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Foot insole has exhibited a steady market presence as people are increasingly aware of the multiple attributes that it offers while wearing a shoe. Its ability to help avoid to foot diseases, relieve foot ache, and assist to ease lower body pain have surged the necessity of the product. The rising manufacturing of products that are incorporating AI technology to help monitor the health and performance of the foot is acting as an opportunity for market growth. For instance, Stevens Institute of Technology has come up with an AI-powered, smart insole that directly turns any shoe into a portable gait-analysis laboratory that assists in tracking the performance and health condition of the foot.
The thriving progress of the footwear industry, resulting in to increase in the usage of the product is acting as a driving factor for the market growth. For instance, according to the data issued by Invest India.Gov, in 2018, global footwear production witnessed a growth of 24.2 billion pairs, which is a rise from 20.1 billion pairs in 2010. Furthermore, the global population increasingly drifted towards the consumption of fashion products is helping to generate more traction.
Nevertheless, the lack of awareness of the benefits of the product, especially related to medical and sports, is acting as a hampering factor for market growth.
Key Market Driver -
The flourishing growth of footwear industry is likely to foster the usage of the product and act as a driving factor for the market growth.
Key Market Restraint -
The lack of awareness of the benefits of the product is acting as a limiting factor for the market growth.
Amfit Inc., Superfeet Worldwide Inc., Bauerfeind AG, Bayer Healthcare AG, SOLO Laboratories, Inc., and others are the key companies operating in the foot insole market.
The foot insole is segmented by type, application, end-user, and geography.
On the basis of type, the market is fragmented into sizing insole, placement insole, athletic insole, insulating sole, and others. Sizing insole is projected to be the dominant owing to a large number of consumers using the product to assist in fitting their feet with the size of the footwear.
Based on application, the market is grouped into fashion, medical, and sports & athletics. Fashion is anticipated to be the leading segment on account of the majority of the usage of the product is for fashion footwear. Likewise, less number of people possessing foot disorder, and fewer utilization rate of the product in sports & athletics surges the preference rate in the fashion segment.
By end-user, the market is bifurcated into men and women. Women are projected to be the larger market due to the large consumption of footwear products by women, and manufacturers producing wider varieties of women's footwear products assist to increase the consumption of the product.
On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
Asia Pacific is evaluated to embrace a prominent share and is anticipated to continue throughout the forecast period of 2020-2027. The booming growth of sports leagues of this region such as the Indian Premier League, Chinese Super League, K League 1, and others increasingly influencing people to participate in sports is likely to fuel the demand of the product especially sports insole. Furthermore, the rising number of people living in urban places has resulted to propel people to surge their spending made on fashion goods is thus assisting to accelerate the market growth. For instance, according to the Trading Economics data, in 2019 the urban population in Japan is 91.7 percent.
North America is estimated to show a significant presence in the foot insole market, owing to the large number of people participating in physical activities is anticipated to play a crucial role. For instance, according to the data released by Global Wellness Institute.Org, in 2018, 58.8 percent of the United States population was estimated to participate in recreational physical activities and assessed to generate a revenue of USD 105 billion. Furthermore, large number of people experiencing diabetic issues is helping to intensify the use of insole, which are specially designed for people with diabetes. According to the American Diabetes Association data, in 2018, 34.2 million or 10.5 percent of the United States population was assessed to have diabetes.
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