Market Trends of Foot Orthotic Insoles Industry
The Sports and Athletics Segment is Expected to Witness Significant Growth in the Market
The sports and athletics segment is expected to witness growth over the forecast period.
Foot disease is the result of the pathophysiology of chronic conditions. Foot disease disorders have been reported globally in 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 US in 2021, with 27.1 million players overall, which was 11.5 million more than baseball. Eight million people identified as core hoopers, who played at least 13 times throughout the year, more than double the number of baseball's dedicated fans. Thus, more sports players may have higher chances of foot pain, boosting the demand for foot orthotic insoles.
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 were engaged in sport-related activities in Australia. The population's interest in sports activities is expected to increase over time, 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. Diabetic orthotics play an essential role in preventing foot tissue damage 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, driving the growth of the segment.
North America is Expected to Hold a Significant Share in the Foot Orthotic Insoles Market Over the Forecast Period
North America is expected to dominate the foot orthotics market over the forecast period. An increasing number of emergency cases, a surge in orthopedic illness, and the increasing geriatric population in the region are major factors driving 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 around 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 were estimated to be living with undiagnosed diabetes. Also, CDC data showed that 26.4 million people aged 65 (48.8%) had prediabetes. The high incidence of diabetes may cause a diabetic foot problem, increasing the demand for foot orthotic insoles over the forecast period.
As the geriatric population is more prone to various orthopedic issues, the high prevalence of the geriatric population is expected to drive market growth in the region. For instance, as per the April 2024 update by Statistics Canada, the number of people aged 65 years and older was 7,568,308 in Canada as of July 2, 2023. A large number of older people are 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 rising strategic initiatives by these players, such as mergers and acquisitions and new product launches, boost the market's growth. For instance, in July 2022, Foot Levelers, the provider of hand-crafted custom orthotics serving multi-disciplinary professionals and clinicians, introduced its most advanced custom orthotic. InMotion+ is a meticulously crafted and rigorously tested orthotic incorporating premium performance, stability, and comfort features.
Therefore, owing to the abovementioned factors, the North American market is expected to grow significantly over the forecast period.
