Foot Orthotic Insoles Market to Reach US$ 5.0 Bn by 2026; Surge in Adoption of Technologically Advanced Products to Boost Market

Foot Orthotic Insoles Market – Snapshot

The global foot orthotic insoles market is expanding at a rapid pace due rise in percentage of population requiring orthopedic devices to reduce foot pain and increase in geriatric population with orthotic condition across the globe. The market was valued at US$ 3,176.4 Mn in 2017 and is projected to expand at a CAGR of 6.3% from 2018 to 2026 to reach US$ 5,425.8 Mn by 2026. The global foot orthotic insoles market is driven by surge in adoption of technologically advanced products and high prevalence of osteoarthritis, rheumatoid arthritis, juvenile arthritis, and other forms of disorders.

Foot orthotic insoles are of two types: prefabricated and customized which are manufactured using different materials, such as, thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel, and others (such as nylon). Foot orthotic insoles are being used by both pediatric as well as adult population for medical and other applications. These are employed in various applications, such as, sports & athletics, medical, and personal comfort. The medical application segment of the foot orthotic insoles market includes diabetes, plantar fasciitis, arthritis, back & foot pain, and others. Other medical applications include, but are not limited to, hammertoes, blisters, bunions, metatarsalgia, etc. Foot orthotic insoles are distributed through various channels, including, drug stores, hospitals & specialty clinics, online stores, and others. The others segment includes sport retailers and sport shops.

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Growth in geriatric and obese population is likely to propel the adoption rate of foot orthotic insoles during the forecast period. According to the U.S. Department of Health & Human Product, the U.S. is expected to have about 72.1 million geriatric population by 2030, which is more than twice the number that was in 2000. A large number of global manufacturers who have technical expertise and core competencies are making constant efforts toward developing and manufacturing novel products to attract more customers. Improved biomaterial-based insoles offering high strength and low wear are witnessing an exponential rise in demand in developed as well as developing countries. Rapid adoption rates are observed for technologies, such as, 3D bioprinting, custom-made foot orthotic insoles, and computer-aided fixation of foot orthotic insoles. Advantages offered by technologically advanced products, such as, reduced complications and improved lifecycle of the product are boosting the demand for these products among end-users. This is likely to drive the market during the forecast period.

Rise in demand for custom-made foot orthotic insoles is anticipated to offer potential business development opportunities in the global foot orthotic insoles market during the forecast period. Custom-made foot orthotics are specially made shoe inserts designed to fit perfectly to the feet. These products provide support and comfort to users. They are manufactured after complete evaluation of the foot structure of the user. Moreover, clinical studies conducted to compare the effectiveness of custom-made and prefabricated insoles conclude that custom-made foot orthotics are more effective than prefabricated ones as they provide foot comfort while reliving painful foot conditions. Mergers and acquisitions represent strategic move of the market players for strengthening and broadening of their product portfolio. The foot orthotic insoles market is highly fragmented, with a large number of small players operating individually across the world. Merging of two competitors unites the strengths of the two firms involved while reducing competition and pricing pressure.

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The global foot orthotic insoles market has been segmented based on product, material, user age group, application, distribution channel, and region. In terms of product, the global market has been classified into prefabricated and customized foot orthotic insoles. The customized segment dominated the global market in 2017 and is projected to gain market share by the end of 2026. Technological advances and increase in disposable income in rapidly urbanizing countries are estimated to drive the customized segment during the forecast period. Moreover, significant funds from venture capitalists for these technologically advanced products, along with increase in usage of customer-specific products having unique geometrical shape by the urban population, is likely to propel the segment from 2018 to 2026. In terms of user age group, the global foot orthotic insoles market has been categorized into adult and pediatric. The adult age group segment is estimated to hold around 70% share of the global foot orthotic insoles market by the end of 2026.

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