The foot orthotic insoles market is set to grow at a rapid pace, particularly in the Asia-Pacific region.
HYDERABAD, TELANGANA, INDIA, June 6, 2018 /EINPresswire.com/ -- According to the new market research report by IndustryARC titled “Foot Orthotic Insoles Market: By End-User (Sports, Medical, Comfort); By Material (EVA Foam, Leather, Nylon, Others); By Government Regulations; By Geography - (2018-2023)” published by IndustryARC, the market is driven by rising chronic foot diseases, enhanced awareness among people to treat these disorders, increased governmental spending in healthcare, blooming disposable income and growing sport activities.
Asia-Pacific expected to dominate with major share in the Foot Orthotic Insoles Market
The foot orthotic insoles market is set to grow at a rapid pace, particularly in the Asia-Pacific region. The market is foreseen to grow fast due to in the rising prevalence of chronic diseases, disposable income as well as increasing awareness about orthotic foot arch support insoles. Asia-Pacific is the upcoming region in the next largest orthotic insertsmarket, with focus mainly on China, India and Japan. The region will exhibit highest growth of $789.21 million by 2023 at a CAGR of 8.01% from $501 million in 2017.
Americas and Europe held 44% and 30% share respectively. These regions are largely established and have a conventional customer base, owing to the rising consciousness towards personal healthcare and technological advancements. The North American region is the biggest provider, with total revenue of $1294.2 million in 2017. The market held the highest revenue for pre-fabricated shoe insoles market. North America orthotics insole market is expected to reach a revenue of $1669.10 million by 2023. The changing lifestyle and aging population is the reason behind the increasing need. This population bracket will be the biggest user base for foot insoles.
Selected Manufacturing Method Analysis done in the full Report:
Currently, the market for insoles, custom and prefabricated, has grown radically. The foot insole market will witness a growth of CAGR 10.50% during the forecast period. Pre-fabricated is the leading segment in the market holding maximum value in 2017. The finding says pre-fabricated market will still lead the market at a CAGR of 3.64% for the forecast of 2017-2023.The custom orthotics insoles market gained the second largest value of $1227.2 million in 2017, and it is expected to reach a value of $1917.71 million by 2023. The global 3D printed custom made foot orthotic insoles market is estimated to reach $203.08 million by 2023 from $60.2 million in 2017, escalating at CAGR 24.10% from 2018 to 2023. These devices are slowly gaining popularity, especially for foot orthotics as these devices are molded to fit the patient specifically, and are more efficient.