Foot and Ankle Devices Market – Regional Analysis and Growth
The report “Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), Enduser (Hospital, ASCs) – Global Forecasts to 2025″, is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period.
The growth of this market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complications related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices. Moreover, rising R&D 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.
Growth Opportunity: Marketing, promotion, and branding initiatives undertaken by major product manufacturers;
Major product manufacturers are undertaking strategic initiatives to increase their brand visibility and product awareness among key end-users (such as medical professionals, patients, and physiotherapists) across major healthcare markets worldwide. Companies operating in the foot and ankle devices market are opting for a hybrid distribution strategy as per which distribution takes place both by distribution channel and through a partnership with global orthopedic companies. Foot and ankle devices company has also adopted consignment model, according to which company first places the systems with its customers and sales are made according to the implementation of implants. Such initiatives undertaken by major product manufacturers are expected to increase their brand awareness among target end-users as well as sensitize them about their role in preventive care.
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The orthopedic implants and devices products segment dominated the global foot and ankle devices market
Based on the product, segmented into orthopedic implants and devices, bracing and support devices, and prostheses. Orthopedic implants and devices products include joint implants, fixation devices, and soft tissue orthopedic devices. The orthopedic implants and devices segment dominated the market. Rising incidences of diabetes, new product launches, coupled with the rising adoption of branded orthopedic devices and implants because of better quality and lower risk associated with surgical site infection in emerging countries, is expected to drive the segment growth.
The trauma & hairline fractures products segment dominated the global foot and ankle devices market
Based on the application, segmented into trauma & hairline fractures, rheumatoid arthritis & osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe, and others. The trauma and hairline fracture segment accounted for a larger share of the market in 2019. The increasing prevalence of sports injuries and road accidents, the growing number of foot and ankle reconstruction procedures related to fractures, rapid growth in the aging population across the globe, and the development of advanced foot and ankle products are factors expected to drive the growth of this market segment in the coming years.
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Geographical View in-detailed:
North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. An increasing number of clinical trials validating foot and ankle devices and a growing number of approvals of forefoot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulatory surgical centers, which are increasing de, mand for foot and ankle devices. This trend will have a positive impact on the ankle devices market.
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), among others, are some of the major players operating in the global foot and ankle devices market.