Increase in innovations of production and modeling technologies coupled with the high investment in R&D from top companies is anticipated to drive the Foot Orthotic Insoles Market during the forecast period 2020-2025.Foot Orthotic Insoles Market size is estimated to reach $3,877m in 2025, growing at a CAGR of 2.9% during the forecast period 2020-2025.
The Foot Orthotic Insoles market is growing at a significant rate as the improved functionality in orthotic insoles is dependent on the increasing advancements in technologies related to foot orthotic insoles. Foot Orthotic Insoles are of interest for the healthcare industry owing to growing demand for foot orthotic insoles market analysis is mainly driven by rising chronic foot diseases, enhanced awareness among people to treat these disorders, increased healthcare spending, and growth in sports activities.
The foot orthotic insoles caters to the people who are subject to diseases such as diabetes, plantar fasciitis, rheumatoid arthritis, foot deformities and other chronic diseases as well as injuries. It also serves the need of sports community such as athletes, football players and basketball players. Foot orthotic insoles are intended to support or correct the abnormal or irregular walking pattern. They change the angle at which the foot strikes while walking and therefore assist the limb or the torso to restore the alignment and positioning of the foot. These insoles amend the postural stability by enhancing the afferent somatosensory information available to the central nervous system and provide arch support and pain relief for myriad of foot conditions including flat feet, general foot pain, foot discomfort and soon. Apart from that, these insoles also cater to the demands of individuals suffering from general foot pain and foot discomfort.
North America is the major region dominating the Foot Orthotic Insoles Market with revenue of $1,352m in 2019 and is forecast to grow at a CAGR of 2.7% during the forecast period of 2020-2025 to generate revenue of $1,546m in 2025. This is owing to a well-established customer base owing to the rising awareness towards personal healthcare and technological advancements. Along with this the high incidence of diseases here also contributes to the dominance of this region owing to the increased demand of orthotics for these medical conditions. Presence of various key industry players in this region further contribute to its dominance over other regions. The U.S. in North America region is dominating the Foot Orthotic Insoles Market generating a revenue of $1,030m 2019.
Also, foot orthotic insoles market is classified as custom, custom-molded, 3D printed, and prefabricated foot insoles. Custom and custom-molded foot insoles are manufactured on the custom basis and require prescription of foot specialist such as Podiatrists, Pedorthists or Chiropodists and Orthotists. The increasing prescriptions for use of insoles in the treatment of foot related disorders across the globe are set to play a major role in the growth of the market. The market for 3D Printed custom insoles is set to grow the fastest CAGR of 4.8% during the forecast period 2020-2025 owing to increased adoption of this method. 3D printing usage in pre-fabricated devices is also set to grow significantly due to these advantages.
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Foot Orthotic Insoles Market Growth Drivers:
Increase in focus for sports career
The shift in people for sports career is likely to drive the demand. Custom orthotic insoles properly align both the foot and the ankle. Thus, they act as beneficial tool for many athletes who are looking to improve their performance. They are versatile and offer proper foot alignment to those who have problems with their gait–as well as other orthotic difficulties. Orthotics also help to reduce fatigue by absorbing shock, thereby improving the comfort. Most importantly, they greatly reduce the risk of injury. With all of these elements combined, orthotics can greatly improve an athlete’s overall performance, which is why the demand for orthotic insoles is increasing in the sports.
Disabilities to spur the adoption of foot orthotic insoles
The use of foot orthotic devices in people with foot deformities is one of the key end-user applications of these devices. According to the UNICEF, around 10% of the total world's population is living with some kind of disability. Emergence of new diseases and debilitating conditions such as diabetes, paralysis, alcohol and drug abuse, HIV/AIDS and so on, are some of the factors that are contributing towards rise in disabilities among people of all age groups.
According to the US Census Bureau, around 47% of people with disabilities experience difficulty in walking or climbing stairs, which can be considerably improved by use of foot and knee orthotics. Use of orthotics can also considerably improve condition of disabled people who require assistance with activities of daily life (ADL).
Increased incidence of disabilities in children can be attributed to malnutrition, infectious diseases such as polio and tuberculosis. Similarly, accidents on road and in workplace can lead to disabilities of limbs and back. Armed conflict and violence in some regions such as Israel and Afghanistan are also responsible for severe debilitating injuries and permanent disabilities. According to the WHO, in these countries, around 25% of the disabilities are due to injuries and violence.
Superfeet announce RS Scan International Merger acquisition triples Superfeet R&D capabilities in Europe. The union of Superfeet and RS Scan extends the expertise of both organizations in the biomechanical research and analysis, as well as in customized product technology and development.
The Major Players in this Market Include
The major companies in the Foot Orthotic Insoles market include Hanger Inc., Ottobock Holding GMBH &Co. KG, Superfeet Worldwide Inc., Bayer AG, Bauerfeind AG, Aetrex Worldwide Inc., Comfortfit Orthotic Labs Inc., RSL Steeper, Colfax Corporation (DJO), Spenco Medical Corporation. In January 2020, Ottobock has made an investment in Cascade Orthopedic Supply to further improve access to product for all orthotic and prosthetic (O&P) customers.
Although there has been product withdrawals and low demand for the product, companies are conducting research and development for the perfecting the medical device. Health professionals are rooting for the comeback of Foot Orthotic Insoles with effective products methods. There are the major factors set to buoy the Foot Orthotic Insoles market during the forecast period 2020-2025.
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