Foot Orthotic Insoles Market to Reach 3.5 USD Billion By 2020
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.
he 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.