Gait analysis equipment integrated in the footwear soles which constantly tracks the movement of the person is known as smart insole. Low cost sensors are used which computes the gait features and constantly transmits the information to the devices including smart watches and smart phones.
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Moreover, inclination of healthcare market towards smart insole to track patients’ movement is set to unleash the real market potential. Increasing health awareness among population in developed economies such as North America and Europe is set to bolster the market in long-run.
Demand of the smart insoles has been substantially surged over the past half-decade owing to the consumer inclination towards shoes integrated with smart insoles. Owing to the aforementioned properties of the smart insole, it has gained significant popularity in the field of health and has driven the smart insole market during the historical period.
Moreover, sports industries utilizing smart insole in the athlete’s footwear to analyze the gait features is set to thrust the smart insole market over the mid-term forecast period.
Rising demand from sports and health care applications has positively impacted smart insole market. Attributed to aforementioned scenarios, global smart insole market is forecast to witness absolute growth at a higher digit CAGR between 2020 and 2030.
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COVID-19 to Boost the Smart Insole Market
COVID-19 or Novel corona virus has not only shattered the movement of the people but also the production across every sectors including smart insole industry.
But in the perspective of the smart insole market growth, demand of smart insoles has risen by the consumers in order to track their health stats like diabetes, gait and bundle of other health issues.
Moreover, demand from the healthcare industry has been doubled in last few months to track the gait problems in COVID-19 patients. Research conducted by Keck School of Medicine in 2018, shows that smart insole could detect an infection proves its immense potential at the times of COVID-19 pandemic.
Pandemic has negatively impacted the prices of the smart insole owing to the surge in demand of smart insole.
Smart Insole Market: Regional Outlook
From regional perspective, North America holds largest market share in global smart insole market. Increase in healthcare spending per capita in United States has fueled the demand for smart insoles.
For instance, according to United States National Health Expenditure Accounts (NHEA), U.S. health care spending increased by around 4.6 percent in 2018, reaching US$ $3.6 trillion or $11,172 per person, 3.8 trillion in 2019 which is expected to increase by US$ 4.01 trillion in 2020.
As per CMS estimates the healthcare spending is projected to rise by US$ 6 trillion till 2028. This provides an immense potential for smart insoles market growth in the healthcare arena.
Europe accounts for more than quarter of the demand share of smart insole market. Growing awareness of improving health and healthcare infrastructure in the region is set to encourage the demand for smart insoles over the forecast period. Followed by Europe,
East Asia accounts for less than one-tenth of the demand share of smart insole. Region portrays an increasing market potential owing to increasing healthcare spending. South Asia & Oceania, Latin America and Middle East & Africa account for minute share owing to the limited utilization of smart insole in these region.
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Smart Insole Market: Key Players.
Key players in global smart insole market are
- Lechal
- Kinematix
- Wiiv Wearables
- Digitsole
- ReTiSense
- Dr. Scholl’s (Bayer)
- Implus
- Adidas
- FootLogger
- Sidas
- HCi Viocare Technologies
- Moticon
- Bonbouton
Global smart insole market is partially fragmented in nature with presence of many international players. Key players in market are focused towards expansions through research & development. These players aim to provide a scattering range of smart insole suited for different purposes.