Foot Orthotic Insoles Market Size

Foot Orthotic Insole Market Analysis

The Foot Orthotic Insoles Market size is estimated at USD 3.73 billion in 2024, and is expected to reach USD 5.21 billion by 2029, growing at a CAGR of 6.90% during the forecast period (2024-2029).

• COVID-19 created a global public health emergency that affected almost every business and industry. According to the article published in Prosthetic and Orthotic International in October 2021, an online survey was distributed to UK orthotics approximately 6 months after the first peak of COVID-19. The survey concluded that the pandemic significantly impacted orthotic services, with face-to-face appointments primarily reserved for urgent patients and inpatients, services closing and reopening in stages, and the introduction of telehealth to ensure less urgent patients could continue to access orthotic care. Hence, the COVID-19 pandemic disrupted the prosthetic and orthotic business and thus impacted the foot orthotic insoles market in COVID-19. However, the market is gaining traction as care services have resumed worldwide.
• The rising adoption of customized orthotic insoles to reduce pain, the significant rise in the geriatric population and prevalence of diabetes, and increasing health issues coupled with an increased incidence of chronic pain are the major factors attributed to the growth of the studied market.
• According to World Health Organisation (WHO) data updated in October 2021, every country worldwide is experiencing growth in the size and proportion of older persons in the population. According to WHO estimates, 1 in 6 people in the world will be aged 60 years or over by the year, and the share of the population aged 60 years and over will increase from 1 billion in 2020 to 1.4 billion in 2030. In 2050, 80% of older people will belong to low- and middle-income countries. This aging population is more prone to foot disease, diabetes, joint and back pain, and other diseases requiring orthotics for support or pain relief. Hence, owing to the growing aging population, the growth of the studied market is expected to grow over the forecast period.
• Additionally, an article published in Springer Open in November 2021 mentioned that lower limb deformities may hamper a child's quality of life and worsen with time. This article also suggests that lower limb deformities are a considerable problem in primary school students needing early diagnosis. Therefore, the incidence of lower limb deformities among the school-going and pediatric populations is anticipated to increase demand for foot orthotic insoles, hence driving the growth of the studied market. Similarly, advancements in insole technology are expected to boost market growth over the forecast period. For instance, in April 2022, OrthoLite launched new ESD insole technology for work and service footwear. This mechanically bonded electrostatic discharge protection insole technology helps customize the foot orthotics insoles.
• Thus, all the factors above are expected to boost market growth over the forecast period. However, limited awareness about orthotics among the population is expected to restrain the market's growth.