Foot Orthotic Insoles Market
"Foot Orthotic Insoles Market size is estimated to reach $3,877m in 2025, growing at a CAGR of 2.9% during the forecast period 2020-2025. Growing demand for Foot Orthotic Insoles is mainly driven by rising chronic foot diseases, enhanced awareness among people to treat these disorders, increased healthcare spending, and growth in sports activities. The foot orthotic insoles caters to the people who are subject to diseases such as diabetes, plantar fasciitis, rheumatoid arthritis, foot deformities and other chronic diseases as well as injuries. It also serves the need of sports community such as athletes, football players and basketball players. Foot orthotic insoles are intended to support or correct the abnormal or irregular walking pattern. They change the angle at which the foot strikes while walking and therefore assist the limb or the torso to restore the alignment and positioning of the foot. These insoles amend the postural stability by enhancing the afferent somatosensory information available to the central nervous system and provide arch support and pain relief for myriad of foot conditions including flat feet, general foot pain, foot discomfort and soon. Apart from that, these insoles also cater to the demands of individuals suffering from general foot pain and foot discomfort.
The report: "Foot Orthotic Insoles Market Forecast (2020-2025)", by Industry ARC, covers an in-depth analysis of the following segments of the Foot Orthotic Insoles Market:
By Type of Material: EVA based Foam, Cork, Leather, Polypropylene Thermoplastic, Nylon 12, Plastazoate and Others.
By Manufacturing Method: Custom, Custom Moulded, 3D Printed and Pre-Fabricated.
By End Use: Sports, Medical and Comfort.
By Geography: North America, Europe, Asia-Pacific and RoW.
North America dominated the Foot Orthotic Insoles Market with a share of 40.47% in the year 2019.
The factors such as rising chronic foot diseases, enhanced awareness among people to treat these disorders and growth in sports activities are amongst the major factor projected to impel growth of Foot Orthotic Insoles Market.
Increase in innovations of production and modeling technologies coupled with the high investment in R&D from top companies are the key factors owing to the growth in the segment during forecast period 2020-2025.
Foot Orthotic Insoles Market Segment Analysis - By Manufacturing Method
Based on manufacturing method, foot orthotic insoles market is classified as custom, custom-molded, 3D printed, and pre-fabricated foot insoles. Prefabricated insoles dominate the market in 2019, as these are cost effective and can be purchased off the shelf without any prescription. Custom and custom-molded foot insoles are manufactured on the custom basis and require prescription of foot specialist such as Podiatrists, Pedorthists or Chiropodists and Orthotists. The increasing prescriptions for use of insoles in the treatment of foot related disorders across the globe are set to play a major role in the growth of the market. The market for 3D Printed custom insoles is set to grow the fastest with a CAGR of 4.8% during the forecast period 2020-2025 owing to increased adoption of this method. 3D printing usage in prefabricated devices is also set to grow significantly owing to these advantages.
Foot Orthotic Insoles Market Segment Analysis - By Geography
North America is the major region dominated the Foot Orthotic Insoles Market with revenue share of 40.47% in 2019. This is owing to a well-established customer base owing to the rising awareness towards personal healthcare and technological advancements. Along with this the high incidence of diseases here also contributes to the dominance of this region owing to the increased demand of orthotics for these medical conditions. Presence of various key industry players in this region further contribute to its dominance over other regions.
However, Asia Pacific region is projected to be the fastest growing CAGR during the forecast period 2020-2025. This is owing to rise in prevalence of chronic diseases, disposable income as well as increasing awareness about foot orthotic insoles.
Rapid urbanization, particularly in developing countries, is leading to change in lifestyle, which is attributing to various health disorders. The main contributing factor for such diseases is sedentary lifestyle. There is also a surge in disorders associated with lifestyle such as drug and smoking addiction, obesity, foot disorders owing to wearing of ill-fitting or high heel shoes. The growth of these disorders is particularly alarming in developed countries and some developing countries of Asia Pacific region and North Africa. According to the WHO, out of all the orthopedic ailments reports, over 35% are related to lower back and lower limbs, with majority of patients falling in the category of 22-40 years of age. This trend is observed owing to the changing lifestyles of people, growing sedentary working practices, which involves sitting at the work desk all day. Although some disorders can permanently damage the tissues and bones in the leg, some can be prevented or managed through use of temporary orthotic supports such as bunion supports and gait correction devices. The growing incidence of lifestyle associated orthopedic disorders is set to increase the use of foot orthotic devices for treatment as well as prevention of pain.
Foot Orthotic Insoles Market Challenges
The major challenge for the market is that foot orthotic industry is undergoing rapid consolidation by leading players to form monopoly. The changing economy and COVID restrictions are also forcing small and medium sized enterprises to cave in and undergo strategic acquisitions. Although, the consolidations are good in a business viewpoint, the users face lot of challenges owing to lack of options to choose from. These also significantly affect the ability of relatively smaller or newer companies to develop, license or market their products effectively.
Foot Orthotic Insoles Industry Outlook
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Foot Orthotic Insoles Market. In 2019, Foot Orthotic Insoles Market share is fragmented by the top ten players present in the market. Foot Orthotic Insoles Market top 10 companies are Hanger Inc., Ottobock Holding GMBH &Co. KG, Superfeet Worldwide Inc., Bayer AG, Bauerfeind AG, Aetrex Worldwide Inc., Comfortfit Orthotic Labs Inc., RSL Steeper, Colfax Corporation(DJO), Spenco Medical Corporation and others.
In January 2020, Ottobock has made an investment in Cascade Orthopedic Supply to further improve access to product for all orthotic and prosthetic (O&P) customers.
In January 2020, Superfeet secures New Balance Licence Agreement. There are three distinct purpose made collections-Casual, Running and Sport in the new line of New Balance Insoles made on signature base of Superfeet form."