Demand for foot orthotic insoles is set to rise steadily through 2030, with ‘custom-made’ capturing bulk of the sales, as per a new report by Fact.MR. Consumer preference for insoles that offer convenience and comfort is likely to drive manufacturers to offer more customized solutions. Over the long run, demand is likely to be influenced by a steadily rising geriatric and diabetic population.
Key foot orthotic insoles manufacturers are focusing on collaborative manufacturing to expand their share in high-growth markets. The marketplace remains highly fragmented, with a large number of small players operating across all regions. Moreover, increasing sales through online platforms will boost the growth of the global foot orthotic insoles market. e-ommerce platforms allow customers to browse and order from a range of product offerings provided by vendors. It makes the shopping experience of easier and supports brand retaining and promotion. As per Fact.MR analysis, the global foot orthotic insoles market is projected to be valued at US$ 7.4 Bn in 2030.
- Custom foot orthotic insoles account for over 60% of total revenues
- Polyethylene foam foot orthotic insoles are most sought-after by manufacturers
- Demand for medical industry remains mainstay, but growing use among athletes is creating new revenue streams
- US, UK, Germany, France, Spain, and Italy collectively hold over 50% market share
- Purchases through hospitals & specialty clinics continues to be the most lucrative sales channel
- The COVID 19 pandemic impact on foot orthotic sales have been relatively less severe.
“As customization is a key consumer requirement, manufacturers need to offer the right technology and offline channels to consolidate their position. ,” says a Fact.MR analyst.
Product Portfolio Expansion & Partnerships – Key Strategies Followed by Market Players
Dr Scholl’s, Powerstep, Superfeet Worldwide, Inc., Bauerfeind, and A. Algeo Limited contribute a high market value share of around 20% in global foot orthotic insoles market. Foot orthotic insole manufacturers are focusing on expansion of their product portfolios. For instance, in July 2019, Yellow Wood Partners entered into a definitive agreement to buy Dr Scholl’s™ business from Bayer for a purchase price of US$ 585 million.