Foot Orthotic Insoles Market Surpass US$ 5,464.57 million by 2027 and to grow at a CAGR of 5.7% Says, The Insight Partners
According to our new market research study on “Foot Orthotic Insoles Market – Global Analysis and Forecast – by Product Type, Material, Application, and Distribution Channel,” the global foot orthotic insoles market is expected to reach US$ 5,464.57 million by 2027 from US$ 3,560.00 million in 2019; it is estimated to grow at a CAGR of 5.7% from 2020 to 2027. The report highlights the trends prevailing in the global foot orthotic insoles market, and the drivers and deterrents pertaining to its growth.
Foot orthoses, which are commonly referred to as orthotics, are devices made to insert into the shoes, which provides off-loading foot structures and cushioning. Foot orthoses are used in attachment to the standard medical care of patients with foot and lower limb problems, including plantar heel pain, rheumatoid arthritis, pronated foot, and diabetic risk plantar. The adoption of foot orthotic insoles services has grown at unprecedent rate in last few years owing to the increasing incidence of diabetes, arthritis, and other foot conditions. Additionally, aging population, and growing demand from sports sector are further emphasizing on the adoption of foot orthotic insoles worldwide. Moreover, introduction of 3D printed orthotics insoles is expected to foster the market growth during the forecast period. However, less adoption of foot orthotics insoles due to lack of awareness in emerging economies is restricting the Foot Orthotic Insoles market growth.
Request for sample pages on Foot Orthotic Insoles Market Study at: https://www.theinsightpartners.com/sample/TIPRE00009798/
Foot Orthotic Insoles Market: Competition Landscape and Key Developments
Aetrex Worldwide, Inc, Bauerfeind AG, OttoBock, Superfeet Worldwide Inc., Sidas, Algeos, Amfit Inc, Arden Orthotics, Acor Orthopaedic, Inc. and YELLOW WOOD PARTNERS, LLC are among others are the prominent players operating in the foot orthotic insoles market. The key companies are focused on organic strategies to sustain their position in the market. For instance, in Jul-2019, Yellow Wood Partners and Bayer announced that the company has entered into a definitive agreement to buy the Dr. Scholl’s business from Bayer for a purchase price of 585 million U.S. dollars.
The foot orthotic insoles market growth is also attributed to the increasing incidence of diabetes, arthritis, and other foot conditions and growing demand from sports sector .However, lack of adoption in emerging economies is likely to hamper the growth of the market during the forecast period.
Increasing Incidence of Diabetes, Arthritis, and Other Foot Conditions Drives Foot Orthotic Insoles Market Growth
Orthotic insoles are used to maintain the health of feet of patients with conditions, such as rheumatoid arthritis and diabetes. Orthotic devices are also extensively used in sports activities to improve skeletal function, thus enhancing the performance of the athlete. With the progression of age, cartilages become prone to strain and fatigue due to less water content and connective tissues such as ligaments attached to the bones become less flexible. This causes many complications such as arthritis. Lifestyle changes coupled with changing dietary habits lead to obesity, which puts pressure on the joints in lower extremity resulting in joint damage. As per the American Association of Orthopedic Surgeons, the obese population is 20 times more likely to undergo knee replacement surgery compared to those who are not overweight.
Rising diabetes-associated risks such as diabetic foot ulcers and pressure sores are boosting the demand for foot orthotic insoles. Diabetic foot ulcers (DFUs) are severe and chronic. As per the International Diabetes Federation (IDF), DFUs affect approximately 40–60 million people with diabetes worldwide. Given the seriousness of foot ulceration, there is an increasing focus on preventing the ulceration. Elevated plantar pressures are recognized as one of the risk factors for first ulceration and international guidelines suggest the use of orthotic insoles to reduce pressures. Increasing prevalence of diabetes is expected to boost the adoption of foot orthotic insoles in the coming years. As per the IDF, in 2019, approximately 463 million adults worldwide had diabetes, and this number is expected to reach 700 million by 2045. Apart from this, rise in cases of rheumatoid arthritis (RA) is likely to increase the demand for foot orthotic insoles during the forecast period.
As North America has been witnessing growing number of COVID-19 cases since the viral outbreak. The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak wordwide. The expected decline in the global sales of foot orthotic insoles is attributable to massive supply chain disruptions across significant export markets, including China and India.
Foot Orthotic Insoles Market: Segmental Overview
Based on product type, the foot orthotic insoles market is segmented into customized and prefabricated. The customized segment held the largest share of the market in 2019, whereas the same segment is anticipated to register the highest CAGR of 6.0% in the market during the forecast period. The rising healthcare spending worldwide and aging population mostly drives the growing demand for customized foot insoles market. For instance, the number of people aged 65 or older increased by 1.6 million from 2014 to 2015, as per the U.S. Census Bureau.
Buy Copy of Foot Orthotic Insoles Market Research Study at: https://www.theinsightpartners.com/buy/TIPRE00009798/
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
If you have any queries about this report or if you would like further information, please contact us: