This study intends to unfurl the multiple facets of global foot orthotic insoles market and thereby examine how the short-term growth of the market will unfold during the stipulated time span.
Growing Number of Diabetic Foot Ulcers Cases Directly Boosts Foot Orthotic Insoles Market
Worldwide sales of foot orthotic insoles are anticipated to increase throughout the projected period due to the number of elderly, and obese people. According to the Department of Health and Human Products, by 2030, there will be 72.1 million older adults in the United States alone, approximately twice as many as there were in 2000. Global firms with strong technical know-how and core competencies are working hard to create and develop unique products that appeal to more consumers. Another of the primary drivers of the foot orthotic insoles market expansion is the rising number of people with obesity, osteoarthritis, and diabetic foot issues. 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. This according to research fuels the growth of foot orthotic insoles market worldwide.
Deepening Technology Penetration Favours Foot Orthotic Insoles Market Growth
A major technological innovation in this sector, 3D footprinting techniques also offer substantial prospects to enhance the functional capabilities and conventional manufacturing procedures for custom-made foot orthotics. For instance, it has been demonstrated that one HP Multi Jet 3D printer can produce up to 21,000 pairs of foot orthotics annually. According to this, each HP Multi Jet 3D printer installed will save over 40 tonnes of material waste per year compared to conventional CNC polypropylene machining. Implementing such cutting-edge technology will effectively and conomically will thus drive the expansion of foot orthotic insoles market. Significant technological developments in the orthotics industry and solid clinical research demonstrating insoles' effectiveness in treating various disorders are favorable to market expansion. For instance, in 2021, Talita Cumi Ltd. and Aetrex Worldwide Inc. began a comparative clinical trial to examine whether using indoor comfort sandals with built-in arch support and prefabricated orthotics in shoes will help treat plantar fasciitis more effectively than using only those devices alone. Such research projects are also anticipated to fuel the progress of foot orthotic insoles market throughout the projection period.
Foot Orthotic Insoles Market: COVID-19 Impact
During the projected period, the COVID-19 pandemic outbreak will probably have a moderate effect on the market. The market expansion will probably be slowed down by research and development efforts to determine the harm the SARS-CoV-2 virus poses to sick individuals. The COVID-19 outbreak has significantly hampered the ability of the global healthcare system to address non-communicable diseases. Providing effective care is difficult. Governments worldwide are working to offer patients outstanding, high-quality healthcare due to being aware of the unsettling healthcare trends. Lockdowns across the country, postponed or canceled elective surgeries, refusal of wound care services, increase in skin injuries in COVID-19, the market is anticipated to experience a fall over the projection year.
Rapid Urbanization and Associated Lifestyle Diseases to Influence Foot Orthotic Insoles Market Growth
Rapid urbanization, especially in emerging nations, is causing lifestyle changes that contribute to various health issues. Sedentary behavior is the primary cause of many disorders. The prevalence of illnesses linked to lifestyles, such as drug and tobacco addiction, obesity, and foot disorders brought on by wearing ill-fitting or high-heeled shoes, is arising. Particularly concerning is the rise of these illnesses in wealthy nations and several developing Asian and African nations. Over 35% of all orthopedic conditions reported to the WHO are connected to the lower back and lower limbs, with most patients falling into the 22–40 age range. This trend is seen as a result of people's shifting lifestyles and an increase in sedentary job habits requiring sitting at a desk all day. Using temporary orthotic supports, such as bunion supports and gait-correction devices, can help prevent or treat some problems, even if they may permanently harm the tissues and bones in the legs. The usage of foot orthotic devices for treatment and pain prevention is expected to expand due to the rising prevalence of orthopedic problems connected with modern lifestyles.
Increased Strategic Initiatives by Major Players to Contribute Toward Foot Orthotic Insoles Market Growth
The market has seen a lot of strategic market changes over the years. The demand for treatment devices is anticipated to grow as foot conditions and the number of patients with these conditions rise. Due to this, the major companies have increased their portfolios and used mergers and acquisitions to grow their businesses. These tactics will assist businesses in obtaining cutting-edge technology like high-frequency and shock-absorbing materials. Additionally, the market is gradually shifting toward offering their clients specialized support depending on their issues and assisting them in improving their quality of life. For instance, Thuasne announced in January 2021 that it had successfully acquired the Therafirm branch of the American manufacturer of textiles for the medical market, Knit-Rite. The acquisition would aid the company's entry into a new market for orthopedic prosthesis medical equipment. These developments are projected to significantly impact the growth prospects of foot orthotic insoles market throughout the forecast period.
Underpenetration Remains the Key Challenge Facing Foot Orthotic Insoles Market in Long Term
Despite a significant need for efficient orthotic insoles, one of the most significant challenges preventing this market's expansion is the low level of product penetration in growing markets. Due to a lack of funding and service capacity, the demand for these insoles in lower-middle-income nations is constrained, which prevents their expansion. The main demand and supply factors that have made it difficult for users to reach and sustain this market in lower-middle-income nations are listed below. Additionally, LMIC clinical practitioners lack sufficient product options to satisfy customer expectations. They forbid players in the local market from placing flexible orders, which, as can be seen, is due to a poor supply channel. The main factor hindering the expansion of foot orthotic insoles market is the high price of foot orthotic insoles.
Customized Insoles Surge Ahead in Foot Orthotic Insoles Market
Based on product, the foot orthotic insoles market is segmented into prefabricated, custom, rigid/function orthotic insoles and soft/accommodative insoles. The customized category held the largest market share in 2021 and is anticipated to increase significantly over the next several years. The segment was dominant because more patients chose bespoke foot orthotic insoles since they met their comfort needs. Most orthotics also prescribe personalized foot insoles to aid with better therapeutic outcomes. Technology developments like 3D foot scanners and molding clay have made it simpler for producers to give customers personalized foot insoles, thereby foreseeing the segment's expansion. However, it is projected that the prefabricated category will expand significantly during the forecast period. Additionally, an increase in the senior population and increased consumer awareness of the product's advantages contributed to an increase in the foot orthotic insoles market share relative to the overall orthotics market.
Thermoplastics Dominant in Foot Orthotic Insoles Market with Greater Advantages
Based on the form type, the foot orthotic insoles market is segmented into thermoplastics, leather, polyethylene foams, cork, composite carbon fibers, EVA, gel and others. The thermoplastics category dominated the market over the forecast period. The creation of foot orthotic insoles increasingly uses thermoplastic materials, considerably reducing plantar pressure. As a result of its improved advantages, manufacturers prefer the material thermoplastics. The rising use of these insoles for athletic and sporting events has raised the demand for effective materials for shock-absorbing insoles. Since foam-based foot orthotic insoles, notably those made of polyethylene foam, provide excellent shock absorption, they are gradually gaining popularity and supporting the growth of the foam market. The composite carbon fiber industry occupies a negligible portion of the market. Athletes mostly use these insoles since the material claims that it can store energy and direct it toward the ground, increasing speed while enhancing energy efficiency.
Frequent Innovative Launches Uphold North America’s Top Position in Foot Orthotic Insoles Market
Over the forecast period, it is anticipated that the North American market will account for the largest revenue share because of the increase in public and private player investments and the contribution of key market leaders for improved virtual trial solutions. It accounted for a sizeable percentage of the foot orthotic insoles market in terms of revenue due to an increase in R&D efforts in the region, an increase in the rate of technology adoption in the region in the clinical environment, and government support. Increased disposable income and technology advancements in industrialized countries are anticipated to drive the market. North America dominates the global market for customized orthotic insoles due to the high uptake of 3D printers. Additionally, the expansion of this region's market is driven by an increase in the number of podiatric treatments, podiatrists, and orthotics.
The European foot orthotic insoles market is anticipated to experience stable revenue growth throughout the forecast period due to the number of older adults. It has a big impact on whether or not people use these insoles. The rest of the world has a smaller market share in comparison. But because healthcare is now more affordable and people in developing countries are more aware of these issues, development is projected. The expansion can also be attributed to the government's enhanced efforts to improve public awareness of foot care and its supportive reimbursement policies. A cross-sectional study of orthotic services published in the BMJ Open journal estimates that orthotic goods cost roughly US$36.2 Mn in the United Kingdom. Therefore, increased spending on orthotic services and goods is anticipated to benefit the European foot orthotic insoles market.
Global Foot Orthotic Insoles Market: Competitive Landscape
In February 2022, the new DOLA iPhone scanning capability Digital Orthotics Laboratories Australia Pty Ltd, was introduced. The customer can use an iPhone to scan, recommend, and order orthotics. Similarly, in November 2021, the Propel and Propel Plus Carbon insoles from Spenco, a division of Implus Footcare LLC, are intended to boost running shoes with the newest running technology.
A few of the players in the foot orthotic insoles market include 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 and Tynor Orthotics Pvt. Ltd.
Global Foot Orthotic Insoles Market is Segmented as Below:
By Age Group
By Distribution Channel
Key Elements Included In The Study: Global Foot Orthotic Insoles Market
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