Market Study on Custom Foot Orthotics: Increasing Utilization of Additive Manufacturing being Witnessed
New York, May 12, 2022 (GLOBE NEWSWIRE) -- The custom-made concept of orthotics rehabilitation is based on the notion that by designing foot orthotics with patient-specific design elements, certain aspects of the foot function can be altered therapeutically. Owing to the high adoption of cloud-based software systems and advancements in AI technology in the healthcare sector, the global custom foot orthotics market is slated to expand rapidly at a CAGR of 7.8% over the forecast period (2022-2032).
Utilization of additive manufacturing (AM) to build 3D objects has become a major trend in custom foot orthotic products. This is done by first modelling them digitally with a computer program and then producing them. AM can be achieved with different methods — 3D printing, photo polymerization, and injection molding, among others. People have now started adopting the use of insoles for day-to-day purposes. In laborious activities, they provide comfort and reduce pain.
With an increase in technological advancements such as 3D printing for insoles and customization via software, customers will get highly attracted and this will in turn demand the growth of this market.
Rising acceptance of personalized foot orthotics is attributed to the use of biomaterials in insole manufacturing, which provides longer wear duration and increased strength. In order to serve a vast population, key stakeholders are now focused on features such as low cost, ease of use, novelty, and comfort.
In May 2019, Wiivv Wearables, Inc. announced a collaboration with Dr. Scholl’s, for the production of custom-fit sandals and shoes.
In May 2019, Powerstep launched ErgoShield® occupational insoles, which are designed to improve foot comfort and provide ease on the job.
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Key Takeaways from Market Study
Custom products held an approximate 58.6% market share in 2021.
Adult age group contributed nearly 70.9% revenue share in 2021.
With huge adoption of custom foot orthotics in medical applications, the segment accounted for the largest share of around 55.6% in 2021.
By material, EVA contributed around 19.4% share to the global market in 2021.
By user, the custom category accounted for around 58.6% market share in 2021.
By distribution channel, hospitals and specialty clinics are preferred more by patients, and the segment held a market share of around 31.3% in 2021.
Around 40.5% of the global market share, by region, was accounted for by North America in 2021.
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“High prevalence of chronic disorders and increase in sales of custom foot orthotics via e-Commerce platforms will propel market growth over the coming years,” says an analyst of Persistence Market Research.
The market is highly fragmented with the presence of various regional, local, and international players. Major custom foot orthotic product manufacturers are partnering with start-ups that have innovative product lines.
During the projection period, this combination of prominent players' technological competence and novel product techniques or materials from new market entrants is likely to result in the introduction of new products with increased features.
In December 2018, Bauerfeind AG announced a partnership with the National Basketball Association (NBA), stating that their product, GenuTrain, will become the officially licensed knee support in the basketball league.
In April 2018, Foot Science International announced a distribution partnership with clinical innovation for the product “Formthotics”, in order to expand its reach among professionals and other customers.
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What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the custom foot orthotics market in its latest study, presenting historical demand assessment of 2015 – 2021 and projections for 2022 – 2032.
The research study is based on the product (prefabricated and custom [rigid/function orthotic insoles and soft/ accommodative insoles]), user age group (adult and paediatric), application (sports & athletics, medical, and personal comfort), material (thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, EVA, gels, and others), user (prefabricated [adult and paediatric] and custom [adult and paediatric]), and distribution channel (drug stores, hospitals & specialty clinics, online stores, and others), across key regions of the world.
Persistence Market Research (PMR), as a 3rd-party research organization, does operate through an exclusive amalgamation of market research and data analytics for helping businesses ride high, irrespective of the turbulence faced on the account of financial/natural crunches.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
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