Albany, NY -- (SBWire) -- 01/03/2019 --Transparency Market Research (TMR) has published a new report titled, "Foot Orthotic Insoles Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026". According to the report, the global foot orthotic insoles market was valued at US$ 3,176.4 Mn in 2017 and is projected to expand at a CAGR of 6.3% from 2018 to 2026. Rise in percentage of population requiring foot orthotic insoles to reduce foot pain and surge in adoption of technologically advanced products are anticipated to drive the global market in the next few years.
North America and Europe are projected to dominate the global foot orthotic insoles market during the forecast period, primarily due to the presence of large population with diabetes, arthritis, and other painful foot conditions; rise in health and wellness awareness; high adoption of custom foot orthotic insoles, and surge in demand for preventive health care in these regions. The foot orthotic insoles market in Asia Pacific is expected to expand at a significant CAGR from 2018 to 2026. This is attributed to surge in investment in health care infrastructure, economy growth, large population base with chronic diseases and other foot pain conditions in emerging countries such as China, India, South Korea, and Malaysia; and rise in per capita health care expenditure in the region.
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With the progression of age, cartilages become prone to strain and fatigue due to less water content. This leads to arthritis and other complications, wherein connective tissues such as ligaments attached to the bones become less flexible and more constrained. These factors are expected to propel demand for foot orthotic insoles to ease out the pain. Lifestyle changes along with changes in eating habits lead to increase in obesity, which puts pressure on the joints in lower extremity and result in joint damage and other joint disorders.
Increase in percentage of geriatric and obese populations is likely to propel the adoption rate of foot orthotic insoles during the forecast period. According to 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. Prevalence of osteoarthritis, rheumatoid arthritis, juvenile arthritis, and other disorders is increasing primarily due to the aging population, obesity, and changes in lifestyle.
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Foot Orthotic Insoles Market to Reach US $5.0 Bn by 2026; Surge in Adoption of Technologically Advanced Products to Boost Market