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. The preference for smart insoles to track patients' movements is poised to unleash true market potential. Increased population health awareness in advanced economies including North America and Europe is expected to propel the market in the long term.
The consumer preference for shoes with smart insoles has significantly increased demand for smart insoles over the last half-decade. Because of the reported having of the smart insole, it has garnered greater popularity in the field of health and has historically influenced the smart insole market. The report also acquaints industry leaders in terms of sales, coef?cient, and so on, and characterizes the industry leaders in detail, so that readers can get a proper insight into their rivals and gain an in-depth comprehension of the competitive scenario. Additionally, acquisitions and mergers burgeoning market trends, the influence of COVID-19, and regional conflicts will be taken into account.
The consumer preference for shoes with smart insoles has significantly increased the adoption of advanced insoles over the last half-decade. Because of the aforementioned properties of the smart insole, it has garnered greater popularity in the area of health and has historically influenced the smart insole market. Furthermore, sports sectors that use smart insoles in athlete footwear to analyze gait characteristics are expected to drive the smart insole market in the mid-term projected timeframe. The smart insole market has benefited from rapid growth in sports and healthcare applications.
According to CMS projections, healthcare spending will increase by US$ 6 trillion by 2028. This opens up enormous opportunities for smart insoles market growth in the healthcare sector. Europe accounts for further than a quarter of the smart insole industry's demand. Burgeoning awareness of the significance of enhancing health and medical infrastructure in the region is expected to drive demand for smart insoles over the projected timeframe. Following Europe, East Asia accounts for less than one-tenth of the smart insole consumption. Since rising healthcare spending, the region has a growing commercial viability. Given the limited use of smart insole in this region, South Asia and Oceania, Latin America, the Middle East, and Africa contribute a minor share.
The global smart insole market is partly divided, with many overseas players present. Key industry players are concentrating on growing the market through research and development. These players intend to offer a diverse range of smart insoles for various applications. In March 2020, for example, Google, Adidas, and EA partnered on the latest electronic insole for video gaming applications.
A team of Singapore-based researchers has developed a sophisticated smart insole that is designed to recognize falls by utilizing advanced electronics and sensor devices. These smart insoles, developed in partnership between the National University of Singapore and the spin-off firm FlexoSense, are outfitted with an inertial standard measurement, GPS system, and pressure transducers that operate to supervise foot motions, place, and foot strain. The insole's algorithms can identify falls by analyzing data measurements across these three factors, which can then be relayed via a companion mobile application.
Data Points
Key Statistics
Expected Market Value of the Smart Insole Industry (2023)
US$ 165 million
Anticipated Forecast Value of the Smart Insole Market (2033)
US$ 461.43 million
Projected Growth Rate (2023 to 2033)
9.8% CAGR
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.
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.
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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), USA 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.
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
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The Smart Insole Market Regional Analysis Includes
North America (USA, Canada)
Latin America (Mexico, Brazil, Argentina, Chile, Peru)
Europe (Germany, Italy, France, United Kingdom, 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.
