Foot Orthotic Insoles Market By Emerging Trends, Business Strategies, Developing Technologies, Revenue and Competitive Landscape
A wide-ranging data and information given in the first class Foot Orthotic Insoles Market report can be used by HEALTHCARE industry to get acquainted with the present and upcoming opportunities and shed light on the future investment in the market. This universal market report contains historic data, present and future market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Market segmentation has also been carried out in detail based on various parameters that include applications, verticals, deployment model, end user, and geography. Prerequisites of HEALTHCARE industry have been understood at the fullest to endow them with the premium Foot Orthotic Insoles Market analysis report. Foot Orthotic Insoles Market research report comprises of several parameters which are thoroughly studied by the experts. Market research analysis and data lend a hand to businesses for the planning of production, product launches, costing, inventory, purchasing and marketing strategies.
According to World Health Organization (WHO) data updated in October 2021, every country in the world is experiencing an increase in the size and proportion of older people in the population. According to WHO estimates, one in every six people in the world will be 60 or older by 2030, with the share of the population aged 60 and up increasing from 1 billion in 2020 to 1.4 billion in 2030. This ageing population is more vulnerable to foot disease, diabetes, joint and back pain, and a variety of other diseases that necessitate the use of orthotics for support or pain relief. As a result of the ageing population, the growth of the studied market is expected to increase during the forecast period.
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Data Bridge Market Research analyses that the foot orthotic insoles market which is USD 3.17 billion in 2022, is expected to reach USD 5.28 billion by 2030, at a CAGR of 6.6% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Drivers
- Rising R&D activities
Many players are also keen on R&D in recycling thermoplastic materials to reduce the carbon footprint to adhere to the various norms and environmental policies. For instance, according to a November 2021 publication, a team at Oxford University Hospital focuses on significant sustainability improvements while producing orthotic insoles and other products. Since 2018, the team has recycled over 3.8 tonnes of thermoplastic. These are the factors which propel the market growth.
- Rising prevalence of chronic foot conditions
The rising prevalence of chronic foot conditions, combined with favorable reimbursement policies, is driving market expansion. Foot pain is claimed to affect more than 30.0% of the general population. Various medical conditions, including arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers, can cause this discomfort. As a result, doctors recommend foot orthotic insoles to patients suffering from these conditions. According to the National Center for Biotechnology Information, the number of diabetic foot ulcers worldwide in 2021 will range between 9.1 and 26.1 million. Furthermore, it is expected that 20 to 25% of people with diabetes may develop a diabetic foot ulcer. Diabetes has reached epidemic proportions, and the number and frequency of diabetic foot ulcers are increasing rapidly around the world. As a result, the above-mentioned characteristics are important worldwide market growth drivers.
Market Definition
Foot orthotic insoles are shoe inserts that support the arch, and improve mobility, comfort, and pain relief. They have a soft foam that relieves pressure points, alleviates pain from flat feet, and improves lower limb motion and alignment. As a result, they are widely used to treat plantar fasciitis, metatarsalgia, shin pain, overpronation, collapsed arches, bunions, and Achilles tendonitis. They are currently available in various styles, types, shapes, and thicknesses, depending on the desired therapeutic effects.
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Some of the major players operating in the foot orthotic insoles market are:
- Bauerfeind USA Inc. (U.S.)
- AMFIT (China)
- Scholl’s Wellness Co. (U.S.)
- ComfortFit Orthotic Labs, Inc. (U.S.)
- Aetrex Inc. (U.S.)
- SIDAS (Sweden)
- CURREX (U.S.)
- PowerStep (U.S.)
- Blatchford Limited (U.K.)
- Cascade Dafo’s (U.S.)
- Health and Care (UK) Ltd (U.K.)
- Implus (U.S.)
- Hanger Inc. (U.S.)
- Tynorindia (India)
- Digital Orthotics Laboratories Australia Pty Ltd. (Australia)
- Thuasne (France)
- Foot Science International (New Zealand)
Recent Developments
- In 2022, Digital Orthotics Laboratories Australia Pty Ltd introduced a new iPhone scanning function. The consumer can scan, recommend, and purchase orthotics using an iPhone.
- In 2021, Spenco, a division of Implus Footcare LLC, introduced Propel and Propel + Carbon insoles to upgrade running shoes with the most recent running technology.
Foot Orthotic Insoles Market Scope
Product
- Prefabricated
- Custom
- Rigid/Function Orthotic Insoles
- Soft/Accommodative Insoles
User Age Group
- Adult
- Pediatric
Application
- Sports and Athletics
- Medical
- Personal Comfort
Material Type
- Thermoplastics
- Polyethylene Foams
- Leather
- Cork
- Composite Carbon Fibers
- EVA
- Gel
- Others
Distribution Channel
- Drug Stores
- Hospitals and Specialty Clinics
- Online Stores
- Others
- Retail shops
Key Advantages of the Report:
- This study provides an analytical overview of the industry, including current trends and future predictions to identify potential investment opportunities.
- The report offers insights into key drivers, limitations, and prospects, along with a comprehensive market share analysis.
- The report quantitatively assesses the current market, shedding light on its growth prospects.
- A Porter’s five forces analysis gauges the bargaining power of buyers and suppliers in the market.
- The report delivers an in-depth market analysis that considers competitive dynamics and forecasts the future competitive landscape.
What to Anticipate from the Report – A 7-Point Guide:
- The report delves into the holistic strategy and innovation within the market ecosystem.
- It highlights prominent market drivers and obstacles, providing clarity on technological standardization and regulatory frameworks.
- The report evaluates various implementation models and examines numerous use cases.
- Serving as a valuable resource, the report offers essential industry insights, showcasing information on new investments, stakeholders, relevant contributors, and market participants.
- Through the forecast period, the report conducts a thorough market analysis, referencing historical developments, ongoing events, and future growth prospects.
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