Asia Pacific Foot Orthotic Insoles Market Size, Share & Industry 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, 2023-2030

Asia Pacific is the third largest region in the global foot orthotic insoles market. The Asia Pacific foot orthotic insoles market size is projected to grow at a CAGR of 7.9% during the forecast period. The global market for foot orthotic insoles is projected to grow from USD 3.62 billion in 2022 to USD 6.26 billion by 2030.

The significant rise in geriatric population, the growing adoption of customized orthotic insoles to reduce pain, and increasing prevalence of diabetes leading to diabetic foot ulcers are significant factors driving the market growth. For instance, according to data published by the United Nations ESCAP in 2022, the aged population in Asia-Pacific is growing faster than any other region worldwide. In addition, there are about 630 million people above 60 years of age in the Asia Pacific, accounting for 60% of the world’s elder population. The number is expected to increase to 1.3 billion by 2050. Furthermore, the Asia Pacific foot orthotic insoles market share is expected to grow over the forecast period owing to the increasing efforts from key players to introduce advanced products such as 3d printed orthotics insoles in the market. Furthermore, increasing demand for foot orthotic insoles from hospitals and specialty clinics is also projected to drive the market growth in the near future.

Our report on the Asia Pacific market covers the following countries/regions – China, Japan, India, Australia, and the rest of Asia Pacific.

LATEST TRENDS

Numerous Strategies and Initiatives by Key Players to Offer New Growth Opportunities

The market has shifted its focus on improving quality of life. Several players of foot orthotic insoles are focusing on investments and mergers & acquisitions to expand their businesses. For instance, in August 2021, ASICS India Pvt. Ltd., a sports company, invested in a Japanese insole maker, which manufactures custom insoles by capturing the photos of feet through a smartphone. Such investments will significantly impact the Asia Pacific market’s growth prospects in the coming years.

DRIVING FACTORS

Growing Prevalence of Diabetes and Significant Rise in Geriatric Population to Accelerate the Foot Orthotic Insoles Market Growth

The senior population is more prone to diabetes, foot disease, joint and back pain, and other conditions, which require foot orthotic insoles for pain relief or comfort. Moreover, diabetes is a rapidly growing health condition in emerging economies such as India. According to data published by the National Centre for Disease Informatics and Research in 2022, there will be 69.9 million cases of diabetes in India by 2050. Hence, the orthotic insoles market in Asia Pacific is expected to grow over the forecast period owing to the growing prevalence of diabetes and the significant rise in the geriatric population as it requires foot orthotic insoles for pain relief.

RESTRAINING FACTORS

Request a Free sample to learn more about this report.

High Costs Associated with R&D Activities to Limit the Market Growth 

Lack of adoption and awareness regarding foot orthotic insoles in developing countries such as India is projected to hamper the market growth to a certain extent. The high costs associated with the use of cutting-edge technology, such as usage of high-frequency and shock-absorbing materials required for customized foot insoles, could limit the market growth. Furthermore, due to lack of service capacity, the demand for these insoles is restrained in emerging economies. The customers in this market face difficulties due to the lack of demand and supply variables. In addition, low-income and middle-income countries’ healthcare companies do not have enough product offerings to meet customer demand, hindering the growth of the market.

KEY INDUSTRY PLAYERS

Some of the key players dominating the Asia Pacific competitive landscape are Aetrex Worldwide, Inc., Ottobock, and Bauerfeind. These players are highly focused on R&D activities for optimum customer satisfaction and sustainability.

Other key players, such as MyFeet Asia, Digital Orthotics Laboratories Australia Pty Ltd., and Superfeet Worldwide, LLC, also account for a significant market share owing to their strong product portfolio. These companies are highly focused on expanding their geographical presence worldwide. Some other players include AMFIT and Tynorindia, which are focused on expanding their product presence through various campaigns to increase their market share and product adoption rate in the Asia Pacific market.

LIST OF KEY COMPANIES PROFILED:

• AMFIT (China)


• Tynorindia (India)


• MyFeet Asia (Malaysia)


• Digital Orthotics Laboratories Australia Pty Ltd. (Australia)


• Aetrex Worldwide, Inc. (U.S.)


• Bauerfeind (Germany)


• Ottobock (Germany)


• Superfeet Worldwide, LLC (U.S.)


• Hanger Inc. (U.S.)

KEY INDUSTRY DEVELOPMENTS:

• February 2022: Digital Orthotics Laboratories Australia Pty Ltd launched a new DOLA iPhone scanning feature through which customers can scan, prescribe, and order orthotics using iPhone.


• August 2021: ASICS India Pvt. Ltd., a sports company, invested in a Japanese insole maker, which manufactures custom insoles by capturing photos of feet through a smartphone.


• June 2021: Superfeet Worldwide, LLC announced a partnership with private equity firm Westward Partners. The acquisition strengthened the Superfeet’s product portfolio.

REPORT COVERAGE

To gain extensive insights into the market, Request for Customization

The Asia Pacific foot orthotic insoles market report provides qualitative and quantitative insights on the market and a detailed analysis of the market size & growth rate for all possible segments. Along with the Asia Pacific market forecast, the research report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are an overview of the number of procedures, an overview of the price analysis of types of products, overview of the regulatory scenario by key countries, pipeline analysis, new product launches, key industry developments – mergers, acquisitions & partnerships, and the impact of COVID-19 on the market.

Report Scope & Segmentation