Between 2015 and 2019, global foot orthotic market shipments grew at 4.6%. High prevalence of musculoskeletal disorders was amongst the key stimulants driving the said growth. Studies conclude that nearly 20-40% of elderly people reported acute pain in their feet, with high prevalence rate of hallux valgus.
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Growth is also expected to accelerate amid the growing prevalence of diabetic foot ulcers. Historically, foot ulcers are estimated to affect 1-4% patients across the United States annually. By 2030, the number of diabetic people worldwide is projected to increase to 366 million. Owing to these broad factors, the foot orthotic insoles demand is likely to increase, expanding at a CAGR exceeding 7% throughout the 2020-2030 assessment period.
How will High Prevalence of Plantar Fasciitis Impact Demand?
Plantar fasciitis is a common degenerative disease affecting adults aged between 40 to 50 years and beyond. It is a frequent cause of heel pain, with diabetic patients especially at the highest risk. Presently, diabetes mellitus affects 425 million people globally, projected to increase to 629 million by 2045.
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As this number increases, prevalence of plantar fasciitis is bound to increase. Currently, the condition affects approximately 10% of the population. As diabetic patients experience acute healing problems, fasciitis is expected to have a debilitating impact on these patients, compelling them to seek appropriate preventive measures.
Based on these aforementioned developments, the demand for foot orthotic insoles is expected to burgeon in the 2020-2030 forecast period as patients seek effective shock absorbent and cushioning footwear. Orthoses are thus considered the most appropriate non-invasive and cost-effective approach.
Growing Burden of Varicose Veins
In the developed world, varicose veins constitute one of the major feet problems within individuals. Prominent player SIGVARIS Group’s study concluded that 40% of both men and women across industrialized countries report chronic venous diseases, largely an outcome of sedentary lifestyle patterns.
The study also concludes that long-terms varicose veins conditions invariably lead to skin lesions which ultimately assume the form of ulcers. Furthermore, the American Society for Vascular Surgery projects that at least 20 to 25 million Americans suffer from varicose veins. Consequently, patients are seeking various treatment solutions to alleviate this burden.
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The Foot Orthotic Insoles market report answers important questions which include:
- What does the status of the Foot Orthotic Insoles market look like after the forecast period?
- Which region has the highest contribution to the global Foot Orthotic Insoles market and why?
- Which players remain at the top of the global Foot Orthotic Insoles market?
- What opportunities are available for the Foot Orthotic Insoles market players to expand their production footprint?
- Which segment has the maximum impact on the global Foot Orthotic Insoles market?
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