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Foot Orthotic Insoles Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global foot orthotic insoles market was valued at USD 3.2 billion in 2022 and is projected to expand at a CAGR of 6.8% from 2023 to 2030. Foot orthotic insoles are used to treat and prevent foot and lower limb disorders, including plantar fasciitis, Achilles tendinopathy, and flat feet. The increasing prevalence of foot-related conditions and the rising geriatric population are major factors driving the demand for orthotic insoles. In addition, the growing focus on preventive healthcare and increasing consumer awareness about foot orthoses are contributing to market growth.
The rising demand for custom-made insoles is boosting the growth of the market. Custom-made insoles provide a better fit and superior comfort, which is likely to drive the demand. Furthermore, the rising popularity of 3D printing technology is expected to drive the market growth. 3D printing technology helps to reduce the time and cost involved in the manufacturing of custom-made insoles. Furthermore, the growing popularity of smart insoles is also expected to drive the market growth. Smart insoles are designed to provide real-time feedback on the user’s body position, foot pressure, and gait pattern.
The increasing demand for sports orthotics is propelling the growth of the market. Sports orthotics are specially designed to reduce the risk of injury and enhance performance during physical activities. Furthermore, the rising popularity of orthotics among athletes is expected to drive the market growth. The increasing participation in sports activities and the growing popularity of running and other outdoor activities are driving the demand for these products.
Furthermore, the increasing trend of preventive healthcare is expected to drive the market growth. Foot orthotic insoles help to prevent various foot-related injuries and provide comfort and support for people with foot deformities. Moreover, the increasing number of new product launches is expected to further fuel the market growth. For instance, in December 2021, Superfeet launched the Superfeet FLEXmax Insoles with a unique Flex-Grip technology to provide superior arch support and cushioning.
Additionally, the rising demand for orthotics in the geriatric population is expected to support the market growth. Orthotics can help to improve balance and reduce the risk of falls in the elderly population. Furthermore, the increasing number of orthotic centers and the growing focus on preventive healthcare are expected to further drive the market growth in the coming years.
Product Insights
The functional foot orthotic insoles segment held the largest market share in 2020. Functional foot orthotic insoles are designed to reduce the strain on the feet and lower limbs, providing long-term relief from pain and discomfort. These products are extensively used by professional athletes, military personnel, and other individuals who need to perform physical activities for extended periods. Increasing participation in sports activities, especially among the young population, is one of the key factors driving the growth of the segment.
The diabetic foot orthotic insoles segment is anticipated to expand at the fastest CAGR of 5.3% over the forecast period. Diabetes has become one of the leading causes of death in the world. According to the World Health Organization, in 2020, an estimated 463 million people worldwide were living with diabetes. Foot orthotic insoles help to reduce the risk of foot ulcers and amputations in diabetic patients by providing support and cushioning to the feet. Thus, increasing prevalence of diabetes is expected to drive the growth of the segment over the forecast period.
Distribution Channel Insights
The orthotic shoe stores segment is expected to dominate the global foot orthotic insoles market and account for a share of over 40.7% in 2022. The growth of the segment is mainly attributed to the increasing availability of orthotic insoles in specialty stores and the ability of these stores to provide personalized services to customers for selecting the required product. Furthermore, the availability of a large variety of foot orthotic insoles offered by these stores makes it easier for customers to select the right product for their foot condition.
The online segment is expected to expand at the highest CAGR of 8.1% over the forecast period. The increasing usage of the internet and the growing availability of online stores offering foot orthotic insoles are the key factors driving the growth of the segment. Furthermore, the growing trend of online shopping in the healthcare sector is further aiding the growth of the segment. Several online stores are offering discounts, free shipping, and other promotional activities to attract customers and increase their market share.
Type Insights
The off-the-shelf segment accounted for the largest revenue share of 70.3% in the year 2022. The increasing prevalence of foot and ankle problems, such as plantar fasciitis, and the availability of a wide range of off-the-shelf orthotic insoles are the major factors driving the growth of this segment. Companies such as Hanger, Inc. and Footbalance System Ltd. are manufacturing a variety of off-the-shelf orthotic insoles to cater to the growing demand. For instance, in May 2022, Footbalance System Ltd. launched ‘Custom Fit’, a custom-fit orthotic insole for the treatment of foot and ankle problems.
The custom-made segment is anticipated to expand at the highest CAGR of 9.7% over the forecast period. The growing availability of custom-made orthotic insoles and their superior performance are the key factors driving the growth of this segment. Companies such as Superfeet Worldwide, Inc. and Footbalance System Ltd. are manufacturing a variety of custom-made orthotic insoles to cater to the growing demand. For instance, in April 2022, Superfeet Worldwide, Inc. launched ‘Superfeet BLACK’, a custom-made orthotic insole designed to provide maximum comfort and support to the feet.
Regional Insights
Europe accounted for the largest market share of over 32.4% in 2022. The region is expected to witness significant growth in the coming years, mainly due to the increasing incidence of musculoskeletal disorders, such as plantar fasciitis and overuse injuries, among the elderly population. Moreover, the increasing number of people suffering from diabetes is anticipated to drive the demand for foot orthotic insoles. For instance, according to the International Diabetes Federation, in 2021, there were over 60 million people suffering from diabetes in Germany alone.
The Asia Pacific is expected to witness the fastest growth in the coming years. Increasing prevalence of lifestyle-related disorders, such as diabetes, obesity, and hypertension, is expected to drive the growth of the market. Additionally, the presence of a large and rapidly growing geriatric population is expected to further drive the growth of the market. For instance, according to the World Health Organization, in 2021, the geriatric population in India accounted for over 8.9% of the total population.
Financial Projections
In this part of the foot orthotic insoles business plan, we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your foot orthotic insoles products. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a foot orthotic insoles business comes from the sale of the products, as well as providing consultations and customizations services. Here you will find a list of other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the foot orthotic insoles business running will be described. The list of operating expenses includes the cost of the materials, wages, maintenance and repairs, utilities, insurance policies, advertising, and others.
Key companies & market share insights
Some of the key companies operating in the foot orthotic insoles market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In October 2022, Superfeet Worldwide Inc. launched the Superfeet Carbon insoles providing superior cushioning and arch support.
– In November 2022, Sof Sole LLC launched a new range of Plantar Fasciitis insoles designed to provide superior shock absorption and arch support.
– In December 2022, Powerstep LLC launched the ProTech insoles with variable thickness cushioning and arch support.
Some of the prominent players in the foot orthotic insoles market include:
– Superfeet Worldwide Inc.
– Sof Sole LLC
– Powerstep LLC
– Dr. Scholl’s
– Spenco Medical Corporation
– Implus Footcare, LLC
– Foot Dynamics, LLC
– The Orthotic Group
– Pedag International, Inc.
– Aetrex Worldwide, Inc.
Global Foot Orthotic Insoles Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global foot orthotic insoles products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Custom Orthotic Insoles
– Pre-formed Orthotic Insoles
– Over-the-Counter Orthotic Insoles
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail Stores
– Online
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Mass
– Premium
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Main Drivers of Growth for the Foot Orthotic Insoles Market?
[A]: The key factors driving the foot orthotic insoles market are the increasing prevalence of foot deformities, rising demand for sports and recreational activities, and increasing awareness about foot health and hygiene. Moreover, the growing geriatric population and rising disposable income of the middle-class population are also boosting the growth of the market.
[Q]: Who are the Major Players in the Foot Orthotic Insoles Market?
[A]: The major players in the foot orthotic insoles market include Powerstep, Inc., Superfeet Worldwide, Inc., Foot Solutions, Inc., Spenco Medical Corporation, Pedors, Inc., SOLE, Dr. Comfort, Inc., Orthotic Group Ltd., c/o Footmaxx, and Aetrex Worldwide, Inc.
[Q]: What are the Key Trends in the Foot Orthotic Insoles Market?
[A]: The foot orthotic insoles market is experiencing a trend of increasing demand for customized insoles. Customization of insoles helps in providing better foot support and comfort. Moreover, technological advancements in the production of foot orthotic insoles is another major trend which is expected to drive the growth of the market.
[Q]: What is the Regional Outlook for the Foot Orthotic Insoles Market?
[A]: North America is estimated to dominate the global foot orthotic insoles market in 2019 due to the increasing prevalence of foot deformities and rising demand for sports and recreational activities. Moreover, the presence of major players in this region is also boosting the growth of the market.
[Q]: What are the Challenges Faced by the Foot Orthotic Insoles Market?
[A]: The foot orthotic insoles market is facing certain challenges such as high cost of the products and lack of awareness regarding the benefits of foot orthotic insoles. Moreover, the different regulations implemented by different countries regarding the production of foot orthotic insoles is also limiting the growth of the market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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