Foot Orthotic Insoles Market to Reach 3.5 USD Billion By 2020
HYDERABAD, India and MINNEAPOLIS, February 29, 2016 /PRNewswire/ --
According to the Market Report, "Foot Orthotic Insoles Market Analysis: By Type (Custom, Prefabricated); By End User (Sports (Running, Court); Medical (Diabetes, Rheumatoid Arthritis, Plantar Fasciitis, Metatarsalgia, Obesity); Comfort) -With Forecast (2015 - 2020)" by IndustryARC, the market is estimated to reach 3.5 USD Billion by 2020 at high CAGR.
Foot orthotic insoles are intended to support or correct the abnormal or irregular walking pattern. They change the angle at which the foot strikes while walking and therefore assist the limb or the torso to restore the alignment and positioning of the foot. These insoles amend the postural stability by enhancing the afferent somatosensory information available to the central nervous system and provide arch support and pain relief for a myriad of foot conditions including flat feet.
The demand for the Foot Orthotic Insoles has seen a dramatic increase over the past few years due to the increasing prevalence of diseases such as diabetes, obesity, arthritis. According to the American Academy of Orthotists and Prosthetic's, out of 20.8 Million children and adults in the U.S., around 7% have diabetes. Diabetes is the leading cause of lower limb amputations, with over 50% of non-traumatic amputations due to diabetic complications. With growing incidence of diabetes, demand for foot orthotics insoles is expected to grow significantly. Similarly, obesity will be a key driving factor for orthotic industry, as rising incidence of obesity will lead to growth in orthopedic ailments and hence, the need for orthopedic support devices and solutions.
The market for foot insoles is going to evolve at much faster rate with the rise in healthcare spending and advancement of the technologies which provide greater stability and firmness to the feet. The adoption rate among users is also growing significantly across geographic regions.
According to a recent study from IndustryARC, the global foot orthotic insoles market registered revenues of around $2.5 billion in 2014 and is estimated to grow at a CAGR of 5.8% to reach $3.5 billion by 2020. The biggest contributor is the North America region with a market share of around 45%. Foot insoles in the diabetic segment generated highest revenue followed by Rheumatoid Arthritis in 2014.
There is a constant demand of technically advanced and upgraded products in the Foot orthotic insole market. Majority of the companies are hence launching various products consistently and also entering into partnerships to broaden their portfolio and increase their customer base.
The global market is set to grow at a fast pace, particularly in the APAC region, owing to rise in prevalence of chronic diseases, disposable income as well as increasing awareness about foot orthotic insoles. In 2014, Americas and Europe held 50% and 30% share respectively. These regions are mature and have an established customer base owing to the rising awareness towards personal healthcare and technological advancements.
The Market has been segmented as:
· Type of Material
· End User
Custom foot insoles are revolutionizing the footwear industry
The custom foot insoles are divided into sports, medical and comfort segment, which caters to the needs of different consumer segments. Growing demand for custom foot insoles market is mainly driven by aging population and rising healthcare spending worldwide. This will spur the usage of custom foot insoles across the globe as they promise correct alignment and relief while being affordable and easily accessible. The growing customized foot insoles segment work on the concept of 3D printing, in which the foot can be scanned and the insole can be manufactured with the exact measurements. The increased focus on sports activities is also going to be one of the driving factors of this market segment.
The Key Global Players in Foot Orthotic Insoles Market are:
· Bayer Healthcare AG
· Hange Prosthetics & Orthotics Inc
· Bauerfeind AG
· Superfeet Worldwide Inc
· Ottobock Holding GmbH
They continue to hold the majority share in the market as they are investing in R&D and constantly improving their distribution network.
Segmentation Based on Geography:
· Americas - U.S.A., Canada & Others
· Europe - UK, Germany, Spain, & Italy
· APAC - China, Japan, Australia, India & Others
· Rest of the World
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