High R&D Spending In The Advanced Scanning Systems Promote Foam Insoles Industry with A CAGR of 7%: Report Fact.MR
Impact of Covid-19 on Healthcare Industry
With the pandemic plaguing maximum countries across the globe, healthcare industry is witnessing its fair share of ‘ups and downs’. The COVID-19 has placed an enormous strain on the healthcare sector’s workforce, facilities and infrastructure. Despite the endless pressure, healthcare sector is growing at a moderate pace due to the improvement in infrastructure and advancement in technology, healthcare sector is delivering a healthy performance.
As per the latest revised report published by Fact.MR, the global sales of insoles is expected to be a lucrative space, and is anticipated to surpass a valuation of US$ 70 Bn by the end of 2031. Foam insoles are set to lead the way and capture one-third market share through 2031.
Increasing awareness on foot safety and growing foot-related diseases in the Gen-x has been a major cause surge the demand for insoles. Sporting and therapeutic segments are the major growth contributors to the market.
Key players in the market are extensively investing in developing highly ergonomical insoles to reduce foot impact during dynamic activities. This is being achieved through highly advanced foot scanning machines that have been newly introduced into the market. As such one’s foot can be easily scanned and converted into a three-dimensional model, which can be further be used to manufacture highly accurate insoles. Using such strategies market players are easily attracting newer customers, thus contributing to overall growth of the market.
Key Takeaways from Market Study
- The insoles market is anticipated to add 1.7X value by 2031.
- Foam insoles capture a major chunk, equivalent to more than one-third of the global market share, and are set to create an absolute $ opportunity of around US$ 19.5 Bn over 2021-2031.
- Among the applications, sports has been the fastest-growing segment, owing to rising consumption of insoles by premium sports shoes users.
- East Asia is set to dominate market revenue in 2021, and is expected to gain 226 BPS by 2031.
- The market in China and Germany is expected to rise at a CAGR of more than 8% each by the end of 2031.
- Due to the COVID-19 crisis, demand for insoles was hit in 2020, which saw a decline of 7% over the 2nd and 3rd quarters.
Key Market Segments Covered
Type
- Prefabricated Insoles
- Customized Insoles
- 3D Printed Insoles
Material
- Foam Insoles
- PU Foam
- Memory foam
- PE Foam
- Others
- Gel Insoles
- Felt Insoles
- Cork Insoles
- Leather Insoles
- Composite Carbon Fiber Insoles
- Others
Application
- Regular Insoles
- Sports Insoles
- Therapeutic Insoles
- Industrial Insoles
- Others
Length
- Full Length Insoles
- 3/4 Length Insoles
Consumer Orientation
- Insoles for Men
- Insoles for Women
- Others
Sales Channel
- Direct Sales of Insoles
- Indirect Sales of Insoles
- Insoles Sold at Footwear Stores
- Insoles Sold at Supermarkets/Hypermarkets
- Insoles Sold at Hospitals/Clinics
- Insoles Sold at Drug Stores/ Pharmacies
- Online Sales of Insoles
- Insoles Sold at Sports Stores
- Outdoor Sports Stores
- SKI Stores
- Running Retails
- Others
- Foam Insoles
Following Questions Answers Covered in the Report are:
- How will the global Insoles Market perform during the forecast period? What will be the market size in terms of value and volume?
- Which segment will drive the global Insoles Market? Which regional market will show extensive growth in the future? What are the reasons?
- How will the market dynamics change because of the impact of future market opportunities, restraints, and drivers?
- What are the key strategies adopted by players to sustain themselves in the global Insoles Market?
- How will these strategies influence the market growth and competition?
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
- Middle East and Africa (GCC Countries, Turkey, Iran, Israel, South Africa , Rest of MEA)
The Report Covers Exhaustive Analysis On:
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
The Insoles Market report answers the following queries:
- What is the largest share held by key players in the market?
- What strategies have proven most advantageous in the Insoles Market?
- Which region promises largest opportunity for new investors during the forecast period 2021 to 2031?
- What factors will most likely present challenges to growth during the forecast period?
- What will be the value of total revenues, and at what CAGR will the growth compound during the forecast period 2021 to 2031?
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