Pune, India, May 09, 2022 (GLOBE NEWSWIRE) -- The global foot orthotic insoles market size was valued at USD 3.49 billion in 2021. The market is projected to grow from USD 3.93 billion in 2022 to USD 6.15 billion by 2029, exhibiting a CAGR of 6.6% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Foot Orthotic Insoles Market, 2022-2029.”
Key Industry Development:
February 2022: Digital Orthotics Laboratories Australia Pty Ltd. unveiled a novel DOLA iPhone scanning aspect. The customer would be able to scan, suggest, and order orthotics utilizing iPhone.
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Increasing demand for custom-made foot orthotics is fueling the market growth. These products are custom-made after a complete evaluation of the foot structure of the user. Tailor-made orthotics have clinically proven advantages over prefabricated ones in terms of better pain management and comfort. There is an increasing demand for 3D printed orthotics among end-users. These are thinner as compared to traditional ones, with increased gait efficiency and proprioception, which is boosting the market growth.
Increasing adoption of eco-friendly materials in manufacturing orthotic insoles is opening new avenues for growth. Favorable reimbursement policies in developed countries, growing investments by key industry players, and increased spending on research and development are expected to boost revenue in the coming years.
Segments:
Strong Demand for Customized Insoles to Dominate Segment during 2022-2029
Based on type, the global market is segmented into prefabricated and customized. The customized segment held a leading share of the market in 2021. The segment dominated the market owing to increase in patients' inclination for customized foot orthotic insoles as it matches comfort disclaimers.
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.6% |
| 2029 Value Projection | USD 6.15 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 3.93 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 172 |
| Segments covered | By Type, By Application, By Age Group, By Distribution Channel, By Material |
| Growth Drivers | Increased Strategic Initiatives by Prominent Players to Drive Growth Trajectory |
| Rising Prevalence of Chronic Foot Ailments with Favorable Reimbursement Policies to Drive Growth |
Report Coverage:
The report offers a rounded review of the market along with current trends and future predictions to inaugurate proximate investment gains. A detailed examination of any forthcoming prospects, threats, competitions or driving aspects is also cited in the report. Step by step, methodical regional analysis is presented. The COVID-19 impacts have been added to the report to aid investors and business experts to understand the jeopardies better. The indispensable players in the market are recognized, and their strategies to reinforce the market growth are shared in the report.
Effortless Accessibility of Ethyl-vinyl Acetate Accounted for Segment’s Greatest Market Share in 2021
Based on material, the market is segmented into thermoplastics, Ethyl-vinyl Acetate (EVA), foam, composite carbon fiber, and others. The EVA segment is responsible for majority portion of the market.
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Strong Prescriptions of Orthotics by Medical Professionals to Lead to Segment’s Sturdy Market Share
Based on application, the market is classified into medical, sports & athletics, and personal. The medical segment holds the largest share in this segment.
Robust Adult Patient Populace Credited to Segment’s Highest CAGR in 2021
Based on age group, the market is categorized into adults and pediatrics. The adults segment is estimated to dominate the market.
Strong Volumes of Orthotic Insoles Attributed to Hospital Pharmacies to Contribute to Segment’s Peak Position
Based on distribution channel, the market is segregated into hospital pharmacies, retail stores, and online stores. The hospital pharmacies segment leads the market and is expected to perceive growth throughout the forecast period.
Based on region, the global market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Drivers and Restraints:
Increasing Demand for Product Backed by Foot Conditions to Augur Growth
It is determined that foot pain impacts over 30% of the common population. This pain can be measured by numerous medical ailments such as plantar fasciitis, diabetic foot ulcers, bursitis, and arthritis. Therefore, foot orthotic insoles are recommended by physicians to heal these disorders. The upsurge in the demand for modified orthotic insoles, pooled with an affirmative reimbursement policy, acts as a crucial driver for the market.
Regardless of the strong requirement for productive orthotic insoles, one of the most vital restraining aspects that constrain the foot orthotic insoles market growth is the restricted penetration rate of these products in the developing regions.
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Regional Insights:
North America to Dominate Backed by Rapid Implementation of 3D Printers
The market size in North America stood at USD 1.47 billion in 2021, and the region is expected to account for a dominant foot orthotic insoles market share during the forecast period. The growth can be attributed to the prompt adoption of 3D printers to manufacture tailored orthotic insoles.
The European market is anticipated to be the second-largest market. The growth can be attributed to the affirmative reimbursement guidelines and the surging determinations by the government to escalate consciousness among people regarding foot care.
The Asia Pacific market is anticipated to grow noticeably in the forecast period owing to the upsurge in the geriatric population. It is one of the vital factors for implementing orthotic foot insoles.
Competitive Landscape:
Radical Product Introductions by Key Players to Foster Market Growth
The pivotal players accept numerous tactics to bolster their position in the market as dominating companies. One such prime strategy is purchasing companies to bolster the brand value among users. Another fundamental strategy is intermittently launching innovative products with a methodical review of the market and its target audience.
List of Key Players Mentioned in the Report: Foot Orthotic Insoles Industry
- Implus Footcare LLC (U.S.)
- Hanger Inc. (U.S.)
- Aetrex Worldwide, Inc. (U.S.)
- Footbalance System Ltd. (Finland)
- Tynor (India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Australia)
- Thuasne (France)
- Foot Science International (New Zealand)
Table Of Content: Foot Orthotic Insoles Market
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Technological Advancements in Foot Orthotic Insoles Key Industry Developments (Mergers, Acquisition and Partnerships)
- Key Startups with Funding Overview
- Pricing Analysis, Key Players
- Key Industry Developments: Acquisitions, Mergers, Partnerships, & New Product Launches
- Impact of COVID-19 Pandemic on Foot Orthotic Insoles Market
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