Menu ×

HEALTHCARE & PHARMACEUTICAL

Foot Orthotic Insoles Market Analysis by Type {Thermoplastics, Polyethylene Foams, Leather, Cork, Composite Carbon Fibers, Ethyl-Vinyl Acetates (EVAs), and Gel}; by Application (Sports & Athletics, Medical, and Personal Comfort); by Age Group (Adults, and Pediatrics); and Industry Vertical (Hospitals, Clinics, and Ambulatory Centers) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • DOLA Orthotics launched a custom prescription CPD Course for free which is expected to be 3 hours long.

  • Hanger Inc., announced that it has completed the process of being acquired by Patient Square Capital, an announcement which was made on July 21st, 2022. As a result of this completion of the acquisition, the stockholders of Hanger had to receive USD 18.75 in cash per share of common stock.

Global Foot Orthotic Insoles Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 4 Billion

Forecast Year Market Size (2035)

~ USD 7 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

 

The global foot orthotic insoles market is estimated to garner a revenue of ~USD 7 billion by the end of 2035 by growing at a CAGR of ~7% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 4 billion in the year 2022. The growth of the market is primarily attributed to the rising incidence of other foot ailments, such as, diabetic foot ulcers, as well as the rising prevalence of chronic diseases such as diabetes. According to the data from National Health Interview Survey (NHIS) by CDC, in 2018 around 51.8% of adults in the US were diagnosed with at least one chronic condition out of ten.

foot orthotic market overviewGet more information on this report:Download Sample PDF

Moreover, the rising prevalence of osteoarthritis is also expected to fuel market growth. Osteoarthritis affects both hands, knees, hips, and spine more frequently than other joints as it develops as the protecting collagen in various joints gradually corrodes. the orthopedic insoles support weight distribution such that pressure on the feet's delicate areas is reduced. Additionally, they also offer support and padding to ease the strain on the feet's numerous joints. Insoles with plenty of arch support help rectify incorrect gait patterns and guarantee neutral alignment to lessen the strain on the knees, hips, and back. Others with osteoarthritis often find massage especially comforting. The researchers found that there were more cases of OA than ever before, with a rise of approximately 112% from about 240 million cases in 1990 to over 520 million cases in 2019.

Global Foot Orthotic Insoles Market: Growth Driver and Challenges

Growth Drivers

  • High Prevalence of Musculoskeletal Disorders- According to the World Health Organization, worldwide, 1.71 billion people suffer from musculoskeletal disorders. Musculoskeletal disorders are injuries that affect muscles, nerves, joints, and more. These are usually caused on account of the work environment and performance of work. However, the ailment either intensifies or sustains longer as a result of the employment environment. Hence it is necessary to get proper treatment. Therefore, the foot orthotic insoles market is expected to grow in the forecast period.

  • Rising Prevalence of Plantar Fasciitis- Plantar fasciitis is one of the most frequent causes of heel pain, affecting an estimated 2 million people in the United States.

  • Growth in Rheumatoid Arthritis - According to the estimate, more than 1 million Americans suffer from rheumatoid arthritis.

  • Growing Geriatric Population- According to the World Health Organization, by 2030, one in every six persons on the planet should be 60 or older.

  • Growing Burden of Varicose Veins and other Diseases- In the United States, there are more than 39 million people who have varicose veins.

Challenges

  • High Costs of Custom Orthotic Insoles - One of the big challenges to the market's expansion is the high price of personalized orthotic insoles. For instance, special foot orthotics that are prescribed and ordered through a doctor commonly cost between USD 400 and USD 600. From one doctor to the next, the true cost of treatment varies. Most podiatrists give pricing for a full treatment plan rather than a specific cost.

  • Limited Penetration Rate

  • Weak Supply Chain

Owing to the lack of service capacity and funding shortage, the demand for these insoles is limited in lower-income countries. Also, demand for these insoles is very low in these countries owing to a lack of awareness. Hence this factor is expected to hinder the growth of the market.

The global foot orthotic insoles market is segmented and analyzed for demand and supply by age group into adults and pediatrics. Out of these, the adult segment is anticipated to garner the largest revenue by the end of 2035, backed by the increasing adult population. More than three-quarters (77.9%), or 258.3 million, of the 331.4 million persons enumerated by the U.S. Census Bureau in 2020 were adults.

Global Foot Orthotic Insoles Market Regional Synopsis

The Asia Pacific foot orthotic insoles market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. This can be attributed to the growing geriatric population in the APAC region, as orthopedic diseases are more common amongst the elderly. In 2019, there were 703 million people worldwide who were aged 65 years or older. The number of elderly people is expected to more than triple to 1.5 billion by 2050.

foot orthotic market share

Market Segmentation

Our in-depth analysis of the global foot orthotic insoles market includes the following segments:

          By Type

  • Thermoplastics
  • Polyethylene Foams
  • Leather
  • Cork
  • Composite Carbon Fibers
  • Ethyl-Vinyl Acetates (EVAs)
  • Gel

         By Application

  • Sports & Athletics
  • Medical
  • Personal Comfort

          By Age Group

  • Adults
  • Pediatrics

          By Industrial Vertical

  • Hospitals
  • Clinics
  • Ambulatory Centers

Top Featured Companies Dominating the Global Foot Orthotic Insoles Market

  • Thuasne SAS

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Foot Science International
  • Aetrex Worldwide Inc.
  • Superfeet Worldwide, LLC.
  • Otto Bock Healthcare India Pvt. Ltd.
  • Implus Footcare, LLC
  • Hanger, Inc.
  • Bauerfeind AG
  • Groupe Gorge
  • DOLA Orthotics

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved