Global Foot Orthotics Insoles Market Projected to Reach USD 3,678.0 Million by 2021
Deerfield Beach, FL -- (SBWIRE) -- 09/27/2017 -- According to the report, the global foot orthotic insoles market was valued at approximately USD 2,637.0 million in 2015 and is expected to reach approximately USD 3,678.0 million by 2021, growing at a CAGR of around 5.6% between 2016 and 2021. Zion Market Research has published a new report titled "Foot Orthotics Insole (Leather, Polypropylene, and Others) Market by End-user (Sports, Medical, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 – 2021"
Orthotics is a specialty within the medical field concerned with the design, manufacture, and application of orthoses. Foot orthotic insoles are essential shoe inserts for foot support and pain relief. Insoles are used to provide extra cushioning and support to the foot. Foot orthotics insoles can provide stability for the foot and correct injury-causing imbalances. Insoles can provide cushion effect to the feet as well as support and comfort patient's arches. Foot orthotics insoles market is expected to show noteworthy growth in the coming years mainly driven by increasing prevalence of diabetes coupled with an aging population. Furthermore, increasing demand from sports sector is expected to propel the market growth over the years. However, the high cost of foot orthotics insoles products may hamper the market growth within the forecast period. Nonetheless, technological advancement may provide growth opportunities to the market in the near future.
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The foot orthotic insoles market is set to grow at a substantial pace over the next few years. Increasing aging population, growing lifestyle coupled with disorders such as diabetes, obesity and other foot injuries has propelled the demand for foot orthotics insole across the globe. Furthermore, increasing demand from sports application sectors is expected to boost the market demand over the years. However, high cost of insoles may curtail the growth of the foot orthotics insoles market. Nonetheless, technological advancement to provide innovative products is expected to open up new growth avenues in the coming years.
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Based on end-user, the foot orthotic insoles market can be segmented into sports, medical and others. Medical was the leading segment in 2015 and it accounted for over 70% share of total revenue generated. This growth is mainly attributed to increasing prevalence of diabetes coupled with rising awareness regarding foot complications. Sports segment is another key outlet of foot orthotic insole market and it accounted for over 25% share of the total market in 2015. This is mainly due to the increasing demand for orthotic insoles in skating shoes, basketball shoes, and others.
North America dominated the global foot orthotic insoles market in 2015 followed by Europe in terms of revenue. North America accounted for more than 42% share of total revenue generated in 2015. Factors such as increased demand for increasing prevalence of chronic diseases such as diabetes and increasing demand for innovative products are propelling the growth of the market in this region. Asia Pacific is also expected to exhibit significant growth in the foot orthotic insoles market. This growth is mainly due to increase health awareness coupled with rising aging population in the region.
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The foot orthotic insole market is currently dominated by North America. North America and Europe have become mature compared to the Asia Pacific region in terms of demand for foot orthotic insoles. Asia Pacific is expected to witness high demand for foot orthotic insoles owing to the rise in prevalence of chronic diseases, disposable income as well as increasing awareness about foot orthotic insoles. In addition, these regions have an established customer base owing to the rising awareness towards healthcare and technological advancements. Asia Pacific is a promising market and is expected to open gateways for new manufacturers in the near future.
The foot orthotics insole market is highly fragmented with companies focusing extensively on R&D initiatives in an attempt to capitalize on the available opportunities via developing cost-effective and technologically advanced products. Some of the key players included in the foot orthotic insoles market such as Bauerfeind AG, Superfeet Worldwide, Inc, Hanger Orthopedic Group, Inc, Implus, Dr. Scholl's, Spenco Medical Corporation, Aetrex Worldwide, Inc, Euroleathers, Comfortfit Orthotic Labs Inc, Sidas SAS, Sole, Currex Gmbh and OttoBock Holding GmbH & Co. KG.
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