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Foot Orthotic Insoles Market Size will Grow at 6.3% through 2026

 

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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Rise
in Percentage of Population Requiring Orthotic Devices to Reduce Foot Pain Drives
Market

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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Orthotic Insoles
Market - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=8842

Custom Foot Orthotic Insoles
Segment to be Highly Attractive

The report
offers a detailed segmentation of the global foot orthotic insoles market based
on product type. The custom segment is poised to account for the leading share
of the global market during the forecast period. Growth of the segment is
attributed to significant funding from venture capitalists for these
technologically advanced products and increase in usage of customer-specific
products having unique geometrical shape by urban population. The prefabricated
segment is projected to be driven by rise in number of incidence of fractures,
accidents, bone degeneration diseases, spondylitis, scoliosis, and arthritis.

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Custom Research - https://www.transparencymarketresearch.com/sample/sample.php?flag=CR&rep_id=8842

Ethyl Vinyl Acetates Segment to
Hold Leading Market Share

In terms of
material, the global foot orthotic insoles market has been segmented into
thermoplastics, polyethylene foams, leather, cork, composite carbon fibers,
ethyl-vinyl acetates (EVAs), gel, and others. The ethyl vinyl acetates segment
is likely to account for significant share of the market by the end of the
forecast period. Use of an EVA footbed in insole manufacturing is becoming
increasingly popular owing to its comfort and support properties. The
polyethylene foams segment is projected to account for the second leading share
of the global foot orthotic insoles market by 2026. Properties of polyethylene
foam such as superior cushioning, shock absorption, and additional support are
likely to propel the segment during the forecast period.

Large Population Base with Foot and
Orthotic Disorders Fuels the Medical Segment

In terms of
application, the global foot orthotic insoles market has been segmented into
sports & athletics, medical, and personal comfort. The medical segment
dominated the global foot orthotic insoles market in 2017 and the trend is
likely to continue during the forecast period. Increase in incidence of medical
disorders and surge in demand for improved quality of life among significant
patient population are attributed to the continued dominance of the segment.

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Adults Segment to Continue to
Dominate during Forecast Period

In terms of
age group, the global foot orthotic insoles market has been segmented into
adults and pediatric. The adults segment dominated the global market in 2017.
The segment is projected to expand at the highest CAGR during the forecast
period. This is attributed to rise in prevalence of chronic diseases such as
diabetes and arthritis among adults, increase in the use of high heeled sandals
by adult women, surge in spending on personal comfort products, and rise in
participation in sports.

Increase in Adoption of Digital
Platforms to Purchase Foot Orthotic Insoles to Boost Online Stores Segment

In terms of
end-user, the online stores segment is projected to expand at the highest CAGR
of 6.7% during the forecast period. Online platform allows new entrants to
equally market their products and enables patient/consumers to choose and
compare from a range of options available. The segment is witnessing increase in
consumer preference because of technological advances which allow users to scan
their foot at home. The hospitals & specialty clinics segment dominated the
global foot orthotic insoles market in 2017 and is estimated to marginally gain
market share by the end of 2026. Availability of technologically advanced
products on this platform for the treatment of different kinds of diseases and
sports and accidental injuries, and group purchasing policies of multispecialty
hospitals that ensures return on investment for new market entrants make this
segment lucrative during the forecast period.

High Incremental Opportunity in
Asia Pacific

The foot
orthotic insoles market in Asia Pacific is projected to expand at a significant
CAGR of 7.6% during the forecast period. Increase in population, presence of
emerging economies such as China and India, and large base of geriatric
population in Japan present significant opportunities for global players in
these countries. The foot orthotic insoles market in China is dominated by
domestic players owing to high production of foot orthotic insoles in the
country. Rise in awareness about effectiveness of custom foot insoles in
relieving foot pain over prefabricated ones, increase in disposable income of
people, and surge in the number of orthotic and pedorthics clinics in Asia
Pacific are likely to propel the market during the forecast period. North
America is anticipated to dominate the global foot orthotic insoles market
owing to high demand for expensive custom-made foot orthotic insoles, rise in
the number of patients with diabetes, arthritis, metatarsalgia, and other
painful conditions; high disposable income, and surge in adoption of personal
comfort products in the region.

Highly Fragmented Market Presents
Opportunity for Mergers and Acquisitions

The global
foot orthotic insoles market is highly fragmented, with local domestic players
accounting for significant market share in respective regions. This fragmented
market scenario represents potential merger and acquisition opportunities for
the global players operating in the segment. Additionally, a trend of
developing orthotic foot insole with specific material for specific
applications has been observed in the past few years. Hence, merger and
acquisition of companies having strong expertise in the development of
application specific orthotic foot insoles is likely to result in stronger and
broader product portfolio in the foot orthotic insoles market. The report
profiles leading players operating in the global foot orthotic insoles market
such as Bayer Group (Dr. Scholl's), Powerstep (Stable Step, LLC), Superfeet
Worldwide, Inc., Ottobock, A. Algeo Ltd., Hanger, Inc., Bauerfeind AG,
Birkenstock digital GmbH, Ottobock SE & Co. KGaA, Foot Science
International, Create O & P, Groupe Gorgé, and DOLA – Digital Orthotics
Laboratories Australia,

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