Foot Orthotic Insoles Market Size, Share, Growth Analysis, By Type (Prefabricated, Customized), By Material (Thermoplastics, Composite Carbon Fiber), By Age group, By Distribution Channel, By Application, By Region - Industry Forecast 2024-2031.

Global Foot Orthotic Insoles Market size was valued at USD 3.84 billion in 2022 and is poised to grow from USD 4.09 billion in 2023 to USD 6.72 billion by 2031, growing at a CAGR of 6.4% during the forecast period (2024-2031).

The foot orthotic insoles market has expanded significantly due to the increasing prevalence of chronic conditions like diabetes, which lead to foot-related issues such as diabetic foot ulcers. Despite disruptions caused by the COVID-19 pandemic, which saw a decline in retail sales and patient visits, the market is rebounding thanks to advancements in orthotic technology and substantial clinical research supporting the efficacy of these insoles. Notable studies, such as a clinical trial involving Talita Cumi Ltd. and Aetrex Worldwide Inc. comparing comfort sandals with built-in arch support to traditional orthotics for treating plantar fasciitis, are expected to drive demand. Following a revenue slump in FY 2020, major players like Hanger Inc. reported significant sales growth in FY 2021, indicating a strong recovery trajectory for foot orthotic insoles.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Foot Orthotic Insoles market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Foot Orthotic Insoles Market Segmental Analysis

Global Foot Orthotic Insoles Market is segmented by type, material, age group, distribution channel, application, and region. Based on type, the market is segmented into prefabricated, and customized. Based on material, the market is segmented into thermoplastics, ethyl-vinyl acetate (EVA), foam, leather, composite carbon fiber, and others. Based on age group, the market is segmented into adults, and paediatrics. Based on distribution channels, the market is segmented into hospital pharmacies, retail stores, and online stores. Based on application, the market is segmented into medical, sports & athletics, and personal comfort. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Global Foot Orthotic Insoles Market

The Global Foot Orthotic Insoles market is primarily driven by the rising incidence of chronic foot ailments coupled with supportive reimbursement policies. Studies indicate that over 30% of the population suffers from foot pain, stemming from conditions such as arthritis, plantar fasciitis, bursitis, and diabetic foot ulcers. Medical professionals increasingly recommend foot orthotic insoles as an effective treatment. Data from the NCBI forecasted between 9.1 and 26.1 million cases of diabetic foot ulcers worldwide in 2021, with 20-25% of diabetics at risk of developing them. As diabetes prevalence reaches epidemic levels, the surge in diabetic foot ulcers significantly propels market growth worldwide.

Restraints in the Global Foot Orthotic Insoles Market

The global foot orthotic insoles market faces significant restraints, particularly due to the high costs associated with custom insoles and the limited market penetration in emerging economies. While there is a pressing need for effective orthotic solutions, their uptake in lower-middle-income countries is hampered by inadequate financial resources and service capabilities. This results in restricted demand as local practitioners often lack a variety of product options to meet patient needs. Additionally, the high price of prescription custom insoles, which can range from $400 to $600, further limits accessibility and contributes to modest market growth, ultimately hindering overall expansion.

Market Trends of the Global Foot Orthotic Insoles Market

The Global Foot Orthotic Insoles market is experiencing significant growth driven by the rising prevalence of foot-related disorders and an increasing patient demographic seeking effective treatment solutions. Key players are strategically enhancing their portfolios through mergers and acquisitions to incorporate innovative technologies, such as high-frequency and shock-absorbing materials, into their offerings. This trend reflects a shift towards personalized orthotic solutions tailored to individual patient needs, thereby enhancing overall quality of life. For instance, Thuasne's acquisition of Therafirm signifies a strategic move to enter the orthopedic prosthesis market, highlighting the industry's dynamic evolution and promising growth trajectory in the coming years.