particular product depending on a number of factors. Global Foot Orthotic Insoles market report studies the industry abilities for each geographical region based on customer purchasing patterns, macroeconomic parameters, development rate, and market demand and supply states. Furthermore, it determines the impact of buyers, substitutes, new entrants, competitors, and suppliers on the market.
Data Bridge Market Research analyses that the foot orthotic insoles market which is USD 3.17 billion in 2022, is expected to reach USD 5.28 billion by 2030, at a CAGR of 6.6% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Foot orthotic insoles are shoe inserts that support the arch, and improve mobility, comfort, and pain relief. They have a soft foam that relieves pressure points, alleviates pain from flat feet, and improves lower limb motion and alignment. As a result, they are widely used to treat plantar fasciitis, metatarsalgia, shin pain, overpronation, collapsed arches, bunions, and Achilles tendonitis. They are currently available in various styles, types, shapes, and thicknesses, depending on the desired therapeutic effects.
According to World Health Organization (WHO) data updated in October 2021, every country in the world is experiencing an increase in the size and proportion of older people in the population. According to WHO estimates, one in every six people in the world will be 60 or older by 2030, with the share of the population aged 60 and up increasing from 1 billion in 2020 to 1.4 billion in 2030. This ageing population is more vulnerable to foot disease, diabetes, joint and back pain, and a variety of other diseases that necessitate the use of orthotics for support or pain relief. As a result of the ageing population, the growth of the studied market is expected to increase during the forecast period.
Opportunities
- Numerous market strategies
The market has seen numerous strategic market changes throughout the years. The demand for treatment devices is expected to increase as the prevalence of foot conditions and the number of patients suffering from them increase. As a result, the major corporations have expanded their portfolios and used mergers and acquisitions to expand their businesses. These strategies will help businesses obtain cutting-edge technology such as high-frequency and shock-absorbing materials. Furthermore, the industry is gradually shifting toward providing specialized support to its clients based on their issues and improving their quality of life. For instance, Thuasne announced in January 2021 that it had successfully acquired the Therafirm branch of Knit-Rite, an American manufacturer of textiles for the medical market. The purchase would help the company enter a new market for orthopaedic prosthesis medical equipment. These developments are expected to significantly impact the market's growth prospects during the forecast period.
Fundamental Aim of Foot Orthotic Insoles Market Report
In the Foot Orthotic Insoles Industry, every company has goals, but this report focus in on the most important ones, allowing you to gain insight into the competition, the future of the market, potential new products, and other useful information that can boost your sales significantly.
- Factors influencing the Foot Orthotic Insoles Market Size and growth rate.
- Major alterations to the Foot Orthotic Insoles Market in the near future.
- Notable Market rivals around the world.
- The Foot Orthotic Insoles Market's Future Scope and Product Outlook
- Future-promising emerging markets.
- The Market Presents Difficult Challenges and Threats.
- Sales data and profiles of the world's leading Foot Orthotic Insoles Market manufacturers
The Foot Orthotic Insoles Market is Dominated by Firms Such as
- Bauerfeind USA Inc. (U.S.)
- AMFIT (China)
- Scholl’s Wellness Co. (U.S.)
- ComfortFit Orthotic Labs, Inc. (U.S.)
- Aetrex Inc. (U.S.)
- SIDAS (Sweden)
- CURREX (U.S.)
- PowerStep (U.S.)
- Blatchford Limited (U.K.)
- Cascade Dafo’s (U.S.)
- Health and Care (UK) Ltd (U.K.)
- Implus (U.S.)
- Hanger Inc. (U.S.)
- Tynorindia (India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Australia)
- Thuasne (France)
- Foot Science International (New Zealand)
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Recent Development
- In 2022, Digital Orthotics Laboratories Australia Pty Ltd introduced a new iPhone scanning function. The consumer can scan, recommend, and purchase orthotics using an iPhone.
- In 2021, Spenco, a division of Implus Footcare LLC, introduced Propel and Propel + Carbon insoles to upgrade running shoes with the most recent running technology.
Critical Insights Related to the Foot Orthotic Insoles Included in the Report:
- Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
- Value chain analysis of prominent players in the market
- Current trends influencing the dynamics of this market across various geographies
- Recent mergers, acquisitions, collaborations, and partnerships
- Revenue growth of this industry over the forecast period
- Marketing strategy study and growth trends
- Growth-driven factor analysis
- Emerging recess segments and region-wise market
- An empirical evaluation of the curve of this market
- Ancient, Present, and Probable scope of the market from both prospect value and volume
Key Market Segments Covered in Foot Orthotic Insoles Industry Research
By Product
- Prefabricated
- Custom
- Rigid/Function Orthotic Insoles
- Soft/Accommodative Insoles
By User Age Group
- Adult
- Pediatric
By Application
- Sports and Athletics
- Medical
- Personal Comfort
By Material Type
- Thermoplastics
- Polyethylene Foams
- Cork
- Composite Carbon Fibers
- EVA
- Gel
By Distribution Channel
- Drug Stores
- Hospitals and Specialty Clinics
- Online Stores
- Retail shops
- Foot store
Key Growth Drivers:
- Rising R&D activities
Many players are also keen on R&D in recycling thermoplastic materials to reduce the carbon footprint to adhere to the various norms and environmental policies. For instance, according to a November 2021 publication, a team at Oxford University Hospital focuses on significant sustainability improvements while producing orthotic insoles and other products. Since 2018, the team has recycled over 3.8 tonnes of thermoplastic. These are the factors which propel the market growth.
- Rising prevalence of chronic foot conditions
The rising prevalence of chronic foot conditions, combined with favorable reimbursement policies, is driving market expansion. Foot pain is claimed to affect more than 30.0% of the general population. Various medical conditions, including arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers, can cause this discomfort. As a result, doctors recommend foot orthotic insoles to patients suffering from these conditions. According to the National Center for Biotechnology Information, the number of diabetic foot ulcers worldwide in 2021 will range between 9.1 and 26.1 million. Furthermore, it is expected that 20 to 25% of people with diabetes may develop a diabetic foot ulcer. Diabetes has reached epidemic proportions, and the number and frequency of diabetic foot ulcers are increasing rapidly around the world. As a result, the above-mentioned characteristics are important worldwide market growth drivers.
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Foot Orthotic Insoles Market Regional Analysis/Insights:
The countries covered in the foot orthotic insoles market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the foot orthotic insoles market because of the increased funding for research and development activities, the rising geriatric population and increase in the number of podiatrists.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 because of the rising prevalence of arthritis and rising personal disposable income.
Restraints/Challenges
- High costs associated with research and development capabilities
In developing and underdeveloped economies, a lack of awareness and adoption will hamper the market growth. High costs associated with research and development capabilities will also present challenges to the market. The presence of alternative therapies will also slow market growth.
This foot orthotic insoles industry report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the foot orthotic insoles market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Foot Orthotic Insoles Market: Regulations
- Market Overview
- Global Foot Orthotic Insoles Market, By Product
- Global Foot Orthotic Insoles Market, By Application
- Global Foot Orthotic Insoles Market, By User Age Group
- Global Foot Orthotic Insoles Market, By Material Type
- Global Foot Orthotic Insoles Market, By Distribution Channel
- Global Foot Orthotic Insoles Market, By Region
- Global Foot Orthotic Insoles Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
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