Press release
Global Custom Foot Orthotics Market is expected to reach US$ 8.8 Bn by the end of 2032, increasing at 7.8% CAGR
The custom-made concept of orthotics rehabilitation is based on the notion that by designing foot orthotics with patient-specific design elements, certain aspects of the foot function can be altered therapeutically. Owing to the high adoption of cloud-based software systems and advancements in AI technology in the healthcare sector, the global custom foot orthotics market is slated to expand rapidly at a CAGR of 7.8% over the forecast period (2022-2032).Request For Free Sample Report of "Custom Foot Orthotics Market"@ https://www.persistencemarketresearch.com/samples/33081
Utilization of additive manufacturing (AM) to build 3D objects has become a major trend in custom foot orthotic products. This is done by first modelling them digitally with a computer program and then producing them. AM can be achieved with different methods - 3D printing, photo polymerization, and injection molding, among others. People have now started adopting the use of insoles for day-to-day purposes. In laborious activities, they provide comfort and reduce pain.
With an increase in technological advancements such as 3D printing for insoles and customization via software, customers will get highly attracted and this will in turn demand the growth of this market.
Rising acceptance of personalized foot orthotics is attributed to the use of biomaterials in insole manufacturing, which provides longer wear duration and increased strength. In order to serve a vast population, key stakeholders are now focused on features such as low cost, ease of use, novelty, and comfort.
Key Takeaways from Market Study
Custom products held an approximate 58.6% market share in 2021.
Adult age group contributed nearly 70.9% revenue share in 2021.
With huge adoption of custom foot orthotics in medical applications, the segment accounted for the largest share of around 55.6% in 2021.
By material, EVA contributed around 19.4% share to the global market in 2021.
By user, the custom category accounted for around 58.6% market share in 2021.
By distribution channel, hospitals and specialty clinics are preferred more by patients, and the segment held a market share of around 31.3% in 2021.
Around 40.5% of the global market share, by region, was accounted for by North America in 2021.
"High prevalence of chronic disorders and increase in sales of custom foot orthotics via e-Commerce platforms will propel market growth over the coming years," says an analyst of Persistence Market Research.
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Market Competition
The market is highly fragmented with the presence of various regional, local, and international players. Major custom foot orthotic product manufacturers are partnering with start-ups that have innovative product lines.
During the projection period, this combination of prominent players' technological competence and novel product techniques or materials from new market entrants is likely to result in the introduction of new products with increased features.
In December 2018, Bauerfeind AG announced a partnership with the National Basketball Association (NBA), stating that their product, GenuTrain, will become the officially licensed knee support in the basketball league.
In April 2018, Foot Science International announced a distribution partnership with clinical innovation for the product "Formthotics", in order to expand its reach among professionals and other customers.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the custom foot orthotics market in its latest study, presenting historical demand assessment of 2015 - 2021 and projections for 2022 - 2032.
The research study is based on the product (prefabricated and custom [rigid/function orthotic insoles and soft/ accommodative insoles]), user age group (adult and paediatric), application (sports & athletics, medical, and personal comfort), material (thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, EVA, gels, and others), user (prefabricated [adult and paediatric] and custom [adult and paediatric]), and distribution channel (drug stores, hospitals & specialty clinics, online stores, and others), across key regions of the world.
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Key Questions Answered in This Report.
What are the Roadblocks for Custom Foot Orthotics Market Suppliers?
What are the Key Opportunities for Custom Foot Orthotics Market Manufacturers?
How is Focus on Safety Influencing Custom Foot Orthotics Market Demand?
What is the Regulatory Impact on Global Sales of Custom Foot Orthotics Market?
Which Region Offers the Largest Opportunity for Sales of Custom Foot Orthotics Market?
Where Does the U.S. Stand in the Market for Custom Foot Orthotics Market?
What Is the Outlook for Custom Foot Orthotics Market Manufacturers in China?
Why is Germany a Lucrative Market for Custom Foot Orthotics Market Manufacturers?
Why Will Belgium Outpace Other European Markets for Custom Foot Orthotics Market?
Why is There High Demand for Tires in Custom Foot Orthotics Market?
Why are Sales of Custom Foot Orthotics Market Surging?
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About Us
Persistence Market Research is a U.S.-based full-service market intelligence firm specializing in syndicated research, custom research, and consulting services. Persistence Market Research boasts market research expertise across the Healthcare, Chemicals and Materials, Technology and Media, Energy and Mining, Food and Beverages, Semiconductor and Electronics, Consumer Goods, and Shipping and Transportation industries. The company draws from its multi-disciplinary capabilities and high-pedigree team of analysts to share data that precisely corresponds to clients' business needs.
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