Report

The foot orthotic insoles market is expected to register a CAGR of 4.3% over the forecast period (2022-2027).

COVID-19 has created a global public health emergency that has affected almost every business and industry. The long-term effects are projected to impact the industry growth during the forecast period. Major market players were affected by the decline in sales, which proves that the market was significantly affected by COVID-19, declining the growth of the studied market. However, the recent research and advancements in orthotics increased during the pandemic. For instance, in November 2020, an article titled "Leveraging Digital Technology to Overcome Barriers in the Prosthetic and Orthotic Industry: Evaluation of its Applicability and Use During the COVID-19 Pandemic" mentioned that, during the pandemic, the growing interest in digital technology for prosthetic and orthotic service provision was seen. And when the study was conducted using three-dimensional scanning, and digital imaging as leading technologies primarily for footwear, ankle-foot orthoses, and transtibial and transfemoral sockets, the rise in consultation and adoption of technology was seen. Hence, the study concluded that the prosthetic and orthotic industry needs digital transformation to prioritize creating the required infrastructure. Therefore, the current research and developments during the pandemic are anticipated to positively impact the studied market.

The rising adoption of customized orthotic insoles to reduce pain, significant rise in geriatric population and prevalence of diabetes, and increasing health issues coupled with increasing incidence of chronic pain are the major factors attributed to the growth of the studied market.

The World Health Organization (WHO) data updated in October 2021, every country worldwide is experiencing growth in the size and the proportion of older persons in the population. According to WHO estimates, 1 in 6 people in the world will be aged 60 years or over by the year 2030, and the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. This aging population is more prone to foot disease, diabetes, joint and back pain, and several other diseases requiring using orthotics for support or pain relief. Hence, owing to the growing aging population, the growth of the studied market is expected to grow over the forecast period.

Additionally, an article published in November 2021 titled "Prevalence of Lower Limb Deformities Among Primary School Students" mentioned that the lower limb deformities may hamper a child's quality of life and may worsen with time. This article also suggests that lower limb deformities are a considerable problem in primary school students needing early diagnosis. Therefore, the incidence of lower limb deformities among the school-going and pediatric population is anticipated to increase demand for foot orthotics insoles, hence driving the growth of the studied market.

Foot Orthotic Insoles Market Trends

Sports and Athletics by End-User Segment is Expected to Dominate the Market

The sports and athletics segment is expected to witness growth over the forecast period among all other segments.

Foot disease is the result of the pathophysiology of chronic conditions. Foot disease disorders have been reported globally in significant numbers of people involved in sports. An athlete's foot, also called tinea pedis, is an infectious fungal infection that affects the skin on the feet. The presence of foot disease disorders is likely due to extended use of shoes and less aeration to the fingers and foot. Even if it is not serious, this might take longer than usual to cure. Hence, the use of insoles is usually recommended.

According to the "Tokyo Olympics by numbers" published by World Economic Forum in July 2021, in the Tokyo 2020 Olympics, 11,656 athletes registered to participate, among which 51% were male, and 49% were female, which increased from more than 7,500 athletes in the 2019 Olympics.

In addition, the data provided by AusPlay Survey conducted by Australian Sports Commission (ASC) shows that 55% of women and 70.5% of men and 67.3% of children who participate in sports are engaged in sport-related activities in Australia. The population's interest in sports activities is expected to increase over time. Hence, driving the sports and athletics segment by the end user.

The increasing sports activities globally and the adoption of sports as a career among the population have increased recently. This trend is anticipated to rise over the forecast period, poised to drive the growth of the studied segment.

North America is Expected to Dominate the Market Over the Forecast Period

North America is expected to dominate the foot orthotics market over the forecast period, among other regions by geography. An increasing number of emergency cases, a surge in orthopedic illness, and an increasing geriatric population in the region are major factors attributed to the growth of the market in the region.

The prevalence of diseases such as diabetes is increasing in North America. The National Diabetes Statistics Report published by the Centre for Disease Control and Prevention (CDC) in January 2022 shows that an estimated total of 37.3 million people have diabetes in the United States, and 28.7 million people, including 28.5 million adults, have been diagnosed with diabetes and 8.5 million people are estimated to be living with undiagnosed diabetes. Also, CDC data shows that 26.4 million people aged 65 years or older (48.8%) have prediabetes. The global foot orthotic insoles market size was USD 3.25 billion in 2019. Thus, such a high incidence of diabetes is fueling the market.

In addition, as per data updated by the government of Canada in August 2021, over 3 million Canadians, or 8.8% of the population, have been diagnosed with diabetes and 6.1% of Canadian adults are at high risk of developing diabetes. Therefore, this rising burden of diabetes in the countries of North America is expected to rise over the forecast period. The target population is more prone to diabetic feet when high blood sugar damages the nerves and blood vessels in the feet. This factor is anticipated to drive demand for foot orthotic insoles, driving the studied market growth in the country.

Therefore, owing to the abovementioned factors, the North American region is expected to have significant growth over the forecast period.

Foot Orthotic Insoles Market Competitor Analysis

The market for foot orthotic insoles is competitive. With several companies locally, the market studied is fragmented and competitive in regional markets. The studied market consists of several international companies which hold most of the market shares and are well known, including DJO Global Inc., Bayer AG (Dr. Scholl's), Acor Orthopedic, Inc., Aetrex Worldwide, Inc., Algeo Limited, Amfit Inc., Arden Orthotics Ltd., Bauerfeind AG, Blatchford Clinical Services, Bledsoe Brace Systems, Inc. (United Orthopedic Group), Bolton Bros, and Hanger Prosthetics & Orthotics Inc.

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