Report : Foot Orthotic Insoles Market Forecast to 2027 Covid-19 Impact and Global Analysis By Product Type ( Customized, Prefabricated ); Material ( Thermoplastics, Polyethylene foams, Leather, Cork, Composite Carbon Fibers, Ethyl-vinyl acetates (EVAs), Gel, Others ); Application ( Sports and Athletics, Medical, Personal Comfort ); Distribution Channel ( Drug Stores, Hospitals and Specialty Clinics, Online Stores, Others ), and Geography
Customized Segment to Register Highest CAGR in Foot Orthotic Insoles Market during 2020–2027
According to our new market research study on “Foot Orthotic Insoles Market – Global Analysis and Forecast – by Product Type, Material, Application, and Distribution Channel,” the global foot orthotic insoles market is expected to reach US$ 5,464.57 million by 2027 from US$ 3,560.00 million in 2019; it is estimated to grow at a CAGR of 5.7% from 2020 to 2027. The report highlights the trends prevailing in the global foot orthotic insoles market, and the drivers and deterrents pertaining to its growth.
Based on product type, the foot orthotic insoles market is segmented into customized and prefabricated. The customized segment held the largest share of the market in 2019, whereas the same segment is anticipated to register the highest CAGR of 6.0% in the market during the forecast period. The rising healthcare spending worldwide and aging population mostly drives the growing demand for customized foot insoles market. For instance, the number of people aged 65 or older increased by 1.6 million from 2014 to 2015, as per the U.S. Census Bureau.
The foot orthotic insoles market growth is also attributed to the increasing incidence of diabetes, arthritis, and other foot conditions and growing demand from sports sector .However, lack of adoption in emerging economies is likely to hamper the growth of the market during the forecast period.
Aetrex Worldwide, Inc, Bauerfeind AG, OttoBock, Superfeet Worldwide Inc., Sidas, Algeos, Amfit Inc, Arden Orthotics, Acor Orthopaedic, Inc. and YELLOW WOOD PARTNERS, LLC are among others are the prominent players operating in the foot orthotic insoles market. The key companies are focused on organic strategies to sustain their position in the market. For instance, in Jul-2019, Yellow Wood Partners and Bayer announced that the company has entered into a definitive agreement to buy the Dr. Scholl’s business from Bayer for a purchase price of 585 million U.S. dollars.
The Report Segments the Global Foot Orthotic Insoles Market as Follows:
By Product Type