Foot Orthotic Insoles Market
Foot Orthotic Insoles Market - By Product, By Application, By Distribution Channel & Global Region - Market Value, Growth Factors, Trends, Opportunity, Forecast 2020-2025Request Sample Request Discount
The global foot orthotic insoles market's market size was estimated at 3.9 billion USD in the year 2020 and is expected to witness a growth rate of 6.3% during the forecast period. An increase in the elderly population with a high incidence of diabetes and plantar fasciitis is propelling the market.
The demand for custom made foot orthotics has been increasing and it is fuelling the market. After a completed evaluation of the foot structure of the user, these products are custom made. Orthotics that are tailor made have more advantages over the ones that are prefabricated in pain management and comfort. Many end-users demand 3D printed orthotics as they are thinner compared to traditional ones and have increased gait efficiency. This factor is boosting the growth of the market drastically. The adoption of eco-friendly materials has increased in the manufacturing of orthotic insoles and opens new avenues for growth. In developed countries, there are favourable reimbursement policies and increased investment by many industry players. Also, there is increased spending on research and development. This factor is expected to boost the revenue of the foot orthotic insoles market in the coming years.
The demand based on product is divided in leather, cork, composite carbon fibers, thermoplastics. Ethyl vinyl acetates which EVA, polyethylene foams, gels, among others. The segment which has dominated the market with a share of 41% is the polyethylene foams segment. This is due the presence of a broad category of materials, widespread usage, easy manufacturing and increased popularity. These are closed foams of cell and comprises of millions of tiny bubbles attached. These foams give resistance against water, along with strength and rigidity. They are ideal for producing rigid foot orthotics due their high strength and lightweight. Thus, there will be growth of this segment.
Another segment expected to witness lucrative growth is the thermoplastics segment due to its associated benefits such as comfort and high durability. They are a heat-molded form and are gaining popularity among people which take good care of their feet and need therapeutic support during walking. The rigid thermoplastics have limited use for elderly patients with a high physiological reserve and rigid feet. But thermoplastic, which are semi-rigid, provides better pain tolerance to older people and is used for individuals suffering from biomechanical foot pain. Based on application, the foot orthotic market is segmented into medical, personal comfort, sports, and athletics. This segment, which is the medical segment, accounted for the largest share due to increased incidence of diseases such as arthritis, foot pain, diabetes, among others. In the coming year, this segment is expected to drive market growth. The lucrative growth is expected to be experienced by the sports and athletics segment during the coming years. Moreover, many people are choosing sports as a career due to growing opportunities in the sports industry. This is because there is an increase in the risk of injuries due to participation in sports and recreational activities.
Older adults are prone to orthopedic disorders and this factor will increase the demand for the global foot orthotic insoles market. The foot orthotic insoles market based on distribution channel is divided into drug stores, hospitals and specialty clinics, online stores, among adults. The segment which held the largest share in the global market is the hospitals and specialty clinics, and it is likely to account for half of the revenue by the end of the year 2026. Due to skilled and experienced personnel and proper infrastructure, patients prefer the hospitals and clinics. There is lucrative growth for the online segment due to its wide product offerings. These online stores offer a comprehensive range of products on their platforms, including huge discounts. North America held the largest revenue share due to its rising incidence of diabetes. Moreover, increased sports activities will also drive the foot orthotic insoles market's growth in this region.
Key Market Players
The key market player are:
- Superfeet Worldwide Inc.
- Bauerfeind AG
- Amfit Inc.
- Alge Ltd.
- Dr. Scholl's
- Polyethylene foams
- Composite carbon fibers
- Ethyl-vinyl acetates (EVAs)
- Sports & Athletics
- Personal Comfort
By Distribution Channel
- Drug Stores
- Hospitals & Specialty Clinics
- Online Stores
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Russia, Poland, Turkey, Switzerland, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, South Korea, Vietnam, Philippines, Malaysia, Indonesia, Thailand, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Columbia, Argentina, Chile, and Rest of Latin America)
- Middle East & Africa (South Africa, Saudi Arabia, UAE, Oman, Egypt, and Rest of Middle East & Africa)
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