Foot Orthotic Insoles Market Analysis & Growth | 2021- 2027

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

Publication Month : Sep 2020

  • Report Code : TIPRE00009798
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 185
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The foot orthotic insoles market was valued at US$ 3,560.00 million in 2019 and is projected to reach US$ 5,464.57 million by 2027; it is expected to grow at a CAGR of 5.7%from 2020 to 2027.

Foot orthoses, which are commonly referred to as orthotics, are devices made to insert into the shoes, which provides off-loading foot structures and cushioning. Foot orthoses are used in attachment to the standard medical care of patients with foot and lower limb problems, including plantar heel pain, rheumatoid arthritis, pronated foot, diabetic risk plantar.The adoption of foot orthotic insoles services has grown at unprecedent rate in last few years owing to the increasing incidence of diabetes, arthritis, and other foot conditions. Additionally, aging population, and growing demand from sports sectorare further emphasizing on the adoption of foot orthotic insolesworldwide. Moreover, introduction of 3D printed orthotics insoles is expected to foster the market growth during the forecast period. However, less adoption of foot orthotics insoles due to lack of awareness in emerging economies is restricting the Foot Orthotic Insoles market growth.

As North America has been witnessing growing number of COVID-19 cases since the viral outbreak. The clothing, footwear, & accessories industry is anticipated to witness checkered growth throughout 2020, as a result of the unprecedented supply chain disruptions caused by the COVID-19 outbreak wordwide. The expected decline in the global sales of foot orthotic insoles is attributable to massive supply chain disruptions across significant export markets, including China and India.


Lucrative Regions forFoot Orthotic Insoles Market



Lucrative Regions forFoot Orthotic Insoles Market
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Market Insights

Increasing Incidence of Diabetes, Arthritis, and Other Foot Conditions Drives Foot Orthotic Insoles Market Growth

Orthotic insoles are used to maintain the health of feet of patients with conditions, such as rheumatoid arthritis and diabetes.  Orthotic devices are also extensively used in sports activities to improve skeletal function, thus enhancing the performance of the athlete. With the progression of age, cartilages become prone to strain and fatigue due to less water content and connective tissues such as ligaments attached to the bones become less flexible. This causes many complications such as arthritis. Lifestyle changes coupled with changing dietary habits lead to obesity, which puts pressure on the joints in lower extremity resulting in joint damage. As per the American Association of Orthopedic Surgeons, the obese population is 20 times more likely to undergo knee replacement surgery compared to those who are not overweight.

Rising diabetes-associated risks such as diabetic foot ulcers and pressure sores are boosting the demand for foot orthotic insoles. Diabetic foot ulcers (DFUs) are severe and chronic. As per the International Diabetes Federation (IDF), DFUs affect approximately 40–60 million people with diabetes worldwide. Given the seriousness of foot ulceration, there is an increasing focus on preventing the ulceration. Elevated plantar pressures are recognized as one of the risk factors for first ulceration and international guidelines suggest the use of orthotic insoles to reduce pressures. Increasing prevalence of diabetes is expected to boost the adoption of foot orthotic insoles in the coming years. As per the IDF, in 2019, approximately 463 million adults worldwide had diabetes, and this number is expected to reach 700 million by 2045. Apart from this, rise in cases of rheumatoid arthritis (RA) is likely to increase the demand for foot orthotic insoles during the forecast period.

ProductType-BasedInsights

Based on drug type, the foot orthotic insolesmarket is segmented into customized and prefabricated. The customized segment held a larger share of the market in 2019. Also, the samesegment is anticipated to register a higher CAGR during the forecast period. The growth of the market for customized insolesis attributed to rising demand from medical, and sports sector.

Foot Orthotic Insoles Market, by ProductType – 2019and 2027



Foot Orthotic Insoles Market, by ProductType – 2019and 2027
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Material-BasedInsights

Based on material, the foot orthotic insolesmarket is segmented into thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel and others. The polyethylene foams segment held the largest share of the market in 2019; whereas, the thermoplastics segment is anticipated to register the highest CAGR during the forecast period. The growth of thermoplastics segment can be attributed to its wide range of properties such as custom hardness, durability, breathability, and less time required for production.Moreover, thermoplastic materials are favorable for the fabrication of orthoses for the elderly population. Hence, the thermoplastic segment is expected to witness lucrative growth owing to associated benefits.

Application-Based Insights

Based on application, the foot orthotic insolesmarket is segmented into sports and athletics, medical, and personal comfort. The medical segment held a larger share of the market in 2019. However, the sports and athletics segment is anticipated to register a higher CAGR during the forecast period. The growth of sports and athletics segment is attributed to the increasing sports injuries worldwide.

Distribution Channel-Based Insights

Based on distribution channel, the foot orthotic insoles market is segmented into drug stores, hospitals and specialty clinics, online stores, and others. The hospitals and specialty clinics segment held a larger share of the market in 2019. However, the online stores segment is anticipated to register a higher CAGR during the forecast period. The growth of online stores segment is attributed to the rising popularity of e-commerce platforms and availability of wide range of products and brands.

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Foot Orthotic Insoles Market: Strategic Insights

foot-orthotic-insoles-market
Market Size Value inUS$ 3,560.00 Million in 2019
Market Size Value byUS$ 5,464.57 Million by 2027
Growth rateCAGR of 5.7% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Akshay

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Product launches, mergers and acquisitions, collaborations, and expansions are the commonly adopted strategies by various companies to expand their footprint worldwide and meet the growing demand by expanding their respective product portfolios. The players operating in the foot orthotic insolesmarket adopted the product innovations strategy to cater to the changing customer demands across the world, which also permits them to maintain their brand name in a global market.

Foot Orthotic Insoles Market – byProduct Type

  • Customized
  • Prefabricated


Foot Orthotic InsolesMarket – by Material

  • Thermoplastics
  • Polyethylene foams
  • Leather
  • Cork
  • Composite Carbon Fibers
  • Ethyl-vinyl acetates (EVAs)
  • Gel
  • Others

Foot Orthotic Insoles Market – by Application

  • Sports and Athletics
  • Medical
  • Personal Comfort


Foot Orthotic Insoles Market – by Distribution Channel

  • Drug Stores
  • Hospitals and Specialty
  • Online Stores
  • Others


Foot Orthotic InsolesMarket– by Geography

  • North America

    • US
    • Canada
    • Mexico
  • Europe

    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific(APAC)

    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)

    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South and Central America (SCAM)

    • Brazil
    • Argentina
    • Rest of SCAM

Company Profiles

  • Aetrex Worldwide, Inc
  • Bauerfeind AG
  • OttoBock
  • Superfeet Worldwide Inc.
  • Sidas
  • Algeos
  • Amfit Inc
  • Arden Orthotics
  • AcorOrthopaedic, Inc.
  • Yellow Wood Partners, LLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Product Type ; Material ; Application ; Distribution Channel , and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What is foot orthotic insoles?

Foot orthoses, which are commonly referred to as orthotics, are devices made to insert into the shoes, which provides off-loading foot structures and cushioning. Foot orthoses are used in attachment to the standard medical care of patients with foot and lower limb problems, including plantar heel pain, rheumatoid arthritis, pronated foot, diabetic risk plantar.

What are the driving factors for the foot orthotic insoles market across the globe?

The foot orthotic insoles market is estimated to grow owing to key driving factors such as increasing incidence of diabetes, arthritis, and other foot conditions and increasing demand from sports sector.

Who are the major players in the foot orthotic insoles market?

The foot orthotic insoles market majorly consists of the players such Aetrex Worldwide, Inc, Bauerfeind AG, OttoBock, Superfeet Worldwide Inc., Sidas, Algeos, Amfit Inc, Arden Orthotics, Acor Orthopaedic, Inc. and YELLOW WOOD PARTNERS, LLC among others

The List of Companies - Foot Orthotic Insoles Market

  1. Aetrex Worldwide, Inc
  2. Bauerfeind AG
  3. OttoBock
  4. Superfeet Worldwide Inc.
  5. Sidas
  6. Algeos
  7. Amfit Inc
  8. Arden Orthotics
  9. AcorOrthopaedic, Inc.
  10. Yellow Wood Partners, LLC

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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