Asia-Pacific expected to dominate with a major share in the Foot Orthotic Insoles Market
The foot orthotic insoles market is set to grow at a rapid pace, particularly in the Asia-Pacific region.The market is foreseen to grow fast due to in the rising prevalence of chronic diseases, disposable income as well as increasing awareness about foot orthotic insoles. Asia-Pacific is the upcoming region in the next largest orthotic inserts market, with the focus mainly on China, India, and Japan. The region will exhibit the highest growth of $789.21 million by 2023 at a CAGR of 8.01% from $501 million in 2017.
Americas and Europe held 44% and 30% share respectively. These regions are largely established and have an a conventional customer base, owing to the rising consciousness towards personal healthcare and technological advancements. The North American region is the biggest provider, with total revenue of $1294.2 million in 2017. The market held the highest revenue for pre-fabricated shoe insoles marked.North America orthotics insole market is expected to reach a revenue of $1669.10 million by 2023. The changing lifestyle and aging population is the reason behind the increasing need. This population bracket will be the biggest user base for foot insoles.
Selected Manufacturing Method Analysis was done in the Foot Orthotic Insoles Market Report:
Currently, the market for insoles, custom and prefabricated, has grown radically. The foot insole market will witness a growth of CAGR 10.50% during the forecast period. Pre-fabricated is the leading segment in the market holding maximum value in 2017. The finding says the pre-fabricated market will still lead the market at a CAGR of 3.64% for the forecast of 2017-2023.The custom-made insoles market gained the second largest value of $1227.2 million in 2017, and it is expected to reach a value of $1917.71 million by 2023. The global 3D printed custom made foot orthotic insoles market is estimated to reach $203.08 million by 2023 from $60.2 million in 2017, escalating at CAGR 24.10% from 2018 to 2023. These devices are slowly gaining popularity, especially for foot orthotics as these devices are molded to fit the patient specifically, and are more efficient.
Excerpts on Foot Orthotic Insoles Market Growth Factors
• The decrease in prices of custom foot insoles in future will push orthopedic shoes, and successively, the insole market. The market is currently in the growth stage and is witnessing new product launches for the treatment of multiple foot diseases which acts as the driving force.
• High incidence of chronic diseases such as diabetes, cardiovascular diseases, and other musculoskeletal disorders will result in an increased demand for efficient and affordable orthotic devices, thereby driving the growth of orthotic devices market over the next decade.
• According to the American Podiatric Medical Association (APMA) in the U.S., the maximum number of women suffer from foot difficulties related to wearing high-heels. Regions such as China and Japan have seen a growing trend in disorders associated with feet.Manufactures are producing best shoe inserts, associated with lifestyle disorders which will increase the use of foot orthotic devices for treatment as well as prevention of pain.
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Key players of the Foot Orthotic Insoles Market:
In the global Foot Orthotic Insoles market, Hanger Inc, Ottobock Holding, and Bauerfeind AG are the key players. Growing number of startups are developing innovative and technologically advanced foot orthotic insole. This will spur collaborations among key players to drive innovations and provide less expensive and quality insoles to the users. Here are some of the products that helped the market: SureFit, TechnoGel, Polysorb, Spenco RX, GEL, Total Support, Dr. Scholl’s by Bayer AG and Impax by DJO, Inc.
Companies Citied / Interviewed in Foot Orthotic Insoles Market
1. Superfeet Worldwide, Inc
2. Aetrex Worldwide, Inc.
3. Comfortfit Orthotic Labs Inc
4. Rsl Steeper
5. Spenco Medical Corporation
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About IndustryARC:IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chem
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