Foot Orthotic Insoles Market Revenues to be Worth US$ 5,425.8 Mn by 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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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.

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.

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.