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The global foot orthotic insoles market size is expected to reach USD 4.50 billion by 2027. This is attributable to the rising geriatric population and the increasing incidence of diabetes that is driving the demand for advanced foot orthotic insoles globally. Fortune Business Insights, in its latest report, titled, “Foot Orthotic Insoles Market Size, Share & COVID-19 Impact Analysis, By Type (Prefabricated and Customized), By Application (Medical, Sports & Athletics, and Personal), By Material (Thermoplastics, Ethyl-vinyl Acetate (EVA), Foam, Composite Carbon Fibre, and Others), By Age Group (Pediatrics and Adults), By Distribution Channel (Hospital Pharmacies, Retail Stores, and Online Stores), and Regional Forecast, 2020-2027.”, observes that the market stood at USD 3.25 billion in 2019 and is likely to exhibit a CAGR of 6.1% between 2020 and 2027.
Suspension of Several Non-COVID-19 Healthcare Procedure to Impact Market Revenue
Due to cancellation or rescheduling of several outpatient appointments, the patient volume in orthotics and podiatry clinics has decreased significantly. This is owing to the growing shift towards treating COVID-19 patients on the advisory of the government agencies globally. This is likely to affect the revenue generation of the orthotic department. However, the growing adoption of digital technologies by the orthotic clinics is likely to favor the market growth in the forthcoming years.
What does the Report Provide?
The market report includes a qualitative and quantitative analysis of several factors such as the key drivers and restraints that will have an impact on the market. Furthermore, the report includes significant insights into the regional insights that include different regions, which are contributing to the market growth between 2020 and 2027. It includes the competitive landscape involving the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, collaborate, and acquire other companies that will contribute to the market growth. Moreover, the research analyst has adopted several research methodologies such as PESTEL analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
North America to Remain Dominant; Increasing Adoption of 3D Printing Technology to Aid Growth
Among all the regions, North America is likely to remain dominant and hold the highest position in the global foot orthotic insoles market in the forthcoming years. This dominance is attributable to the advancement in the healthcare sector that is driving the adoption of 3D printers to manufacture foot orthotic insoles for the patients in the region. North America stood at USD 1.37 billion in 2019.
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