Foot Orthotic Insoles Market Scope 2031
The foot orthotic insoles market was valued at US$ 3.88 billion in 2021 and is expected to reach US$ 7.19 billion by 2031. The market is expected to register a CAGR of 7.6% in 2023–2031. 3D-printed orthotic insoles will likely remain a key foot orthotic insoles market trend.
Foot Orthotic Insoles Market Analysis
Foot orthoses, or orthotics, are devices made to be inserted into the shoes, providing off-loading foot structures and cushioning. Prefabricated foot orthoses, also called over-the-counter or non-prescription, are mass-produced based on foot sizes. Custom-made foot orthoses are made from a plaster cast or 3-D laser scan of the foot and are countered devices. Foot orthoses are attached to the standard medical care of patients with foot and lower limb problems, including rheumatoid arthritis, plantar heel pain, pronated foot, and diabetic risk plantar.
Foot Orthotic Insoles Market Overview
The growth is driven by increased demand for foot orthotics manufactured to order. These materials are produced to order following a thorough assessment of the user's foot structure. Orthotics that are custom-made offer clinically-proven benefits over prefabricated ones, including enhanced comfort and pain relief. End customers are calling for more and more 3D-printed orthotics. These are more proprioceptive and gait efficient than traditional ones, and their slimmer design is driving the market's expansion. Important companies are also consistently funding research and development projects to use 3D printing to create insoles that fit and feel better. More opportunities for foot orthotic insoles will be presented throughout the forecast period in the global market.
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Foot Orthotic Insoles Market: Strategic Insights
Market Size Value in US$ 3,560.00 Million in 2019 Market Size Value by US$ 5,464.57 Million by 2027 Growth rate CAGR of 5.7% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Foot Orthotic Insoles Market: Strategic Insights
| Market Size Value in | US$ 3,560.00 Million in 2019 |
| Market Size Value by | US$ 5,464.57 Million by 2027 |
| Growth rate | CAGR of 5.7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Foot Orthotic Insoles Market Drivers and Opportunities
Increasing Prevalence of Chronic Foot Conditions
It is estimated that about 30.0% of people in general suffer from foot soreness. Various medical conditions, such as bursitis, plantar fasciitis, arthritis, and diabetic foot ulcers, can cause this pain. Therefore, to treat these conditions, physicians advise using foot orthotic insoles. The NCBI predicts that 2021, there will be 9.1 million to 26.1 million diabetic foot ulcers worldwide. Furthermore, 20 to 25 percent of people with diabetes mellitus are expected to experience the development of a diabetic foot ulcer. The volume and frequency of diabetic foot ulcers are rapidly increasing worldwide since the disease's increasing prevalence has reached an epidemic level. As a result, the previously mentioned factors are important global market growth drivers.
Increase in Adoption of Digital Platforms – An Opportunity in the Medical Sterile Swabs Market
An online platform allows new entrants to market their products equally and enables consumers to choose and compare from various options available. The digital platform is witnessing increased consumer preference because of technological advances allowing users to scan their foot at home. In recent years, larger platforms such as Amazon and the companies' websites have increasingly dominated digital distribution worldwide. The direct nature of online business channels is a primary characteristic that makes these models practically successful. In the past few years, the number of online retailers and mass distributors has increased significantly due to the ease of purchase and customer-friendly services offered by these channels. Furthermore, there have been partnerships between the manufacturers and distributors for effective distribution network management.
Foot Orthotic Insoles Market Report Segmentation Analysis
Key segments that contributed to the derivation of the foot orthotic insoles market analysis are disorder and service providers.
- Based on product type, the foot orthotic insoles market is segmented into customized, prefabricated. The customized segment held a larger market share in 2023.
- By material, the foot orthotic insoles market is segmented into thermoplastics, leather, polyethylene foams, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel, others. The thermoplastics segment held the largest share of the market in 2023.
- By application, the foot orthotic insoles market is segmented into sports and athletics, medical, and personal comfort. The sports and athletics segment held the largest share of the market in 2023.
- By distribution channel, the foot orthotic insoles market is segmented into drug stores, hospitals and specialty clinics, online stores, others. The hospitals and specialty clinics segment held the largest share of the market in 2023.
Foot Orthotic Insoles Market Share Analysis by Geography
The geographic scope of the foot orthotic insoles market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
Technological advances of service providers is further boosting the growth of the market. For instance, Orpyx Medical Technologies Inc. offers Orpyx SI Sensory Insoles that help prevent diabetic foot ulcers. These Custom insoles incorporate sensors to monitor pressure, temperature, and activity. Provides real-time audiovisual alerts and offloading instructions when sustained high-pressure levels occur. A clinical study using Orpyx SI technology showed an 86% reduction in diabetic foot ulcer recurrence. In addition, product launches further boost the market's growth in the forecest period. For instance, in February 2020, PowerStep extended its recovery footwear line by launching the 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. The popularity of foot orthotic insoles has also increased among athletes, which has led to the launch of new products. For instance, in June 2019, Powerstep 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.
Foot Orthotic Insoles Market Report Scope
Foot Orthotic Insoles Market News and Recent Developments
The foot orthotic insoles market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for foot orthotic insoles:
- The iPhone scanning app, called DOLA, was just released by Digital Orthotics Laboratories Australia Pty Ltd. It allows users to scan, consult, and order orthotics. (Source: Digital Orthotics Laboratories, 2022).
- A well-known business specializing in custom orthotic insoles and wellness footwear, Foot Solutions, has announced that it has acquired Happy Feet Plus, a store located in Florida. (Source: Foot Solutions, Press Release, 2022).
Foot Orthotic Insoles Market Report Coverage and Deliverables
The “Foot Orthotic Insoles Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type ; Material ; Application ; Distribution Channel , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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