Foot Orthotic Insoles Market Size, Share, Growth Analysis, By Type(Prefabricated, Customized), By Applications(Medical, Sport & Athletics, Personal), By Region - Industry Forecast 2024-2031

Foot Orthotic Insoles Market size was valued at USD 3.2 billion in 2019 and is poised to grow from USD 3.4 billion in 2023 to USD 5.95 billion by 2031, growing at a CAGR of 6.4% in the forecast period (2024-2031).

Medical devices called foot orthotic insoles are recommended by doctors to alleviate and relieve foot discomfort. The market for foot orthotic insoles has grown as a result of the rising incidence of chronic diseases including diabetes, which can cause diabetic foot ulcers, and other foot maladies. The lockdown, however, had an adverse effect on the market owing to the COVID-19 pandemic, as retail outlets saw a disturbance in their sales and there was a decrease in the number of patients visiting healthcare providers. Significant technical developments in the orthotics industry and solid clinical research demonstrating the effectiveness of insoles in treating a variety of disorders are favourable to market expansion. For instance, in 2019 Talita Cumi Ltd. and Aetrex Worldwide Inc. began a comparative clinical trial to examine whether using indoor comfort sandals with built-in arch support in addition to prefabricated orthotics in shoes will help treat plantar fasciitis more effectively than using only those devices alone. Additionally anticipated to fuel market expansion throughout the projection period are such research projects.

During the pandemic in FY 2020, most market participants saw a decline in the revenues of their orthotic business sectors. However, during the FY 2021, the market saw a jump in the sales of foot orthotic insoles. For instance, Hanger Inc., a crucial firm, had a decrease in sales in its patient care and product & services business sectors during FY 2020 compared to the same time in 2019. However, the company's product & services and patient care businesses had increases in sales of 4.5 percent and 13.4 percent, respectively, in FY 2021. Similar to this, the company's bracing and support division saw an increase in revenues during FY 2021 compared to the same period in 2019.

US Foot Orthotic Insoles Market is poised to grow at a sustainable CAGR for the next forecast year.