LONDON--(BUSINESS WIRE)--The global foot insoles market is expected to grow at a CAGR of close to 7% during the forecast period, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global foot insoles market for 2017-2021. By application, this market is segmented into medical insoles and sports insoles.
| The market size for foot insoles is expected to grow to USD 3.6 billion by 2021, mainly driven by the sales of medical insoles. The increasing awareness about orthotic awareness systems and increasing incidences of diabetes among the general population is driving the sales of medical insoles. |
Technavio’s research study segments the global foot insoles market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest foot insoles market segment
“The foot insoles market in the Americas is led by the US and Canada, which are responsible for generating over 45% of the market revenue. This is due to the wide range of products available, high consumer awareness, innovative product offerings by international brands, and the presence of several key vendors in the region,” says Amber Chourasia, one of the lead analysts at Technavio for health and wellness research.
The US is the key player in the region, where there is a shift towards healthy lifestyle choices. A large volume of sales for foot insoles is noted in the US, as they are used even while performing normal activities like walking as they provide enhanced arch support. Furthermore, many athletes resort to these foot insoles to augment their sports footwear to obtain optimum performance during events and training sessions.
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EMEA: innovative product offerings drive foot insoles market segment
The sales of foot insoles are driven by Western European countries where there is a focus on improving quality healthcare services. The demands from healthcare providers and caregivers are driving for the products that are of high quality regarding performance, efficiency, safety, and long-term cost-effectiveness.
Government support, institutional initiatives promoting healthier lifestyles, and emphasis on fitness are some of the key factors that will help fuel the growth of this market during the forecast period. Also, initiatives like the WIISEL project was launched to aid the elderly by developing smart insoles. Smart insoles can detect changes in gait and balance in the daily elderly environment to prevent the risk of falls. Such innovative product offerings are expected to drive the market in EMEA.
APAC: fastest growing foot insoles market segment
“APAC is expected to showcase the quickest growth, with a CAGR of close to 9% through 2021. The region is characterized by an increase in latent demand, especially in fast-growing economies like China and India. To increase awareness of foot insoles and the importance of proper arch support, manufacturers have come up with educational and training programs for medical professionals,” says Amber.
Increased investments in healthcare infrastructure by governments and rising awareness are driving the market growth. This market is mainly driven by diabetic patients who require foot insoles due to the low circulation among patients, which affects the overall foot health. India has a large potential for growth and is expected to be the fastest growing market in terms of use of foot insoles.
The top vendors in the global foot insoles market highlighted in the report are:
- Bayer HealthCare
- Beuerfeind
- Superfeet
- StableStep
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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