Market Trends of Foot Orthotic Insoles Industry
Sports and Athletics by End-User Segment is Expected to Witness Significant Growth in the Market
The sports and athletics segment is expected to witness growth over the forecast period among all other segments.
Foot disease is the result of the pathophysiology of chronic conditions. Foot disease disorders have been reported globally in significant numbers of people involved in sports. An athlete's foot, also called tinea pedis, is an infectious fungal infection that affects the skin on the feet. The presence of foot disease disorders is likely due to the extended use of shoes and less aeration of the fingers and foot. Even if it is not serious, this might take longer than usual to cure. Hence, the use of insoles is usually recommended.
According to the article published in Sports Business Journal in September 2022, basketball was the second-most popular major sport in the USA in 2021, with 27.1 million players overall, or 11.5 million more than baseball. Eight million people identify as core hoopers, who play at least 13 times a year, more than double the number of baseball's dedicated fans. Thus, more sports players may have higher chances of foot pain, thereby boosting the demand for foot orthotic insoles.
In addition, the data provided by AusPlay Survey conducted by the Australian Sports Commission (ASC) in November 2022 showed that 55% of women, 70.5% of men, and 67.3% of children participating in sports were engaged in sport-related activities in Australia. The population's interest in sports activities is expected to increase over time. Hence driving the sports and athletics segment.
The growing burden of diabetes leads to the diabetes foot problem, which is likely to boost the demand for diabetic insole. To help prevent foot tissue damage, diabetic orthotics play an essential role by supporting healthy blood circulation.
The increasing number of sports activities globally and the adoption of sports as a career among the population have increased recently. This trend is anticipated to rise over the forecast period, poised to drive the growth of the studied segment.
North America is Expected to Hold a Significant Share in the Foot Orthotic Market Over the Forecast Period
North America is expected to dominate the foot orthotics market over the forecast period, among other regions by geography. An increasing number of emergency cases, a surge in orthopedic illness, and an increasing geriatric population in the region are major factors attributed to the growth of the market in the region.
The prevalence of diseases such as diabetes is increasing in North America. The National Diabetes Statistics Report published by the Centre for Disease Control and Prevention (CDC) in January 2022 showed that an estimated total of 37.3 million people had diabetes in the United States; 28.7 million people, including 28.5 million adults, were diagnosed with diabetes; and 8.5 million people are estimated to be living with undiagnosed diabetes. Also, CDC data shows 26.4 million people aged 65 (48.8%) have prediabetes. The high incidence of diabetes may cause a diabetic foot problem, ultimately increasing the demand for foot orthotic insoles over the forecast period.
As per the 2021 census of Statistics Canada, in 2021, there were around 7,021,430 people aged 65 years or older living in Canada, of which 3,224,680 were males and 3,796,750 were females. Such a high number of the elderly population is more likely to suffer from diabetes, cardiac disease, osteoporosis, or knee, hip, or back pain that leads to foot problems. Thus, the rising geriatric population is expected to drive market growth in the region.
Additionally, the presence of major companies and strategic initiatives by these players, such as mergers and acquisitions and new product launches, boosts the market's growth. For instance, in November 2021, Spenco, the brand under Implus Footcare LLC, launched Propel and Propel + Carbon insoles designed to supercharge running shoes with the latest running technology.
Therefore, owing to the abovementioned factors, the North American region is expected to grow significantly over the forecast period.
