The global foot orthotic insoles market size was valued at USD 3.49 billion in 2021. The market is projected to grow from USD 3.93 billion in 2022 to USD 6.15 billion by 2029, exhibiting a CAGR of 6.6% during the forecast period. This information is provided by Fortune Business Insights, in its report titled, “Foot Orthotic Insoles Market, 2022-2029.”
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COVID-19 Impacts:
Termination of Orthotic Appointments Applied Adverse Influence on Global Market
Prime players functioning in the market observed a decay in the revenues of their orthotic business segments amid the pandemic in first quarter 2020. Nevertheless, the market has perceived recovery in the sales numerical of foot orthotic insoles during 2021. Nonetheless, orthotic clinics with digital technologies such as 3D scanners and digital imaging are able to endure their business amid the pandemic.
Report Coverage:
The report offers a rounded review of the market along with current trends and future predictions to inaugurate proximate investment gains. A detailed examination of any forthcoming prospects, threats, competitions or driving aspects is also cited in the report. Step by step, methodical regional analysis is presented. The COVID-19 impacts have been added to the report to aid investors and business experts to understand the jeopardies better. The indispensable players in the market are recognized, and their strategies to reinforce the market growth are shared in the report.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/foot-orthotic-insoles-market-100348
Strong Prescriptions of Orthotics by Medical Professionals to Lead to Segment’s Sturdy Market Share
Based on application, the market is classified into medical, sports & athletics, and personal. The medical segment holds the largest share in this segment.
Robust Adult Patient Populace Credited to Segment’s Highest CAGR in 2021
Based on age group, the market is categorized into adults and pediatrics. The adults segment is estimated to dominate the market.
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Drivers and Restraints:
Increasing Demand for Product Backed by Foot Conditions to Augur Growth
It is determined that foot pain impacts over 30% of the common population. This pain can be measured by numerous medical ailments such as plantar fasciitis, diabetic foot ulcers, bursitis, and arthritis. Therefore, foot orthotic insoles are recommended by physicians to heal these disorders. The upsurge in the demand for modified orthotic insoles, pooled with an affirmative reimbursement policy, acts as a crucial driver for the market.
Regardless of the strong requirement for productive orthotic insoles, one of the most vital restraining aspects that constrain the foot orthotic insoles market growth is the restricted penetration rate of these products in the developing regions.
Regional Insights:
North America to Dominate Backed by Rapid Implementation of 3D Printers
The market size in North America stood at USD 1.47 billion in 2021, and the region is expected to account for a dominant foot orthotic insoles market share during the forecast period. The growth can be attributed to the prompt adoption of 3D printers to manufacture tailored orthotic insoles.
The European market is anticipated to be the second-largest market. The growth can be attributed to the affirmative reimbursement guidelines and the surging determinations by the government to escalate consciousness among people regarding foot care.
The Asia Pacific market is anticipated to grow noticeably in the forecast period owing to the upsurge in the geriatric population. It is one of the vital factors for implementing orthotic foot insoles.
Key Industry Development:
February 2022: Digital Orthotics Laboratories Australia Pty Ltd. unveiled a novel DOLA iPhone scanning aspect. The customer would be able to scan, suggest, and order orthotics utilizing iPhone.
List of Key Players Mentioned in the Report:
- Implus Footcare LLC (U.S.)
- Hanger Inc. (U.S.)
- Aetrex Worldwide, Inc. (U.S.)
- Footbalance System Ltd. (Finland)
- Tynor (India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Australia)
- Thuasne (France)
- Foot Science International (New Zealand)
Table Of Contents :
- Introduction
- Market Scope
- Market Segmentation
- Market Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Technological Advancements in Foot Orthotic Insoles Key Industry Developments (Mergers, Acquisition and Partnerships)
- Key Startups with Funding Overview
- Pricing Analysis, Key Players
- Key Industry Developments: Acquisitions, Mergers, Partnerships, & New Product Launches
- Impact of COVID-19 Pandemic on Foot Orthotic Insoles Market
- Global Foot Orthotic Insoles Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Prefabricated
- Customized
- Market Analysis, Insights and Forecast – By Material
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fibre
- Others
- Market Analysis, Insights and Forecast – By Application
- Medical
- Sport & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Distribution Channel
- Medical
- Sport & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Foot Orthotic Insoles Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Prefabricated
- Customized
- Market Analysis, Insights and Forecast – By Material
- Thermoplastics
- Ethyl-vinyl Acetate (EVA)
- Foam
- Composite Carbon Fibre
- Others
- Market Analysis, Insights and Forecast – By Application
- Medical
- Sport & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Age Group
- Adults
- Pediatrics
- Market Analysis, Insights and Forecast – By Distribution Channel
- Medical
- Sport & Athletics
- Personal
- Market Analysis, Insights and Forecast – By Country
- U.S.
- By Type
- Canada
- By Type
- U.S.
Toc Continue…
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