Foot Orthotic Insoles Market to Hit USD 4,734.3 Million by 2028 | Foot Orthotic Insoles Industry CAGR 6.3% During 2022-2028; Exclusive Insight Report by Vantage Market Research

WASHINGTON, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Medical devices called Foot Orthotic Insoles Market are recommended by physicians to alleviate and relieve foot pain. The market for Foot Orthotic Insoles Market has grown due to the rising incidence of chronic diseases, including diabetes, which can cause diabetic foot ulcers, and other foot maladies. The lockdown, however, had an adverse effect on the market due to the COVID-19 pandemic, as retail stores saw a disturbance in their sales, and there was a decrease in the number of patients visiting healthcare providers. The Global Market revenue was valued at USD 3,281.4 Million in 2021.

The Global Foot Orthotic Insoles Market size is forecasted to reach USD 4,734.3 Million by 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Foot Orthotic Insoles Market Size, Share & Trends Analysis Report by Product (Prefabricated, Custom), by Age Group (Adult, Pediatric), by Application (Sports & Athletics, Medical, Personal Comfort), by Material (Thermoplastics, Polyethylene Foams, Leather, Cork, Composite Carbon Fibers, EVA Gel, Other Materials), by End User (Prefabricated, Custom), by Distribution Channel (Drug Stores, Hospitals & Specialty Clinics, Online Stores, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

Key Industry Findings & Insights from the report:

• The global Foot Orthotic Insoles Market was valued USD 3,281.4 Million in 2021 and is all set to surpass USD 4,734.3 Million by 2028, exhibiting a CAGR of 6.3% during the forecast period 2022-2028.           
• In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
• In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
• The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
• North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Foot Orthotic Insoles industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
  

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Market Dynamics:

Drivers:

Rising Prevalence of Chronic Foot Ailments with Favorable Reimbursement Policies

More than 30% of the general population experience foot pain. Numerous medical disorders can contribute to this pain, including arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers. So, doctors recommend Foot Orthotic Insoles Market to cure these disorders. According to NCBI, there will be between 9.1 and 26.1 million diabetic foot ulcers worldwide in 2021. Additionally, it is predicted that between 20% and 25% of people with diabetes mellitus may develop a diabetic foot ulcer. Since the increased prevalence of diabetes reached an epidemic level, the volume and incidence of diabetic foot ulcers are rapidly rising globally. Hence, the factors mentioned above are anticipated to drive market growth on a global scale.

Plantar heel discomfort primarily affects middle-aged and older sedentary people, and it is estimated that about 8.0% of all injuries are due to jogging. As a result, the market is projected to experience favorable growth due to the disorder's rising occurrence. Over 800,000 Americans under 65 sought outpatient treatment for plantar fasciitis in 2018, according to the American Academy of Family Physicians (AAFP).

Technological Advancements in Orthotic Foot Insoles

The development of orthotic foot insole technology is one of the key elements expected to fuel growth. People are reported to experience crippling foot pain on a global scale, which makes it challenging for them to carry out daily tasks like walking or climbing stairs. Because of the numerous technological advancements that have occurred recently, manufacturers are now concentrating on the mass production and commercialization of technologically advanced orthotic foot insoles, which will expand the market. A single item can have a variety of characteristics and complex geometries thanks to the employment of cutting-edge technology in 3D printed foot insoles.

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COVID-19 Impact Analysis:

The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.

Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

1. Impact Assessment of COVID-19 Pandemic
   1. North America
   2. Europe
   3. Asia Pacific
   4. Latin America
   5. Middle East & Africa
2. Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
3. Key Strategies Undertaken by Companies to Tackle COVID-19
4. Long Term Dynamics
5. Short Term Dynamics

The report on Foot Orthotic Insoles Market highlights:

• Assessment of the market
• Premium Insights
• Competitive Landscape
• COVID Impact Analysis
• Historic Data, Estimates, and Forecast
• Company Profiles

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Regional Analysis:

North America is expected to dominate the growth of Foot Orthotic Insoles Market in 2021. North America is predicted to steer the Foot Orthotic Insoles Marketplace proportion due to a rise in investments from the public as well as private players and the contribution of core market leaders for enhanced virtual trial solutions. Additionally, the increasing rate of adoption of technology in the region in the clinical areas, and government support are further propelling his market growth.

List of Prominent Players in Foot Orthotic Insoles Market:

• Aetrex Worldwide Inc.
• Bauerfeind AG
• Acor Orthopedic
• Amfit Inc.
• Blatchford Clinical Services
• Dr. Scholl’s (Bayer)
• Salts Techstep
• The Foot Lab
• Arden Orthotics Ltd.
• Bolton Bros
• Cascade Dafo Inc.
• Algeo Limited
• Tynor Orthotics Pvt. Ltd.
  

Browse market data Tables and Figures spread through 148 Pages and in-depth TOC on "Foot Orthotic Insoles Market Size, Share & Trends Analysis Report by Product (Prefabricated, Custom), by Age Group (Adult, Pediatric), by Application (Sports & Athletics, Medical, Personal Comfort), by Material (Thermoplastics, Polyethylene Foams, Leather, Cork, Composite Carbon Fibers, EVA Gel, Other Materials), by End User (Prefabricated, Custom), by Distribution Channel (Drug Stores, Hospitals & Specialty Clinics, Online Stores, Other Channels), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Recent Developments:

February 2022: Digital Orthotics Laboratories Australia Pty Ltd. launched a new DOLA iPhone scanning feature. The customer can scan, prescribe, and order orthotics using iPhone.

November 2021: Spenco, the brand under Implus Footcare LLC, launched Propel and Propel + Carbon insoles that are designed to supercharge running shoes with the latest running technology.

Key Questions Answered in The Report:

• Which region will show the fastest and highest growth in the near future?
• Which are the top five players and their weakness and strength of the Market?
• What will be the future innovation in the upcoming six years?
• Which application and product will lead the largest share of the Market?
• What are the growth drivers, restraints and challenges of the industry?
• What will be the CAGR and size of the Foot Orthotic Insoles Market for the base year and forecast period?               

This market titled “Foot Orthotic Insoles Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:

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