Foot Orthotic Insoles By Production, Manufacturer, Growth, Supply, Demand, Swot Analysis Forecast Outlook 2028
The global foot orthotic insoles market size is expected to reach USD 4.50 billion by 2027. This is attributable to the rising geriatric population and the increasing incidence of diabetes that is driving the demand for advanced orthotic foot insoles globally. Fortune Business Insights, in its latest report, titled, "Foot Orthotic Insoles Market Size, Share & COVID-19 Impact Analysis, By Type (Prefabricated and Customized), By Application (Medical, Sports & Athletics, and Personal), By Material (Thermoplastics, Ethyl-vinyl Acetate (EVA), Foam, Composite Carbon Fiber, and Others), By Age Group (Pediatrics and Adults), By Distribution Channel (Hospital Pharmacies, Retail Stores, and Online Stores), and Regional Forecast, 2020-2027.", observes that the market stood at USD 3.25 billion in 2019 and is likely to exhibit a CAGR of 6.1% between 2020 and 2027.
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Suspension of Several Non-COVID-19 Healthcare Procedure to Impact Market Revenue
Due to cancellation or rescheduling of several outpatient appointments, the patient volume in orthotics and podiatry clinics has decreased significantly. This is owing to the growing shift towards treating COVID-19 patients on the advisory of the government agencies globally. This is likely to affect the revenue generation of the orthotic department. However, the growing adoption of digital technologies by the orthotic clinics is likely to favor the market growth in the forthcoming years.
Foot orthotic insoles are shoe insert products that are specially manufactured to cure the foot deformity among patients and provide stability to the biomechanical misalignment of the foot. Several patients adopt such foot insoles that provide them comfort while walking and further lead to considerable reduction of pain.
What does the Report Provide?
The market report includes a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth between 2020 and 2027. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Incidence of Diabetes Globally to Accelerate Growth
According to the National Center for Biotechnology Information, the prevalence of diabetic foot ulcers is between 9.1 to 26.1 million every year globally. Furthermore, around 20% to 25% of the population with diabetes mellitus are likely to develop diabetic foot ulcers in a lifetime. Therefore, the growing incidence of diabetes is expected to propel the demand for advanced foot orthotic insoles.
According to the report by Diabetes Care, about 25% of the U.S. population above the age group of 65 suffer from diabetes. Additionally, according to the Census Bureau, by 2034 around 77.0 million people will be aged 65 years and older in the U.S. The rising number of geriatrics is expected to contribute to the global foot orthotic insoles market growth in the forthcoming years.
Medical Segment to Hold Dominant Market Share
The medical segment, based on application, is expected to gain momentum backed by the growing number of clinical evidence proving the efficacy of foot orthotic insoles in reducing pain among the patients globally.
North America to Remain Dominant; Increasing Adoption of 3D Printing Technology to Aid Growth
Among all the regions, North America is likely to remain dominant and hold the highest position in the global market in the forthcoming years. This dominance is attributable to the advancement in the healthcare sector that is driving the adoption of 3D printers to manufacture foot orthotic insoles for the patients in the region. North America stood at USD 1.37 billion in 2019.
The market in Europe is expected to showcase considerable growth backed by favorable government reimbursement policies for the treatment of orthotic foot inserts in the region between 2020 and 2027.
Major Companies Focus on Acquisition Strategy to Expand Their Product Portfolio & Boost Sales Revenue
The global foot orthotic insoles market is consolidated by the presence of major companies that are adopting aggressive growth strategies to maintain their dominance. These companies are acquiring other small companies to further expand their orthotic insoles portfolio and gain an edge over their rivals in the fiercely competitive market.
September 2020 - Foot Solutions announced the acquisition of NOENE, a leading distributor of shock absorbing material that are used to manufacture foot orthotic insoles. The acquisition is expected to strengthen its position in the U.S.
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List of the Companies Operating in the Global Market:
Implus LLC (North Carolina, U.S.)
Hanger Inc. (Texas, U.S.)
Aetrex Worldwide, Inc. (New Jersey, U.S.)
Footbalance System Ltd. (Vantaa, Finland)
Tynor Orthotics Pvt. Ltd. (Punjab, India)
Digital Orthotics Laboratories Australia Pty Ltd. (Anstead, Australia)
Thuasne (Levallois-Perret, France)
Other prominent players
Continued. . .
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NOTE: Our team is studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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