The foot orthotic insoles market was valued at $ 3.56 billions in 2019 and is projected to reach $5.46 billion by 2027; it is expected to grow at a CAGR of 5.7% during 2019–2027.
New York, June 09, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Foot Orthotic Insoles Market to 2027 – Global Analysis and Forecast – by Product Type, Material Application and Distribution Channel” the growth of the market is attributed to the growing number of accidents and trauma cases, rising incidence of infectious diseases and developing liquid biopsy technology are expected to boost the growth of the global blood collection devices market. However, the market is likely to get impacted by the risk factors such as shortage of skilled professionals during the forecast period.
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No. of Charts & Figures
Product Type ; Material ; Application ; Distribution Channel , and Geography
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Foot Orthotic Insoles Market: Competition Landscape and Key Developments
Aetrex Worldwide, Inc, Bauerfeind AG, OttoBock, Superfeet Worldwide Inc., Sidas, Algeos, Amfit Inc, Arden Orthotics, Acor Orthopaedic, Inc. and YELLOW WOOD PARTNERS, LLCare among the key companies operating in the blood collection devices market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.
In September 2020, Aetrex announced the launch of its thinnest 3D printed orthotic yet which is made specifically for shoes that do not have removable insoles.
In July 2016, Algeos has announced the launch of two new products in collaboration with Standard Engineering, bringing together more than 250 years of experience of orthotic and orthopaedic footwear technology.
In July 2019, Yellow Wood Partners and Bayer announced on July 22, 2019 that the company has entered into a definitive agreement to buy the Dr. Scholl’s business from Bayer for a purchase price of 585 million U.S. dollars. With the acquisition of Dr. Scholl’s, Yellow Wood Partners will create a stand-alone company in which it plans to invest in all aspects of the business to drive the growth and profitability of the brand to deliver value for all of its stakeholders.
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North America held the largest share of the foot orthotic insoles market. The presence of large population with diabetes, arthritis, and other painful foot conditions; rise in health and wellness awareness; high adoption of custom foot orthotic insoles, and surge in demand for preventive health care in these regions. As per the American Diabetes Association, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. The demand for the foot orthotic insoles has seen a dramatic increase over the past few years due to the increasing prevalence of diseases such as diabetes, obesity, arthritis. Moreover, technological advancements of service providers are further boosting the growth of the market. For instance, Orpyx Medical Technologies Inc. offers Orpyx SI Sensory Insoles that help in preventing diabetic foot ulcers.
As per the American Diabetes Association, in 2018, 34.2 million Americans, or 10.5% of the population, had diabetes. Nearly 1.6 million Americans have type 1 diabetes, including about 187,000 children and adolescents. The demand for the foot orthotic insoles market has seen a dramatic increase over the past few years due to the increasing prevalence of diseases such as diabetes, obesity, arthritis. According to the American Academy of Orthotists and Prosthetic’s, out of 20.8 Million children and adults in the U.S., around 7% have diabetes. Diabetes is the leading cause of lower limb amputations, with over 50% of non-traumatic amputations due to diabetic complications. With growing incidence of diabetes, demand for foot orthotics insoles is expected to grow significantly. Similarly, obesity will be a key driving factor for orthotic industry, as rising incidence of obesity will lead to growth in orthopedic ailments and hence, the need for orthopedic support devices and solutions. . A clinical study using Orpyx SI technology showed an 86% reduction in diabetic foot ulcer recurrence. In addition, product launches are further boosting the growth of the markt in the forcest period. For instance, in February 2020, PowerStep extended its recovery footwear line with the launch of new Fusion Recovery Men’s Slippers. These slippers provide the perfect blend of PowerStep’s trusted support and stability in a true orthotic slipper to help alleviate pain from Plantar Fasciitis and other common foot conditions. Popularity of foot orthotic insoles market has also increased among athelets, which has led to launch of new products. For instance, in June 2019, Powerstep's launched the PULSE Sport in a full-length option. The new PULSE Sport Full Length is an ultra-thin, full length insole with an exposed shell, combining our standard support shell with dual-layer EVA/VCT cushioning foam for full-foot comfort.
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The Asia-Pacific region is the fastest-growing market for foot orthotic insoles. The foot orthotic insoles market growth is attributed towards the The region is expected to have several growth opportunities for the market growth owing to the aging population, rising awareness regarding diabetic foot ulcer, large patient pool, increasing investment in startups and improving healthcare infrastructure in the region. The prevalence of diabetes and diabetic complications increased alarmingly in the last few years. As per the WHO, almost 10% of all adults in China – about 110 million people – currently live with diabetes. Increasing research activities to provide custom made solutions are further driving the growth of the marker. Fr instance, in august 2017, 3D-printed custom insoles maker, RESA Wearables, Inc. and raw materials provider, Shenzhen eSUN Industrial Co., Ltd. entered into a joint venture to introduce RESA Wearables state-of-the-art Scan, Design, Print kiosks in major retail centers throughout China. Called Shenzhen Resun Healthcare Technology Co., Ltd., the new partnership intends to disrupt the traditional foot care and custom orthotic insoles industries through its innovative technology and immediate delivery of custom insoles. The joint venture will provide RESA with the exciting opportunity to launch its state-of-the-art technology and products in China, as well as a technical partnership with eSUN for access to eSUN's proprietary filaments and raw materials that RESA uses to create durable, flexible, eco-responsible, bio and electronically-advanced insoles.
Increasing Incidence of Diabetes, Arthritis, and Other Foot Conditions in Foot Orthotic Insoles Market
Orthotic insoles are used to maintain the health of feet of patients with conditions, such as rheumatoid arthritis and diabetes. Orthotic devices are also extensively used in sports activities to improve skeletal function, thus enhancing the performance of the athlete. With the progression of age, cartilages become prone to strain and fatigue due to less water content and connective tissues such as ligaments attached to the bones become less flexible. This causes many complications such as arthritis. Lifestyle changes coupled with changing dietary habits lead to obesity, which puts pressure on the joints in lower extremity resulting in joint damage. As per the American Association of Orthopedic Surgeons, the obese population is 20 times more likely to undergo knee replacement surgery compared to those who are not overweight.
Rising diabetes-associated risks such as diabetic foot ulcers and pressure sores are boosting the demand for foot orthotic insoles. Diabetic foot ulcers (DFUs) are severe and chronic. As per the International Diabetes Federation (IDF), DFUs affect approximately 40–60 million people with diabetes worldwide. Given the seriousness of foot ulceration, there is an increasing focus on preventing the ulceration. Elevated plantar pressures are recognized as one of the risk factors for first ulceration and international guidelines suggest the use of orthotic insoles to reduce pressures. Increasing prevalence of diabetes is expected to boost the adoption of foot orthotic insoles market in the coming years. As per the IDF, in 2019, approximately 463 million adults worldwide had diabetes, and this number is expected to reach 700 million by 2045. Apart from this, rise in cases of rheumatoid arthritis (RA) is likely to increase the demand for foot orthotic insoles market during the forecast period. RA is a chronic, autoimmune, inflammatory disease that causes swelling in joints. It commonly affects joints in the hands, wrists, and knees. As per the Centers for Disease Control and Prevention (CDC), around 54.4 million adults suffer from arthritis in the US. During the course of the disease, the foot is commonly affected in 90% or more of cases and the incidence of foot problems associated with RA increases with disease duration. This suggests that for early intervention of the foot in RA is very necessary to avoid further complications.
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Based on product type, the foot orthotic insoles market was segmented into customized and prefabricated. The imaging test segment accounted for more than 46.96% of the market share in 2019. In terms of material, the foot orthotic insoles market is segmented into thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel and others. The polyethylene foams segment held the largest share of the market in 2019. In terms of application, the foot orthotic insoles market is segmented into sports and athletics, medical, and personal comfort.. The medical segment held the largest share of the market in 2019. In terms of distribution channel, the foot orthotic insoles market is segmented into drug stores, hospitals and specialty clinics, online stores, and others. The hospitals and specialty clinics segment held the largest share of the market in 2019.
The COVID-19 outbreak has disturbed various trades and businesses across the world. Global footwear consumption is expected to fall by 22.5 percent this year, representing a shortfall, of 5.1 billion pairs, due to the Covid-19 pandemic, according to a forecast made by a panel of experts for World Footwear. Consumption is expected to decline by 21 percent, or 696 million pairs, in North America. Hence, the industry will face more export order losses in the coming days. Buyers have put-on hold the shipments which are ready for export, and payments for the shipments already made are postponed/ Due to the lockdown, the supply chain has been affected.
However, the industry is likely to recover over the forecast timeframe, given the rising popularity of online/e-commerce sales. From a manufacturing standpoint, the sustainable or ethical fashion trend is expected to favor market growth throughout the forecast timeframe. Luxury apparel is another lucrative space for prospective manufacturers to target, given the mushrooming number of wealthy and fashion-conscious consumers across the world.
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