Global Foot Orthotic Insoles Market: Business Growth, Development Factors, Applications, and Future Prospects
The global foot orthotic insoles market has been segmented based on product, material, application, user age group, distribution channel, and region. In terms of product, the global market has been bifurcated into prefabricated and customized. Based on material, the global foot orthotic insoles market has been categorized into thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel, and others. In terms of application, the global market has been divided into sports & athletics, medical, and personal comfort. Based on user age group, the global foot orthotic insoles market has been classified into adults and pediatric. In terms of distribution channel, the market has been divided into drug stores, hospitals & specialty clinics, online stores, and others.
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Global Foot Orthotic Insoles Market Witness Most Promising Rise in Demand:
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.
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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.
Key Players of Foot Orthotic Insoles Market Report:
Major manufacturers are collaborating with emerging companies having novel product pipeline. This amalgamation of technical expertise of key players and novel product techniques or materials of new market entrants is expected to introduce new products with improved functionalities during the forecast period. Major players operating in the global foot orthotic insoles market include Bayer Group (Dr. Scholl's), Powerstep (Stable Step, LLC), Superfeet Worldwide, Inc., Ottobock, A. Algeo Ltd., Hanger, Inc., and Bauerfeind AG. Birkenstock digital GmbH, Ottobock SE & Co. KGaA, Foot Science International, Create O & P, Groupe Gorgé, and DOLA – Digital Orthotics Laboratories Australia.
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