Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Foot Orthotic Insoles market.
Trusted Business Insights presents an updated and comprehensive analysis of Foot Orthotic Insoles Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Foot Orthotic Insoles market during the forecast period (2021-2026).Our research analyst have analysed at the short-term stress in the industries subsectors as well as long-term impacts. Analyst have also examined the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Abstract, Snapshot, Market Analysis & Market Definition: Global Foot Orthotic Insoles Market
The global Foot Orthotic Insoles market size is projected to reach US$ 5.54 billion by 2026, from US$ 3.84 billion in 2020, at a CAGR of 6.3% during 2021-2026. Rising geriatric population, coupled with high incidence of diabetes and plantar fasciitis, is fueling the market.
According to world population statistics, the population aged over 60 is slated to increase from 962 million in 2017 to 2.1 billion in 2050, which will increase the consumer base in future. Moreover, technological advancements due to high ongoing investments in R&D are expected to increase growth potential in the coming years.
Increasing demand for custom-made foot orthotics is fueling 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 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.
Market Segmentation, Outlook & Viewpoint: Global Foot Orthotic Insoles Market
Product Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2026)
- Polyethylene foams
- Composite carbon fibers
- Ethyl-vinyl acetates (EVAs)
Application Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2026)
- Sports & Athletics
- Personal Comfort
Distribution Channel Market Segmentation & Outlook (Revenue, USD Million, 2014 – 2026)
- Drug Stores
- Hospitals & Specialty Clinics
- Online Stores
- Others (retail shops, foot store)
Key Players, Recent Developments & Regional Insights: Global Foot Orthotic Insoles Market
On the basis of product, the market is segmented into leather, cork, composite carbon fibers, thermoplastics, ethyl vinyl acetates (EVA), polyethylene foams, gel, and others. The polyethylene foams segment dominated the market with a share of over 41.0%, due to the presence of broad category materials, widespread usage, easy manufacturing, and increasing popularity. Polyethylene foams are closed cell foams; they comprise millions of tiny bubbles, transfused with each other. This provides resistance to water, along with strength and rigidity. The combination of high strength and light weight makes it ideal for producing rigid foot orthotics, thus propelling the growth of this segment.
The thermoplastic segment is expected to witness lucrative growth owing to associated benefits such as comfort and high durability provided by this material. Thermoplastic is a heat molded form and is increasingly gaining popularity among people who take good care of their feet and those who need therapeutic support while walking. Rigid thermoplastics have limited use for geriatric patients with a high physiological reserve and for patients with rigid feet. However, semi-rigid thermoplastic provides better pain tolerance to the geriatric population and is used for individuals suffering from biomechanical foot pain.
The foot orthotic insoles market is segmented on the basis of application into medical, personal comfort, and sports and athletics. The medical segment accounted for the largest share due to rising incidence of diseases such as arthritis, foot pain, and diabetes. This trend is likely to continue over the course of the forecast period.
The sports and athletics segment is projected to experience lucrative growth during the forecast period. An increasing number of people are choosing sports as a career owing to growing opportunities in this industry. For instance, according to the National Health Statistics report, about 213 million Americans aged 6 years and over participated in sports and fitness activities in 2016. Growing participation in sports and recreational activities increases the risk of injuries. For instance, according to Stanford Childrens Health more than 3.5 million injuries are reported among children every year. In addition, according to the Canadian Institute of Health, about 17,655 people were hospitalized due to sports-related injuries between 2016 and 2017.
Rise in geriatric population, which is susceptible to orthopedic disorders, is another factor impelling product demand globally. For instance, as per the U.S. Census Bureau, the number of people aged 65 or older increased by 1.6 million from 2014 to 2015.
Distribution Channel Insights
On the basis of distribution channel, the market is segmented into drug stores, hospitals and specialty clinics, online stores, and others. The hospitals and specialty clinics segment held the largest revenue share in the global market and is likely to account for half the revenue share by the end of 2026. Patients prefer hospitals and clinics due to the presence of skilled and experienced personnel as well as proper infrastructure.
The online stores segment is expected to exhibit lucrative growth over the forecast period. The growth is attributed to its wide product offerings. Some of the key online players are Amazon, Flipkart, and Indiamart and they offer a wide range of custom as well as over the counter orthotics on their platform. Furthermore, rising popularity of e-commerce platforms has prompted a wide flow in online shopping of orthotic insoles. These portals provide the benefit of greater varieties and shipping services to customers.
North America accounted for the largest revenue share in the global market in 2018 owing to rising prevalence of diabetes in this region. In addition, an increase in sports activities drives market demand. Technological advancements due to high ongoing investments in R&D are expected to increase growth potential in the coming years. The focus of the U.S. healthcare system on quality of care and value-based services has led to a favorable environment for foot orthotics.
Growing prevalence of conditions such as obesity, arthritis, and diabetes further support regional growth. For instance, in 2015, 30.3 million Americans were suffering from diabetes. Growth is also supported by a number of local players in the space, such as Spenco, Opedge, and Super Feet. The market is also driven by strategic partnerships and mergers and acquisitions by key players. For instance, in June 2016, Implus announced the acquisition of Spenco insoles, which was intended to broaden its portfolio.
Asia Pacific is expected to witness lucrative growth owing to factors such as high target population and technological advancements. In addition, improving health consciousness has benefitted this regional market. The demand for prefabricated and custom insoles is significantly high in this region, due to high incidence of chronic diseases such as musculoskeletal disorders and diabetes.
Foot Orthotic Insoles Market Share Insights
The industry is marked by the presence of various small and large companies. The market is competitive in nature and is dominated by participants such as Superfeet Worldwide Inc.; Hanger; Bauerfeind AG; Amfit Inc.; Algeo Ltd.; and Dr. Scholls.
Aforementioned players are constantly involved in strategic initiatives such as new product launch, technological advancements, and mergers and acquisitions in order to gain deeper penetration in the market. 3D printed orthotics is the next big trend in this space. Industry players are investing in R&D in order to innovate customized orthotic products. For instance, in June 2017, Stratasys Direct Manufacturing collaborated with Peacocks Medical Group to develop 3D printing orthotics. In February 2017, Aetrex acquired 3D printed orthotics pioneer SOLS Systems with an aim to improve its 3D product portfolio.
Key Insights Covered: Global Foot Orthotic Insoles Market
1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Foot Orthotic Insoles industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Foot Orthotic Insoles industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Foot Orthotic Insoles industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Foot Orthotic Insoles industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Foot Orthotic Insoles industry.
Research Methodology: Global Foot Orthotic Insoles Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other
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