Foot Orthotic Insoles Market to Attain Global Market Revenue of $4,025 Million By 2023

Incorrect or irregular walking pattern has become prevalent nowadays, and to alleviate the same, most of the shoes and other footwear are now incorporated with the orthotic insoles which is driving the foot orthotic insoles market that is poised to have a market size of $4,025 million by the end of 2023 as the demand for the same will observe a compound annual growth rate (CAGR) of 4.90% during the forecast period of 2019 to 2025, according to a recently published market intelligence report by IndustryARC’s analyst. 

The foot orthotic insoles market research report contains a detailed analysis of market dynamics along with all the facts, figures, and statistics regarding the market. Furthermore, the report provides an in-depth peek into the current trends that are disrupting the foot orthotic insoles market along with the emerging opportunities and challenges that are foreseeable in the future. The report is titled, “Foot Orthotic Insoles Market: By Type of Material (Ethylene Vinyl Acetate (EVA) Based foam, Cork, Leather, Polypropylene Thermoplastic); By Manufacturing Method (Custom, Custom-Moulded, 3D-Printed, Pre-Fabricated); By End-User (Sports, Medical, Comfort); By Distribution Channel & By Geography - Forecast (2018-2023).”

According to the geographic scrutiny done by the analyst, North America had the maximum foot orthotic insoles market share with $1,299 million market value in the region in 2017. The changing lifestyle and the population outflow of geriatric people in the region have created a demand for foot orthotic insoles in North America. Europe also witnessed good revenues in 2017 followed by APAC, which is projected to observe rapid growth over the forecast period. 

The foot orthotic insoles market is segmented on the basis of type which custom-made and pre-fabricated out of which custom-made foot orthotic insoles are poised to see a massive demand over at a CAGR of 7.3% over the forecast period. This is much attributable to the fact that foot orthotic insoles are used for comfort, optimum support, and relief to the foot, and the type of material need for the same depends on the purpose. So, custom-made foot orthotic insoles are preferred over the pre-fabricated ones. 

According to the United Nations (UN), the geriatric population was gauged to be 962 million as of 2017. Furthermore, the organization has estimated that the total number of geriatric people will be 1.4 billion in 2030.  Evidently, geriatric people are vulnerable to cardiovascular diseases and diabetes. Foot orthotic insoles are found to avoid the chances of suffering from such disease. The rising geriatric population is significantly supporting the foot orthotic insoles market. 

There is a palpable prevalence of obesity worldwide, which is creating concerns pertaining to the chronic disease such as diabetes, plantar fasciitis, and arthritis. The rise in the number of people suffering from chronic diseases is leading to an augmented adoption of foot orthotic insoles. Disabilities are spurring the demand for the same, which is driving the foot orthotic insoles market. Furthermore, injuries are an integral part of sports and foot orthotic insoles are preferred because they imbue comfort in the shoes.  

The high disposable personal income has provided people with enough money to spend on improving the quality of life. Footwear with orthotic insoles is a bit expensive than the normal ones. However, people prefer it over other insoles, which is driving the foot orthotic insoles market. 

There is a shift in modus operandi of the vendors in the foot orthotic insoles market. The latest production and modeling technologies have substantially reduced the cost of foot orthotic devices which has expanded the customer base by many-folds. 

Some of the key companies identified in the foot orthotic insoles market intelligence report that are striving to capitalize on the demand influx are Bayer AG, Ottobock Holding Gmbh, Hanger Inc., DJO, Inc., Spenco Medical, and others. 

https://www.industryarc.com/support.php?id=7488