Pune, India, Feb. 22, 2022 (GLOBE NEWSWIRE) -- The global foot orthotic insoles market size is expected to reach USD 4.50 billion by 2028. Fortune Business Insights, describes, “Foot Orthotic Insoles Market Size, Share & COVID-19 Impact Analysis, By Type (Prefabricated and Customized), By Application (Medical, Sports & Athletics, and Personal), By Material (Thermoplastics, Ethyl-vinyl Acetate (EVA), Foam, Composite Carbon Fiber, and Others), By Age Group (Pediatrics and Adults), By Distribution Channel (Hospital Pharmacies, Retail Stores, and Online Stores), and Regional Forecast, 2020-2028.”, and market stood at USD 3.25 billion in 2019 and is likely to exhibit a CAGR of 6.1% between 2020 and 2028.
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Market Growth Reasons:
- Introduction of Technologically Advanced Systems to Propel Foot Orthotic Insoles Market Growth
- Extensive Distribution Network, Strong Portfolio, and Stout Brand Presence to Boost the Market
- Rapid Shift towards Latest Technology in Developed and Emerging Countries
- Launch of Innovative and Advanced Products is Propelling the Growth of the Market
- Clinical Efficiency of New Products to Boost its Adoption during 2021-2028
Due to cancellation or rescheduling of a few short term arrangements, the patient volume in orthotics and podiatry facilities has diminished altogether. This is inferable from the developing movement towards treating COVID-19 patients on the warning of the public authority organizations internationally. This is probably going to influence the income age of the orthotic division.
Foot Orthotic Insoles Market Scope:
| Report Coverage | DETAILS |
| Forecast Period | 2020-2027 |
| Forecast Period 2020 to 2027 CAGR | 6.1% |
| 2027 Value Projection | USD 4.50 billion |
| Base Year | 2019 |
| Market Size in 2019 | USD 3.25 billion |
| Historical Data for | 2016-2018 |
| No. of Pages | 144 |
| Segments covered | By Type, By Procedure, By Geography |
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As per the National Center for Biotechnology Information, the pervasiveness of diabetic foot ulcers is between 9.1 to 26.1 million consistently around the world. Moreover, around 20% to 25% of the populace with diabetes mellitus are probably going to foster diabetic foot ulcers in a lifetime. Along these lines, the developing frequency of diabetes is relied upon to push the interest for cutting edge foot orthotic insoles.
North America is probably going to stay prevailing and stand firm on the most elevated footing in the worldwide market in the impending years. This strength is owing to the headway in the medical services area that is driving the reception of 3D printers to make foot orthotic insoles for the patients in the district. North America remained at USD 1.37 billion of every 2019.
The market in Europe is relied upon to exhibit impressive development supported by ideal government repayment approaches for the treatment of orthotic foot embeds in the district somewhere in the range of 2020 and 2027.
Competitive Landscape:
The worldwide foot orthotic insoles market is combined by the presence of significant organizations that are taking on forceful development techniques to keep up with their predominance. These organizations are obtaining other little organizations to additionally extend their orthotic insoles portfolio and gain an edge over their adversaries in the fiercely competitive market.
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List of the Key Players Operating in the Global Foot Orthotic Insoles Market:
- Implus LLC (North Carolina, U.S.)
- Hanger Inc. (Texas, U.S.)
- Aetrex Worldwide, Inc. (New Jersey, U.S.)
- Footbalance System Ltd. (Vantaa, Finland)
- Tynor Orthotics Pvt. Ltd. (Punjab, India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Anstead, Australia)
- Thuasne (Levallois-Perret, France)
- Other prominent players
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