The global smart insole market is anticipated to reach a valuation of US$ 165 million in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 9.8% from 2023 to 2033 and reach US$ 461.43 million in 2033.
Also the smart insole is known as a gait analysis equipment embedded along the footwear soles that continuously measures the movement of a person. While cheap sensors are employed, the gait features is calculated and continuously transmitted to such devices as smart watches and also mobile phones.
Besides, the tendency of healthcare market to use smart insole for monitoring the patient’s motion creates a great opportunity that will unleash real possibilities. Growing health consciousness among the population in the advanced economies such as North America and Europe is poised to drive the market growth over long-term.
Get your Sample Report to Boost Your Industry Knowledge for Valuable Insights! https://www.futuremarketinsights.com/reports/sample/rep-gb-11967
The demand for smart insoles has hugely grown over the last half-decade due to the consumer preference towards shoes equipped with a smart insole. Due to the above characteristics of a smart insole, it has become quite popular in healthcare and filled with fueled market growth for smart insoles throughout the historical period.
Additionally, the smart insole used by the sports industries for using multiple sensors on the athlete’s footwear to monitor gait features is likely to propel and the smart insole market over 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.
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,
Request the Full Report Methodology Now!
https://www.futuremarketinsights.com/request-report-methodology/rep-gb-11967
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
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.
For instance, in March 2020, Google, Adidas, and EA collaborated on a new smart insole which is used for video gaming application.
The research report presents a comprehensive assessment of the smart insole market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies.
The Smart Insole Market Report Covers Exhaustive Analysis On
- Market Segments
- Market Dynamics
- Market Size & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Technology
- Value Chain
The Smart Insole Market Regional Analysis Includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Argentina, Chile, Peru)
- Europe (Germany, Italy, France, U.K, Spain, BENELUX, Nordic, Russia, Poland & CIS)
- East Asia (China, Japan, South Korea)
- South Asia (India, Malaysia, Indonesia, Australia, New Zealand & Thailand)
- Middle East & Africa (GCC Countries, South Africa, Turkey)
The smart insole report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts, and industry participants across the value chain. The smart insole report provides an in-depth analysis of parent market trends, macroeconomic indicators, and governing factors along with market attractiveness as per segments. The smart insole report also maps the qualitative impact of various market factors on market segments and geographies.
Segmentation analysis of smart insole Market
The global Smart insole market is bifurcated into four major segments: insole type, material type, end-use and region.
Insole Type
- Comfort Insoles
- Molded Insoles
- Custom Orthotics
Material Type
- Polypropylene
- Leather
- Other
By End-use
- Sports
- HealthCare
- Others
By Geographic Regions
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube