Foot and Ankle Devices Market size is $5.12 Billion in 2019, growing at a CAGR of 6.9% during the forecast period 2020-2025. The foot and ankle are significant to keep the balance and support the entire weight of the body. Frequent orthopedic injuries to these areas are common, like acute sprains, fractures, tenderness, pain, impaired ankle flexibility and other factors of immobilization. As limited range of motion to these areas is common following a period of overuse injuries, accidents, sports activities, diabetic foot or ageing, the demand of the ‘advanced ankle surgeries’, ‘reconstructive foot’ and ‘replacement’ procedures are on the rise. Therefore, the Foot and Ankle Devices Market is largely driven by the advanced healthcare infrastructure and demand for minimally invasive surgical procedures, which require implants, internal and external fixation devices, and other clinical proceedings that are driving the growth of Foot and Ankle Devices Market across the globe during the forecast period 2020-2025.
Foot and Ankle Devices Market Segment Analysis - By Product Type
Based on Product Type, the Foot and Ankle Devices Market is segmented into Joint Implants, Prostheses, Soft Tissue Orthopedic Devices, Primary Ankle Replacement, External Fixation Devices, Internal Fixation Devices, Brace and Support and Others. Among the aforementioned products, Internal Fixation Devices holds the largest Foot and Ankle Devices Market share, owing to extensive application of Fixation Devices, like fusion nails, screws, pins and plates in the foot and ankle surgical procedures. The Prosthetics segment is set to be the fastest growing with a CAGR of 7.3% during the forecast period 2020-2025. This is owing to advanced prosthetic technology that offers externally powered foot and ankle after amputation.
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Foot and Ankle Devices Market Segment Analysis - By Clinical Application
Based on the Clinical Application segment, the Foot and Ankle Devices Market is segmented into Trauma, Neurological Disorders, Diabetes, Ageing-disorders and others. Trauma, better addressed as accident cases, holds the major share in Foot and Ankle Devices Market owing to the number of accidents during sports, roads and other unfortunate incidents. Ageing-disorder is set to be the fastest-growing CAGR during the forecast period 2020-2025, owing to osteoporosis, osteoarthritis, rheumatoid arthritis, hammertoe and bunions.
Foot and Ankle Devices Market Segment Analysis - By Geography
Based on Geography, Foot and Ankle Devices Market is segmented into North America, Europe, Asia-Pacific and Rest of the World. The North America region dominated the Foot and Ankle Devices Market in 2019 with a share of 37.9%. This is owing to the innovation of minimal invasive surgeries, developing latest Foot and ankle devices such as rehabilitation braces, splints, knee and ankle braces for the injured and damaged parts. Asia Pacific is set to be the fastest-growing CAGR during the forecast period 2020-2025 owing to newer opportunities in healthcare treatments and rising awareness to adopt novel treatment methods.
Foot and Ankle Devices Market Drivers
Rise in Use of ‘Biomaterial’ in Ortho-Related Surgeries
According to the research, millions of people face ‘Bone and joint degenerative’ and ‘Inflammatory’ issues. These diseases often need surgery, which includes replacement of specific bone with temporary, permanent or biodegradable devices. At present, there is a strong requirement of ‘Biomaterial’ in Ortho-Related Surgery that is expected to drive the Foot and Ankle Devices Market during the forecast period 0202-2025.
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Foot and Ankle Devices Market Challenges
High-priced Foot and Ankle Devices
The key restrictive factor for market growth of Foot and Ankle Devices Market is the huge price framework of Foot and Ankle Devices owing to excise tax on medical devices and lack of expert professionals to manage foot and ankle equipment.
Foot and Ankle Devices Market Industry Outlook
Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Foot and Ankle Devices Market. Foot and Ankle Devices Market top 10 companies include Acumed LLC, Arthrex, Inc., CONMED Corporation, Integra LifeSciences Holdings Corporation, Medartis, Inc., Mondeal Medical Systems GmbH, Wright Medical Technology, Inc., Zimmer Holdings, Inc., Smith & Nephew Inc., Orthofix International N.V. and among others.
Acquisitions/Product Launches
In May 2016, Acumed LLC launched a new State-of-the-Art system for Ankle Fractures. The Acumed Ankle Plating System 3 and Small Fragment Base Set features consist of many fracture-specific plating options, which are designed to address fractures of the distal tibia and fibula.
Key Takeaways
Geographically, North America’ Foot and Ankle Devices Market accounted for the highest revenue share in 2019 and is anticipated to dominate the global Foot and Ankle Devices Market in the forecast period 2020-2025 owing to addressing prevalence of foot- and ankle related disorders and developing breakthrough surgeries at affordable prices in this region.
The advent of the number of Technological Advancement in Foot and Ankle Devices, rise in practice of ‘Biomaterial in Ortho-Related Surgeries’ and other associated surgical procedures, like heel spur surgeries, plantar fascia release are accelerating the demand of global Foot and Ankle Devices Market.
The advancement in prosthetics has gained tremendous popularity in developing mobilization with the help of externally powered foot and ankle, such as prosthetic leg following amputation are creating higher opportunities for the growth of the Foot and Ankle Devices Market.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Foot and Ankle Devices Market report.
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