The Global Foot and Ankle Devices Market in terms of revenue was estimated to be worth $3.9 billion in 2020 and is poised to reach $5.3 billion by 2025, growing at a CAGR of 6.4% from 2020 to 2025. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The market growth is driven by greater disease burden for key risk groups, emergence of user-centric foot and ankle devices, and rising demand for minimally invasive surgical procedures. However, the risk associated with surgical site infection is expected to limit market growth in the coming years.
Browse in-depth TOC on " Foot and Ankle Devices Industry"
280- Tables
38- Figures
310- Pages
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The growth of this market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complication related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices. Moreover, rising RD investments by the key players operating in the market to develop advanced foot and ankle devices coupled with growing funding grants for commercialization and development of foot and ankle devices are other important factors to drive the market growth in the near future.
The Internal fixation devices subsegment of fixation devices products to hold major market share by 2025
Based on the product, the foot and ankle devices market is segmented into orthopedic implants and devices, prostheses, and bracing and support devices. The orthopedic implants and devices products segment is further divided into Fixation devices, joint implants, and soft tissue orthopedic devices. Among the fixation devices products, the internal fixation devices segment held a major share of the market in 2019. Internal fixation devices include screws, plates, wires pins, and fusion nails. These devices are used in foot and ankle injuries resulting from conditions such as trauma, neurological disorders, bunions, arthritis, and osteoporosis. Internal fixation devices are more effective and reduce the incidences of malunion or nonunion of the injured bones. These implants are made of stainless steel, titanium, cobalt, or chrome. The wide applications of Internal fixation devices in foot and ankle injuries and disorders management are a major factor contributing to the growth of this market segment.
Based on application, the trauma and hair line fracture segment is expected to account for the largest share of the foot and ankle devices Industry in 2019
Based on application, the foot and ankle devices market has been segmented into the rheumatoid arthritis osteoarthritis, trauma and hairline fractures, diabetic foot diseases, neurological disorders, ligament injuries, hammertoe, and other applications. Among these, the trauma and hairline fractures sub-segment dominated the market in 2019. The major share of the segment is attributed to the rising sport injuries in developing as well as developed countries. As of 2018, 265 million people participated in soccer across the globe, according to Fédération Internationale de Football Association (FIFA). New products have been introduced in the market that allow for easier reconstruction for sport injuries.
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The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the foot and ankle devices market has been segmented into the hospitals, ambulatory surgery centers, orthopedic clinics and rehabilitation centers. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced surgical wards and emergency wards in hospitals and the increasing number of surgical procedures.
North America is expected to dominate the global patient monitoring market in 2019
North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. Increasing number of clinical trials validating foot and ankle devices and a growing number of approvals for foot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulator surgical centers, which is increasing demand for foot and ankle devices. This trend will have a positive impact on the foot and ankle devices market.
Foot and ankle devices Industry Dynamics
Drivers
- Increasing prevalence of orthopedic diseases and foot and ankle disorders
- Continuous product commercialization
- Greater product affordability and market availability
- Rising number of sports and accident-related foot and ankle injuries
- Growing public-private educational and awareness initiatives related to preventive post-operative care
Restraints
- High cost of foot and ankle devices
- Metal sensitivity in patients with foot and ankle implants
Opportunities
- Marketing, promotion, and branding initiatives undertaken by major product manufacturers
- Emergence of bioresorbable and 3D-printed implants
Challenges
- Higher adoption of alternative therapies for the treatment of foot and ankle disorders injuries
- Increasing pricing pressure on market players
- Dearth of skilled professionals
Key Market Players
DePuy Synthes Companies (US), Stryker Corporation (US), Zimmer Biomet Holdings, Inc (US), Smith Nephew plc (UK), Arthrex Inc (US), Integra LifeSciences Holdings Corporation (US), DJO Finance, LLC (US), CONMED Corporation (US), Össur HF (Iceland), Orthofix Medical Inc. (US), Medartis AG (Switzerland), Acumed LLC (US), Extremity Medical (US), aap Implantate AG (Germany), Ottobock SE Co. KGaA (Germany), Ortho Solutions UK Ltd. (UK), Vilex in Tennessee, Inc. (US), Advanced Orthopaedic Solutions (US), Fillauer LLC (US), and Groupe FH Ortho (France)
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Recent Developments
- In September 2020, Stryker Corporation (US) launched the AxSOS 3 Ankle Fusion System, which is an ankle fusion titanium plate system used for the fusion of the tibio-talar joint.
- In March 2020, DePuy Synthes (US) launched the FIBULINK Syndesmosis Repair System in the US for the treatment of traumatic injuries to the syndesmosis.
- In June 2020, DePuy Synthes renewed its agreement with AO Foundation (Switzerland) to continue with the advancement of surgical education.
Report Objectives
- To define, describe, and forecast the foot and ankle devices market on the basis of product, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth potential of the global foot and ankle devices market (drivers, restraints, opportunities, challenges, and trends)
- To analyze the micromarkets with respect to individual growth trends, future prospects, and contributions to the global foot and ankle devices market
- To analyze key growth opportunities in the global foot and ankle devices market for key stakeholders and provide details of the competitive landscape for market leaders
- To forecast the size of market segments and/or subsegments with respect to five major regions, namely, North America (US and Canada), Europe (Germany, France, the UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, and the RoAPAC), Latin America (Brazil, Mexico, and RoLATAM), and the Middle East Africa
- To profile the key players in the global foot and ankle devices market and comprehensively analyze their market shares and core competencies
- To track and analyze the competitive developments undertaken in the global foot and ankle devices market, such as product launches; agreements, partnerships, and collaborations; expansions; and mergers acquisitions
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