Foot & Ankle Devices Market Growth, Size | Report by 2027
[Research Report] The foot & ankle devices market was valued at US$ 2,038.24 million in 2018 and it is projected to reach US$ 4,084.97 million in 2027; it is expected to grow at a CAGR of 8.1% from 2019 to 2027.
Foot and ankle devices are used to heal injuries and disorders in the foot and ankle region with or without the help of surgical procedures. Accidents and fall usually cause injuries in the foot and ankle region. On another hand, arthritis, bunions, hammer-toes, and diabetic foot are some of the disorders which may call for surgical procedures with sequential use of foot and ankle devices. The growth of the global foot & ankle devices market is attributed to the increasing incidences of sports injuries, growing incidents of road accidents and increase in the number of orthopedic surgeries. However, lack of reimbursement for orthopedic procedures is the major factor hindering the market growth.The global foot & ankle devices market is expected to witness substantial growth post-pandemic. The COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The COVID-19 crisis has overburdened public health systems in many countries and highlighted the strong need for sustainable investment in health systems. As the COVID-19 pandemic progresses, the healthcare industry is expected to see a drop in growth. The life sciences segment thrives due to increased demand for invitro diagnostic products and rising research and development activities worldwide. However, the medical technologies and imaging segment is witnessing drop in sales due to a smaller number of surgeries being carried out and delayed or prolonged equipment procurement. Additionally, virtual consultations by healthcare professionals are expected to become the mainstream care delivery model post-pandemic. With telehealth transforming care delivery, digital health will continue to thrive in coming years. In addition, disrupted clinical trials and the subsequent delay in drug launches is also expected to pave the way for entirely virtual trials in the future. New technologies such as mRNA is expected to emerge and shift the pharmaceutical industry and market is also expected to witness more vertical integration and joint ventures in coming years.
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Foot & Ankle Devices Market: Strategic Insights
Foot & Ankle Devices Market
-
CAGR (2018 - 2027)
8.1%
-
Market Size 2018
US$ 2.04 Billion
-
Market Size 2027
US$ 4.08 Billion
Market Dynamics
GROWTH DRIVERS
- Rising cases of foot and ankle injuries
- Advancements in implant and surgical techniques
FUTURE TRENDS
- Minimally invasive surgical solutions for foot and ankle treatments
- Growing demand for advanced devices
OPPORTUNITIES
- Rising demand for foot and ankle surgeries
- Growth in minimally invasive surgical devices
Key Players
- Smith Nephew
- Wright Medicalgroup N V
- Stryker
- Anthrex Inc
- Zimmer Biomet
- Ossur
- Integra Lifesciences Corporation
- J J Depuy Synthes
- Acumed LLC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Product
- Joint Implants
- Prostheses
- Braces & Support
- Fixation Devices
Application
- Trauma
- Osteoarthritis
- Osteoporosis
- Rheumatoid Arthritis
- Hammertoe
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Foot & Ankle Devices Market: Strategic Insights
-
CAGR (2018 - 2027)8.1% -
Market Size 2018
US$ 2.04 Billion -
Market Size 2027
US$ 4.08 Billion
Market Dynamics
- Rising cases of foot and ankle injuries
- Advancements in implant and surgical techniques
- Minimally invasive surgical solutions for foot and ankle treatments
- Growing demand for advanced devices
- Rising demand for foot and ankle surgeries
- Growth in minimally invasive surgical devices
Key Players
- Smith Nephew
- Wright Medicalgroup N V
- Stryker
- Anthrex Inc
- Zimmer Biomet
- Ossur
- Integra Lifesciences Corporation
- J J Depuy Synthes
- Acumed LLC
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Joint Implants
- Prostheses
- Braces & Support
- Fixation Devices
- Trauma
- Osteoarthritis
- Osteoporosis
- Rheumatoid Arthritis
- Hammertoe
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increase In The Number of Orthopaedic Surgeries to Drive Global Foot & Ankle Devices Market Growth
The rise in the orthopedic surgeries is primarily attributed to the rising number of surgeries done for the replacements of the knee and hip. The surgeries are also performed for amputations of limbs due to damages and injuries caused by accidents or other diseases. As per the U.S. Agency for Healthcare Research and Quality, in the United States, approximately 600,000 knee replacement surgeries are performed per year.
Knee replacement surgeries are performed in the geriatric population for the treatment of their deteriorating joints. Among the orthopedic surgeries, knee replacements are among the most commonly performed. The rise in conditions such as rheumatoid arthritis (RA), ankylosing spondylitis (AS) and osteoporosis have led to an increase in the number of orthopedic surgeries. For instance, according to a report published in 2018 of Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near around, 1.3 million Americans have RA. Likewise, data published by Spondylitis Association of America, states that in America, spondyloarthritis is found in approximately in 2.7million people which is 1 in 100 population. Also, as per the International Osteoporosis Foundation's estimates, during 2018 osteoporosis affected nearly 200 million women worldwide. Out of which, around one-tenth of women are above 60 years of age, around one-fifth of women 70 years and above, two-fifths of women aged above 80 and two- thirds of women aged more than 90.
Moreover, the number of surgeries is expected to be rising to the musculoskeletal disorders that are associated with sports, occupational injuries, and age-related dysfunction. For instance, according to Arthritis Foundation, in 2017, approximately 54 million adults have been diagnosed with arthritis. Also, nearly 300,000 babies and children have arthritis or a rheumatic condition. Also, the typical type of arthritis diagnosed is osteoarthritis, which affects approximately 31 million Americans. Hence, with an increase in the orthopedic surgeries, the demand for foot and ankle devices is anticipated to increase considerably. Thus, a rise in orthopedic surgeries is likely to drive the market for foot & ankle devices in the forecast period.
Product -Based Insights
In terms of product, the global foot & ankle devices market is segmented into implants, prostheses, braces & support, and fixation devices. In 2018, the braces & supports segment held largest share of the market. However, the implants segment is estimated to register the highest CAGR during the forecast period.
Application-Based Insights
In terms of application, the global foot & ankle devices market is segmented into trauma, osteoarthritis, osteoporosis, rheumatoid arthritis, and hammertoe. In 2018, the trauma segment held largest share of the market. Also, the same segment is expected to register the highest CAGR during the forecast period.
The global foot & ankle devices market players are adopting the product launch and expansion strategies to cater to changing customer demands worldwide, which also allows them to maintain their brand name globally.
Foot & Ankle Devices Market Report Scope
Report Attribute
Details
Market size in 2018
US$ 2.04 Billion
Market Size by 2027
US$ 4.08 Billion
Global CAGR (2018 - 2027)
8.1%
Historical Data
2016-2017
Forecast period
2019-2027
Segments Covered
By Product - Joint Implants
- Prostheses
- Braces & Support
- Fixation Devices
By Application - Trauma
- Osteoarthritis
- Osteoporosis
- Rheumatoid Arthritis
- Hammertoe
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Smith Nephew
- Wright Medicalgroup N V
- Stryker
- Anthrex Inc
- Zimmer Biomet
- Ossur
- Integra Lifesciences Corporation
- J J Depuy Synthes
- Acumed LLC
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2018 | US$ 2.04 Billion |
Market Size by 2027 | US$ 4.08 Billion |
Global CAGR (2018 - 2027) | 8.1% |
Historical Data | 2016-2017 |
Forecast period | 2019-2027 |
Segments Covered |
By Product
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Global Foot & Ankle Devices Market – by Product
- Joint Implants
- Ankle and Subtalar Implants
- Phalangeal Implants
- Prostheses
- Dynamic Response
- Microprocessor Controlled
- Solid Ankle Cushion Heel
- Single and Multi Axial
- Braces & Support
- Hinged Braces
- Soft Braces
- Fixation Devices
- External Fixation Devices
- Unilateral
- Ring Ankle
- Hybrid
- Internal Fixation Devices
- Screws and Nails
- Plates
Global Foot & Ankle Devices Market – by Application
- Trauma
- Osteoarthritis
- Osteoporosis
- Rheumatoid Arthritis (RA)
- Hammertoe
Foot & Ankle Devices
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Application and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Frequently Asked Questions
The global foot & ankle devices market players square measure adopting the product launch and growth ways to cater to dynamical client demands worldwide, that additionally permits them to take care of their name globally.
According to inflammatory disease Foundation, in 2017, roughly 54 million adults are diagnosed with arthritis and nearly 3 lakhs babies and children have arthritis or a rheumatic condition. Hence, with a rise within the orthopedic surgeries, the demand for foot & ankle devices is anticipated to extend significantly. Thus, an increase in orthopedic surgeries is probably going to drive the marketplace for foot & ankle devices within the forecast amount.
Foot and ankle devices used to heal injuries and disorders within the foot and ankle region with or without the assistance of surgical procedures. Accidents and fall sometimes cause injuries within the foot and ankle region. On another hand, arthritis, bunions, hammer-toes, and diabetic foot are a number of disorders which can require surgical procedures with serial use of foot and ankle devices.
In 2018, the braces & supports section command largest share of the market. However, the implants section is calculable to register the best CAGR throughout the forecast amount.
Lack of compensation for orthopedic procedures is that the major issue obstructive the market growth.
The growth of the worldwide foot & ankle devices market is attributed to the increasing incidences of sports injuries, growing incidents of road accidents and increase within the variety and number of orthopedic surgeries.
The List of Companies - Foot & Ankle Devices Market
- Smith & Nephew
- Wright Medicalgroup N.V
- Stryker
- Anthrex Inc.
- Zimmer Biomet
- Ossur
- Integra Lifesciences Corporation
- J&J (Depuy Synthes)
- Acumed, LLC
- Extremity Medical, LLC