The global foot orthotic insoles market is expanding at a rapid pace due rise in percentage of population requiring orthopedic devices to reduce foot pain and increase in geriatric population with orthotic condition across the globe. The 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 to reach US$ 5,425.8 Mn by 2026. The global foot orthotic insoles market is driven by surge in adoption of technologically advanced products and high prevalence of osteoarthritis, rheumatoid arthritis, juvenile arthritis, and other forms of disorders.
Increasing Levels of Applications to Help Market Growth
Foot orthotic insoles are of two types: prefabricated and customized which are manufactured using different materials, such as, thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel, and others (such as nylon). Foot orthotic insoles are being used by both pediatric as well as adult population for medical and other applications. These are employed in various applications, such as, sports & athletics, medical, and personal comfort. The medical application segment of the foot orthotic insoles market includes diabetes, plantar fasciitis, arthritis, back & foot pain, and others. Other medical applications include, but are not limited to, hammertoes, blisters, bunions, metatarsalgia, etc. Foot orthotic insoles are distributed through various channels, including, drug stores, hospitals & specialty clinics, online stores, and others. The others segment includes sport retailers and sport shops.
Rise in demand for custom-made foot orthotic insoles is anticipated to offer potential business development opportunities in the global foot orthotic insoles market during the forecast period. Custom-made foot orthotics are specially made shoe inserts designed to fit perfectly to the feet. These products provide support and comfort to users. They are manufactured after complete evaluation of the foot structure of the user. Moreover, clinical studies conducted to compare the effectiveness of custom-made and prefabricated insoles conclude that custom-made foot orthotics are more effective than prefabricated ones as they provide foot comfort while reliving painful foot conditions. Mergers and acquisitions represent strategic move of the market players for strengthening and broadening of their product portfolio. The foot orthotic insoles market is highly fragmented, with a large number of small players operating individually across the world. Merging of two competitors unites the strengths of the two firms involved while reducing competition and pricing pressure.
Rising Levels of Funding from VCs to Further Boost Market Development
Major manufacturers are collaborating with emerging companies having novel product pipeline. This amalgamation of technical expertise of key players and novel product techniques or materials of new market entrants is expected to introduce new products with improved functionalities during the forecast period. Major players operating in the global foot orthotic insoles market include Bayer Group (Dr. Scholl's), Powerstep (Stable Step, LLC), Superfeet Worldwide, Inc., Ottobock, A. Algeo Ltd., Hanger, Inc., and 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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