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The global foot orthotic insoles market size stood at USD 3.69 billion in 2023. The market value is slated to rise from USD 4.22 billion in 2024 to USD 7.16 billion by 2032 at a CAGR of 6.8% during 2024-2032. The growth can be credited to the soaring prevalence of chronic disorders and considerable advancements in technology. Additional factor propelling industry expansion is the rising prevalence of foot ailments across various regions. Fortune Business Insights™ presents this information in its report titled “Foot Orthotic Insoles Market Size, Share & COVID-19 Impact Analysis, By Type (Prefabricated and Customized), By Material (Thermoplastics, Ethyl-vinyl Acetate (EVA), Foam, Composite Carbon Fiber, and Others), By Application (Medical, Sports & Athletics, and Personal), By Age Group (Adults and Pediatrics), By Distribution Channel (Hospital Pharmacies, Retail Stores, and Online Stores), and Regional Forecast, 2024-2032”.
Negative Effect on Industry Growth Propelled by Cancellation of Appointments Amid COVID-19 Pandemic
The COVID-19 pandemic witnessed a decline in the revenues of leading industry participants. Several regions recorded an increase in the cancellation orthotic appointments during the pandemic period. However, the deployment of digital technologies helped the revival of industry growth. The period further registered an upsurge in product purchase by major e-commerce portals.
Hanger Announced an External Advisory Board would Join the Hanger Institute for Clinical Research & Education
In October 2021, Hanger announced that an external advisory board in tandem with industry and academic partners would join the Hanger Institute for Clinical Research & Education. The deal would help enhance patient outcomes and advance the clinical practice of prosthetics and orthotics.
The Hanger Institute was set up in March 2021 for the expansion, exploration, and facilitation of opportunities that help the advancement of leading-edge research. Along with external partners, over 50 professionals within Hanger support the mission of the Institute, ranging from associates comprising clinicians, core faculty, and other employee affiliates.
Escalation in Market Value Propelled by Rising Technological Advancements
The foot orthotic insoles market growth is being impelled by the growing technological advancements. The growing usage of 3D printing techniques provided considerable opportunities for the improvement of functional abilities.
However, the industry expansion could be hampered by the high costs of customized insoles and limited rate of penetration in emerging countries.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/foot-orthotic-insoles-market-100348
Major Players Ink Partnership Agreements to Strengthen Industry Footing
Key industry participants are centered on the implementation of an array of initiatives for strengthening their industry positions. These steps comprise acquisitions, merger agreements, and partnerships. Other initiatives include partnerships, collaborations, and the formation of alliances. Some companies are also participating in trade conferences for the enhancement of business prospects.
Key Players Profiled:
Notable Industry Development
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 6.8% from 2024-2032 |
Unit | Value (USD Billion) |
Segmentation | By Type, By Material, By Application, By Age Group, By Distribution Channel, and By Region |
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By Material |
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By Application |
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By Age Group |
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By Distribution Channel |
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By Region |
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