South and Central America Foot Orthotic Insoles Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Product Type ( Customized and Prefabricated ); Material (Thermoplastics, Polyethylene foams, Leather, Cork, Composite Carbon Fibers, Ethyl-vinyl acetates (EVAs), Gel, and Others ); Application ( Sports and Athletics, Medical, and Personal Comfort ); Distribution Channel ( Drug Stores, Hospitals and Specialty Clinics, Online Stores, and Others ), and Country
The South and Central America foot orthotic insoles market is projected to reach US$ 222.41 million by 2027 from US$ 165.64 million in 2019. The market is estimated to grow at a CAGR of 3.9% from 2020 to 2027.
The growth of the South and Central America foot orthotic insoles market is attributed to increasing incidence of diabetes, arthritis, and other foot conditions and growing demand from the sports sector. Moreover, introduction of 3D printed orthotics insoles is expected to foster the market growth during the forecast period. However, less adoption of foot orthotic insoles due to the lack of awareness in emerging economies is expected to hinder the growth of the foot orthotic insoles market.
Brazil is one of the largest economies in the South and Central American region. In Brazil, the healthcare facilities and services are offered broadly as compared to the countries in the region. In the past few years, due to economic crises, Brazil has faced several challenges. However, the changing scenarios and development in the healthcare industry have led to the growth of various medical device players. The medical device industry has boomed significantly across the country. Moreover, rising prevalence of diabetes in the country is leading to increasing cases of foot ulcers. As per the IDF, the prevalence of diabetes in adults is 11.4% in Brazil. Besides, the aging population is contributing to increasing demand for foot orthotic insoles. Thus, owing to the factors mentioned above, it is expected that the foot orthotic insoles market would grow significantly during the forecast period.
In the past few years, several manufacturers have adopted 3D printing technology for manufacturing of orthotic insoles. In February 2019, Aetrex launched its custom 3D printed orthotic program in partnership with EOS. Recently, in September 2020, the company launched its thinnest 3D printed orthotic for shoes that do not have removable insoles. The whole process from foot scanning to insole designing and printing has become more accurate, easier, and shorter with the integration of 3D printing technologies.
Based on product type, the South and Central America foot orthotic insoles market is further segmented into customized and prefabricated. The customized segment held the largest share of the market in 2019, whereas the same segment is anticipated to register the highest CAGR in the market during the forecast period. In terms of material, the market is categorized into thermoplastics, polyethylene foams, leather, cork, composite carbon fibers, ethyl-vinyl acetates (EVAs), gel, and others. The polyethylene foams segment held the largest share of the market in 2019, whereas the thermoplastics segment is anticipated to register the highest CAGR in the market during the forecast period. Further, based on application, the market is segmented into sports and athletics, medical, and personal comfort. The medical segment held the largest share of the market in 2019, whereas the sports and athletics segment is estimated to register the highest CAGR in the market during the forecast period. Based on distribution channel, the South and Central America foot orthotic insoles market is segmented into drug stores, hospitals and specialty clinics, online stores, and others. The hospitals and specialty clinics segment held the largest share of the market in 2019, whereas the online stores segment is estimated to register the highest CAGR in the market during the forecast period.
A few of the major primary and secondary sources referred to in the process of preparing the report on the foot orthotic insoles market is the World Health Organization and Ministry of Health and Prevention.
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