The Business Research Company’s Foot Orthotic Insoles Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
— The Business Research Company
LANDON, GREATER LANDON, UK, November 1, 2023 /EINPresswire.com/ — The global foot orthotic insoles market is on an upward trajectory, anticipated to grow from $3.29 billion in 2022 to $3.55 billion in 2023, showcasing a Compound Annual Growth Rate (CAGR) of 8.0%. Despite the challenging global economic landscape due to the Russia-Ukraine conflict and the lingering impact of the COVID-19 pandemic, the market is projected to reach $4.72 billion by 2027, maintaining a steady CAGR of 7.4%.
Impact of Rising Diabetes Prevalence on Market Growth
The burgeoning prevalence of diabetes is a significant driver propelling the growth of the foot orthotic insoles market. With diabetes being a chronic metabolic condition characterized by elevated blood glucose levels, it can potentially lead to severe damage to various bodily systems, including the heart, blood vessels, eyes, kidneys, and nerves. Foot orthotic insoles are essential in the treatment of diabetic feet that have experienced conditions such as charcot arthropathy and foot ulcers. Notably, the IDF Diabetes Atlas published by the International Diabetes Federation (IDF) in 2021 indicated that globally, around 537 million adults (20–79 years old) had diabetes, with projections estimating this number to increase to 643 million by 2030 and 783 million by 2045. Consequently, the rising prevalence of diabetes is a key factor driving the growth of the foot orthotic insoles market.
For a Comprehensive Analysis of the Global Foot Orthotic Insoles Market, Refer to the sample Report:
1. By Type: Prefabricated, Customized
2. By Material: Thermoplastics, Polyethylene Foams, Leather, Cork, Composite Carbon Fibers, Ethylene-vinyl Acetate, Gel, Other Materials
3. By Application: Medical, Sports And Athletics, Personal
4. By Distribution Channel: Drug Stores, Hospitals And Specialty Clinics, Online Stores, Other Distribution Channels
Product Innovation Drives Market Growth
Prominent industry players such as New Balance and Remington Products Company are actively contributing to product innovations within the foot orthotic insoles market. New Balance’s introduction of casual therapeutic cushion insoles, shaped by Superfeet, stands out with its unique design incorporating extra-soft foam that conforms to sensitive feet, offering relief and support during movement. Meanwhile, Remington Products Company’s acquisition of the Foot Petals brand from RG Barry Corp is expected to leverage its manufacturing capabilities, network, and resources to enhance operations and bolster the brand’s offerings.
North America Leads, Asia-Pacific Emerges as a Promising Region
In 2022, North America dominated the foot orthotic insoles market, while the Asia-Pacific region is positioned to register the fastest growth during the forecast period, presenting substantial opportunities for the global foot orthotic insoles market.
For an In-Depth Analysis of the Global Foot Orthotic Insoles Market, Access the Complete Report:
Foot Orthotic Insoles Global Market Report 2023 from TBRC covers the following information:
1. Market size date for the forecast period: Historical and Future
2. Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
3. Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Foot Orthotic Insoles Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on foot orthotic insoles market size, foot orthotic inserts market drivers and trends, foot orthotic insoles market major players, competitors’ revenues, market positioning, and market growth across geographies. The foot orthotic insoles market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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