Global Foot Orthotics Insoles Market will Procure $3,678.0 Mn by 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” According to the report, the global foot orthotic insoles market was valued at approximately USD 2,637.0million 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.
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.
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Foot orthotic insole is a supportive device that is placed inside footwear, to change the mechanical function of the foot. Foot orthotic insole works dynamically during weight-bearing activities like walking, running and standing. Orthotic devices help to improve the functions of the injured body part and to facilitate alignment through supporting the back, joints, muscles, and limb ligaments. The use of orthotic supports ensure healthy foot mechanics and can help to relieve inflammation, as well as to restrict movement to speed up healing when the toes, ankles and knees have been damaged.
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 are 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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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 include 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.
The foot orthotic insoles market is segmented on the basis of different types such as leather, polypropylene or others (polyethylene foams, cork, acrylic, composite carbon fibers, etc.). Polypropylene was leading segment and it accounted for over 42% market share of total revenue generated in 2015. Polypropylene offers properties such as semi-rigidity, flexibility and durability over other materials. Thus, polypropylene is widely used to manufacture foot orthotics insoles. Leather is another key outlet of the foot orthotics market and it held 19.0% share of total market in 2015.
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Some of the key applications in the foot orthotics insole market include sports, medical and others. Medical segment accounted for over 69% share of total revenue generated in 2015. This growth is mainly due to increasing prevalence of diabetes coupled with rising awareness regarding foot complications. Sports segment is another leading segment of foot orthotic insole market and it accounted for over 24% share of total market in 2015. This growth is mainly attributed to growing demand for orthotic insoles in skating shoes, basketball shoes, and others.
This report segments the global foot orthotic insoles market as follows:
Product Segment Analysis: Leather, Polypropylene, Others (polyethylene foams, cork, acrylic, composite carbon fibers, etc.)
End user Segment Analysis: Sports, Medical
Regional Segment Analysis: North America(U.S.), Europe(UK, France, Germany), Asia Pacific(China, Japan, India), Latin America(Brazil), Middle East and Africa
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