Rising geriatric population, high incidence of diseases such as diabetes, plantar fasciitis and rising technological advancements are the leading factors driving the global foot orthotic insoles market during the forecast period.
According to TechSci Research report, “Foot Orthotic Insoles Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global foot orthotic insoles market is expected to grow at a higher pace during the forecast period. Growth in the market is being driven by factors such as the rising prevalence of chronic foot disorders, favorable reimbursement policies, etc. Medical disorders, such as arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers, are increasing among people. Therefore, doctors are recommending foot orthotic insoles to treat these conditions. These factors are projected to boost market growth in the forecast period.
Foot orthotic insoles can be a game-changer for persons with posture issues, foot discomfort, back problems, flat feet, and other locomotor abnormalities. The rise in foot discomfort, the incidence of osteoporosis in middle-aged women, and the increased usage of technologically advanced products are all factors driving the global market for orthotic insoles.
Moreover, the number of people using the internet has been increasing globally over the year. This has made it possible for consumers to easily acquire information about the various foot orthotic insoles offered in the market. The sector has experienced significant key market shifts over the years. As foot problems become more common and more people are suffering from these rising disorders, there will be an increased need for therapeutic devices. As a result, the large corporations have diversified their holdings and grown through mergers and acquisitions. These tactics will assist businesses in gaining access to advanced technologies like high-frequency and shock-absorbing materials. Additionally, the industry is gradually shifting toward offering its clients specialized assistance depending on their challenges and aiding them in improving their quality of life.
In 2022, Superfeet partnered with Red Wing Shoes to develop a range of insoles. Professional-grade multi-purpose pro footbeds, multi-purpose heavy duty, slim fit, and anti-fatigue are among the assortments offered in their insole collection, which goes well with work boots, socks, and after-care systems. In 2021, Superfeet announced a partnership with Seattle-based private equity firm Westward Partners. Also, in 2021, New Balance announced the launch of Causal Therapeutic Cushion Insoles, the Sports Active Cushion Insoles, and the Causal Metatarsal Support Insoles, three new insoles designed by Superfeet. Additionally, in 2020, Superfeet and New Balance signed a licensing deal to expand their selection of insoles and meet a wide range of user needs for pain treatment, foot comfort, and sports performance.
Based on type, the market is segmented into pre-fabricated and custom-made. The market is dominated by custom made due to the rising preference of patients for customized foot orthotic insoles since it matches comfort specification.
Based on application, the market is divided into sports, medical, personal comfort. The market is dominated by the medical sector. The reasons driving the growth of this segment can be due to the increasing prevalence of disorders including diabetes, foot discomfort, and arthritis.
The global foot orthotic insoles market is divided into North America, Europe, Asia Pacific, Middle East and South America based on regional analysis. The largest market share belongs to North America. The market in this region will grow because of the increased prevalence of diabetes, an increase in sports participation, and technological developments brought on by significant continuous investments in R&D.
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Global foot orthotic insoles market is segmented based on material, type, application, distribution channel, regional distribution and competitive landscape. Based on material, the market is divided into thermoplastic and composite carbon fiber. Based on type, the market is divided into pre-fabricated and custom-made. Based on application, the market is further divided into sports, medical and personal comfort. Based on distribution channel, the market is fragmented into hospitals & specialty clinics, retail, online, and others (specialty store, distributors, etc.).
Key market players in the global foot orthotic insoles market include:
- Reckitt Benckiser Group PLC
- Hanger Inc
- Algeo Limited
- Bauerfeind AG
- Colfax Corporation
- Superfeet Worldwide Inc
- Blatchford Group Limited
- Ottobock SE & Co. KGaA
- Groupe Gorge
- Materialise NV
Reckitt Benckiser Group Plc is involved in manufacturing and selling of health, home, and hygiene products. It operates through the use of the home segments for health and cleanliness. Infant and child nutrition, health relief, health cleanliness, and vitamins, minerals, and supplements are the key areas of the Health segment.
Hanger, Inc. is a leading national provider of products and services that enhance or restore the physical capabilities of patients with disabilities or injuries and is headquartered in Austin, Texas. The company provides orthotic and prosthetic (O&P) services, distributes O&P devices and components, manages O&P networks, and provides therapeutic solutions to patients and businesses in acute, post-acute, and clinical settings. Hanger, Inc. operates through two segments: Patient Care and Products & Services.
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“The market for foot orthotic insoles is expected to expand as the key factor driving the market of foot orthotic insoles is the growing demand from elderly population in the world, which is also accompanied by a high incidences of diabetes and plantar fasciitis. Moreover, rise in the demand for customized soles is predicted to offer business opportunities in the foot orthotic insoles market during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Foot Orthotic Insoles Market– Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F Segmented By Material (Thermoplastic, Composite Carbon Fiber), By Type (Pre-Fabricated, Custom Made), By Application (Sports, Medical, Personal Comfort), By Distribution Channel (Hospitals & Specialty Clinic, Retail, Online, and Others (Specialty Store, Distributors, etc.)), By Region, ”, has evaluated the future growth potential of foot orthotic insoles in the global market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the global foot orthotic insoles market.
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