Foot Orthotic Insoles Market
Number of pages: 100 | Report Format: PDF | Published date: December 20, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
|
Report Attribute |
Details |
|
Market size value in 2021 |
US$ 3.81 billion |
|
Revenue forecast in 2030 |
US$ 6.6 billion |
|
Growth Rate |
CAGR of 6.30% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
|
Segments covered |
Type, Material, Application, Age Group, Distribution Channel, and Region. |
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Regional Scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study by Growth Plus Reports, the global foot orthotic insole market was pegged at US$ 3.81 billion in 2021 and is expected to register a revenue CAGR of 6.30 % to reach US$ 6.6 billion by 2030.
Market Fundamentals
Foot orthotics are medical devices worn inside shoes to treat biomechanical foot problems, such as difficulties in walking, standing, or running. Additionally, they can alleviate foot pain brought on by illnesses like diabetes, plantar fasciitis, bursitis, and arthritis. It may also be able to avoid surgery to treat flat feet by using orthotics insoles. Foot orthotics are also used by athletes to prevent sprains and strains by providing proper support, preventing stress fractures, improving posture, aligning muscles, and providing comfort.
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Market Dynamics
The global foot orthotic insole market revenue is driven by increasing technological advancement and the rising prevalence of obesity, diabetes, and foot ulcers. Additionally, increasing demand for 3D orthotic insole and personalized foot orthotic insole contribute to the global foot orthotic insole market revenue growth. Moreover, the high presence of key players and the introduction of novel products are also fueling the global foot orthotic insole market revenue. However, the high cost of foot orthotic insole and lack of reimbursement policies are hindering the revenue growth of the global foot orthotic insole market.
Market Ecosystem
The global foot orthotic insole market has been analyzed from six perspectives type, material, application, age group, distribution channel, and region.
Foot Orthotic Insole Market by Type
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Based on type, the global foot orthotic insole market is segmented into prefabricated and customized.
The customized foot orthotic insole segment is leading the global market with the largest revenue share owing to increasing demand for customized foot orthotic insole, as wrong fit insole can damage the foot & ankle and may cause long-term discomfort and pain. Additionally, customized foot orthotic insole reduces foot pressure and helps in pain management, which drives the segment’s revenue growth. In May 2022, LuxCreo Aifeet launched a 3D-printed customized elastic insole. The LuxCreo AiFeet are insoles made of a high-performance, elastic resin known as EM+21. The company claims to have superior elastic, tensile, and resiliency properties, providing the insole with superior shock absorption.
Foot Orthotic Insole Market by Material
Based on material, the global foot orthotic insole market is segmented into thermoplastics, ethyl-vinyl acetate (EVA), foam, composite carbon fiber, and others.
Ethyl- vinyl acetate (EVA) segment dominates the global foot orthotic market in terms of largest revenue share owing to high adaptability, flexibility, and softness. Additionally, EVA foot orthotic insole has a longer life and high cost-effectiveness as compared to other insoles, which are expected to drive the revenue growth of this segment.
Foot Orthotic Insole Market by Application
Based on application, the global foot orthotic insole market is segmented into medical, sports & athletics, and personal.
The medical segment accounts for the largest revenue in the global foot orthotic insole market owing to the increasing prevalence of chronic diseases such as rheumatoid arthritis, diabetes, obesity, orthotic diseases, and chronic foot alignment.
Foot Orthotic Insole Market by Age Group
Based on age group, the global foot orthotic insole market has been segmented into adults and pediatrics.
The adult segment is leading the global orthotic insole market with the largest revenue share owing to the increasing prevalence of arthritis and aging factors that cause foot pain. Additionally, high demand by adult athletes and sports persons for orthotic insole is also contributing to the revenue growth of this segment in the global foot orthotic insole market.
Foot Orthotic Insole Market by Distribution channel
Based on distribution channels, the global foot orthotic insole market is segmented into hospital pharmacies, retail stores, and online stores.
The hospital pharmacies segment dominates the global foot orthotic insole market with the highest revenue share. This significant revenue share is due to the increasing prevalence of orthopedic disease, growing patient footfall in hospitals, and high prescription generation by hospitals for foot orthotic insole.
Retail pharmacies are expected to show the highest revenue growth during the forecast period owing to increasing demand by athletes and sports persons.
Foot Orthotic Insole Market by Region
Based on region, the global foot orthotic insole market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global foot orthotic insole market in terms of the largest revenue share. The large revenue share can be attributed to increasing adoption, the presence of key players, and growing awareness about the therapeutic use of foot orthotic insole. Additionally, technological advancement and the introduction of novel products are also contributing to regional revenue growth.
Competitive Landscape
The prominent players operating in the global foot orthotic insole market are:
Strategic Developments
North America is the key growth region in the global foot orthotic insole market.
Increasing technological advancement and the growing prevalence of chronic diseases are key driving factors for the global foot orthotic insole market revenue growth.
The expected revenue CAGR for the global foot orthotic insole market is 6.30% during the forecast period from 2022 to 2030.
The estimated market size of the global foot orthotic insole market is US$ 6.60 billion in 2030.
Aetrex Worldwide, Inc., Digital Orthotics Laboratories Australia Pty Ltd., Foot Science International, Footbalance System Ltd., and Hanger Inc. are some of the key players in the global foot orthotic insole market.
*Insights on financial performance are subject to the availability of information in the public domain