Foot Orthotic Insoles Market Trends

Growth Drivers

• Increasing Geriatric Population – Another significant aspect that is anticipated to fuel the growth of the foot orthotic insoles market is the increase in the elderly population. As advancing years, the bones lose calcium, which weakens the bones' bones and ligaments in the foot. Moreover, the fatty padding beneath the foot thins, which results in decreased support and cushioning for the bones, particularly the heel bone. As per UN reports, in 2020, there were 727 million people worldwide who were 65 or older. By 2050, this figure is expected to more than double, reaching over 1.5 billion people.
• Rising Prevalence of Chronic Foot Ailments – The market has witnessed growth owing to an increase in the prevalence of chronic foot ailments such as hammertoes, blisters, bunions, corns and calluses, claw and mallet toes, ingrown toenails, toenail fungus, and athlete's foot. Many medical disorders, including diabetic foot ulcer, plantar fasciitis, bursitis, and arthritis, might contribute to this disease. Thus, doctors recommend foot orthotic insoles to prevent discomfort from these disorders. According to NCBI, the annual prevalence of foot ulcers worldwide in 2021 ranges from 9.1 to 26.1 million.
• Technological Advancement – 8sole is a pioneer in 3D-printed foot orthotic. Custom-made prescription orthotics like these have set new benchmarks for foot comfort, pain relief, and medical care, due to their superior biomechanics, these insoles only exert 50% of the total load while standing and about 120% while walking

Challenges

• High Cost of Custom Orthotic Insoles- The high cost of custom foot orthotic insoles is one of the major growth limiting factors to the market. Several kinds of custom orthotics are uniquely created to fit a particular foot and treat individual foot ailments. In contrast to over-the-counter insoles, these products are typically more expensive. To illustrate, the typical custom orthotic insoles range in price from USD 200 to USD 800. There are several factors that are responsible for its high cost such as high fabrication cost, high material quality and customization. Further, during previous years, it has been witnessed that product prices have grown rapidly which has negatively impacted product demand in several countries.
• Slow rate of penetration
• Weak network of supply chain