Global Foot Orthotic Insoles Market By Product (Polyethylene Foams, Thermoplastics, Composite Carbon Fibers, Leather, Cork, Gel, Ethyl-Vinyl Acetates (EVAS), and Others), By Application (Sports & Athletics, Personal Comfort, and Medical), By Distribution Channel (Drug Stores, Online Stores, Hospitals & Specialty Clinics, and Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Foot Orthotic Insoles Overview

Global foot orthotic insoles sales were estimated at US$ 3,490 million in 2021. The market is forecast to grow 6.6% over the forecast period.

This market is being driven by a growing geriatric population and high rates of diabetes and plantar fasciitis.

Global Foot Orthotic Insoles Market

Product Analysis

The market can be divided by-products into the leather, cork, and composite carbon fibers as well as thermoplastics, ethyl Vinyl Acetates (EVA), gel, polyethylene foams, and others. With a market share of more than 41.0%, the polyethylene foams segment was the dominant player. This is due to their broad range of materials, ease of manufacturing, and widespread use. Polyethylene foams can be described as closed-cell foams. They are made up of millions of tiny bubbles that have been transfused together. This gives it strength and rigidity, as well as resistance to water. This combination of lightweight and strength makes it an ideal material for making rigid foot orthotics. It is also a great choice to help propel the growth of this market.

Due to its high durability and comfort, the thermoplastic market is expected to grow rapidly. Thermoplastic, a heat-molded material, is becoming more popular among those who care about their feet and need support when walking. For patients with stiff feet and patients with high physiological reserves, rigid thermoplastics are not recommended. Semi-rigid thermoplastic is better for people with biomechanical foot pain and older patients.

Application Analysis

Segmentation of the foot orthotic market for insoles is based on their application to medical, personal comfort, and sports. Due to rising rates of foot pain, diabetes, arthritis, and foot pain, the medical segment held the largest market share. This trend will likely continue throughout the forecast period.

The forecast period will see a lot of growth in the sports and athletics sector. Due to the growing opportunities in the industry, a greater number of people choose sports as a career. According to the National Health Statistics report in 2016, 213 million Americans (6 years old and older) participated in fitness and sports activities. The risk of injury increases with increased participation in recreational and sports activities. According to Stanford Children’s Health, more than 3.5 Million injuries are reported annually among children. According to the Canadian Institute of Health (CIH), 17.655 people were admitted to the hospital for sports-related injuries in 2016 and 2017.

Another factor driving product demand is the rise in geriatrics, who are more susceptible to orthotic disorders. According to the U.S. Census Bureau in 2015, the number 65 and older increased by 1.6 million.

Distribution Channel Analysis

The market can be divided into three types of distribution channels: online, offline, and hospitals and specialty clinics. Hospitals and specialty clinics held the largest revenue share of the global market. They are expected to account for half of the revenue share by 2032. Hospitals and clinics are preferred by patients because of the availability of qualified and experienced staff and proper infrastructure.

Over the forecast period, online shops will experience lucrative growth. Its wide product range is responsible for the growth. Amazon, Flipkart, and Indiamart are some of the major online sellers. They offer a wide variety of orthotics, both custom and over-the-counter, on their platform. The popularity of e-commerce platforms has led to a large number of online orders for orthotic insoles. These online shopping portals offer customers greater selection and faster shipping.

Key Market Segments

Product

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

Application

• Sports & Athletics
• Personal Comfort
• Medical

Distribution Channel

• Drug Stores
• Online Stores
• Hospitals & Specialty Clinics
• Others (Foot stores, Retail Shops)

Market Dynamics

According to statistics from the world, the number of people over 60 was 962 million in 2017, to 2,100 million by 2050. This will lead to an increase in the consumer base. In the future, technology advancements due to large ongoing investments in R&D will increase the growth potential.

The market is experiencing a surge in demand for custom-made orthotics for feet. After a thorough evaluation of the foot, these products can be made to order. Prefabricated orthotics are more comfortable and better for pain management than custom-made ones. Clinically, these orthotics have been shown to be superior in comfort and quality. End-users are increasingly looking for 3D-printed orthotics. They are lighter than traditional orthotics and have a higher proprioception and gait efficiency, which is driving the market growth.

The increasing use of eco-friendly materials to manufacture orthotic insoles opens up new opportunities for growth. In the future, revenue will be boosted by favorable reimbursement policies in developed nations, increased investments by key industry actors, and increased research and development spending.

Regional Analysis

Due to rising diabetes prevalence in North America, North America held the largest revenue share of USD 1,470 million in 2021. Market demand is also driven by an increase in sports activities. High investments in R&D will lead to technological advancements that are expected to boost growth potential over the next few years. Foot orthotics have found a favorable environment due to the U.S. Healthcare system’s focus on quality care and value-based service.

Regional growth is further supported by the rising prevalence of conditions like obesity, arthritis, diabetes, and other chronic diseases. Spenco and Opedge are some of the local players in this space. Strategic partnerships, mergers, and acquisitions of key players are also driving the market. In June 2016, Implus acquired Spenco insoles. This was to expand its product range.

The Asia Pacific will experience lucrative growth due to factors like a large target population and technological advances. This market has also seen a rise in health consciousness. Due to high rates of chronic diseases like diabetes and musculoskeletal disorders, the region has a high demand for custom and prefabricated insoles.

Key Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share Analysis

There are many small and large companies in the industry. This market is highly competitive and is dominated mainly by Superfeet Worldwide Inc., Hanger; Algeo Ltd., Amfit Inc., Bauerfeind AG, and Dr. Scholl’s.

These players are involved in many strategic initiatives, including new product launches, technological advances, mergers, and acquisitions to increase market penetration. The next big thing in this market is 3D-printed orthotics. In order to develop customized orthotic products, industry players invest in R&D. In June 2017, Stratasys Direct Manufacturing and Peacocks Medical Group collaborated to develop 3D printed orthotics. Aetrex purchased 3D-printed orthotics pioneer SOLS Systems in February 2017 with the aim of improving its 3D product range.

Key Market Players:

• Ѕuреrfееt Wоrldwіdе
• Вауеr Неаlthсаrе
• Наngе Рrоѕthеtісѕ & Оrthоtісѕ
• Ваuеrfеіnd
• Соmfоrtfіt Оrthоtіс Lаbѕ
• Оttоbосk Ноldіng
• Асоr Оrthореdіс
• Аеtrех Wоrldwіdе

For the Foot Orthotic Insoles Market research study, the following years have been considered to estimate the market size: