The rising awareness among people regarding modern treatment processes and patient care have vastly impacted research works in the healthcare industry. Foot and ankle devices can be termed as a modern solution to treat several lower body injuries caused by chronic diseases including arthritis, bunions, diabetes and other common orthopaedic disorders. Deformities in feet, knee and ankles due to road accidents, amputation and trauma result in the need for these devices that come in personalized designs to fit the patient’s body and reduce congenital deformity.
The global foot and ankle devices market reported a large market size in 2019, which is expected to expand significantly in 2032 at a rapid revenue growth rate during the forecast period. Industry analysis indicates that demand for efficient devices has been rising substantially, and their adoption across healthcare and orthopedic industries has been increasing in parallel due to changing market trends and consumption patterns, and these factors are expected to continue to support industry growth as well as market growth over the forecast period.
The upsurge in coronavirus infected patients has widely affected the normal functioning of hospitals and the manufacturing industry, in turn reflecting on the foot and ankle devices market. Many hospitals for elective surgeries have been converted to emergency centres for patients infected by COVID-19. There has been a decline in the availability of medical supplies and supply chains are badly disrupted. Many private firms have relied on past savings and have registered weak financial strength. Lifting of quarantine regulations and immense need for intensive care units in the market is forecasted to have new opportunities for growth.
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Major Factors Driving Growth Of The Foot and Ankle Devices Market:
The increasing usage of bio-manufactured absorbable implants and awareness regarding such technologically advanced devices in reconstruction orthopaedic surgeries has exceptionally supported the high growth rate of the market. Conventionally utilized to heal injuries caused by falls or accidents without undergoing surgical procedures, foot and ankle devices are increasingly being used to retain normal muscle functioning after ligament repair. The deteriorating trend of elective reconstruction procedures, including arthrodesis and joint replacement surgeries, drives immense demand for the use of foot and ankle devices for post-operative repair. According to the WHO, approximately 1.36 million people undergo road casualties yearly, leading to fractures, ligament tears, and other trauma. The government’s initiatives to establish intensive care facilities have also positively impacted the market. Sprains, muscle strains, hairline fractures, inflammation, and pain are common as people’s interest in extreme sports grows, resulting in mild to severe foot and ankle injuries. Furthermore, increasing health expenditure on R&D activities, a rising geriatric population, and an accelerating number of diagnosed aged patients with osteoporosis also play a very important role in determining the future of the market. Several benefits offered by foot and ankle devices, including cost-efficiency, ease of use, and reduced patient discomfort, make them the most preferred among people opting for conventional sources to retain mobility.
Factors Restraining Growth Of The Foot and Ankle Devices Market:
Uncertain government regulations for the production of quality products, the presence of alternative treatments and the high cost associated with advanced orthopaedic implants might hamper the market’s growth.
North America Accounts For Largest Revenue Share In Global Foot and Ankle Devices Market:
North America accounted for the largest share in the foot and ankle devices market and will experience steady growth in the forecasted period due to the increasing prevalence of orthopaedic diseases, presence of streamlined healthcare infrastructure, high disposable income and increasing demand for modern medical supplies.
Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
Asia Pacific is anticipated to register the highest average growth rate owing to growing geriatric population, rise in number of patients suffering from osteoporosis and increasing government expenditure for healthcare infrastructural development in India, China and Japan.
Major Companies Profiled In The Report:
- Smith & Nephew
- Wright Medical Group N.V
- DePuy Synthes Companies
- Anthrex Inc.
- Zimmer Biomet
- Orthofix Medical Inc.
- Ottobock SE & Co. KGaA
- Integra Lifesciences Corporation
- Advanced Orthopaedic Solutions
- J&J (Depuy Synthes)
- Acumed, LLC
- Extremity Medical, LLC
What Our Report Provides And Why Our Offering Is Better:
This report offers historical data points and forecasts and revenue growth at a global, regional, and country level, and provides analysis, industry trends, and consumption pattern details for each region, major country, and segment from 2023 to 2032. The global market report includes industry trends, drivers, restraints, opportunities, threats, market strategies, segment revenue, and market share contribution by each regional and country market. In addition, the report offers industry analysis and competitive landscape, company financials, and impact analysis. The report includes a detailed view of the global market, along with changing dynamics and trends, scenarios, detailed market and regional segmentation, regional landscape, analysis and evaluation, major investments, product offerings, product launches, and details of historical, current, and projected revenues.
Detailed Segmentation In Our Report:
For the purpose of this report, Foot and Ankle Devices Market is segmented on the basis of Product, Application, End-User And Region:
By Product Type (Revenue, USD Billion; 2023-2032)
- Orthopaedic Implants and Devices
- Joint Implants
- Ankle Implants
- Subtalar Joint Implants
- Phalangeal Implants
- Fixation Devices
- Internal Fixation Devices
- Fusion Nails
- Wires & Pins
- External Fixation Devices
- Ring Ankle Fixators
- Unilateral Fixators
- Hybrid Fixators
- Internal Fixation Devices
- Soft Tissue Orthopaedic Devices
- Musculoskeletal Reinforcement Devices
- Artificial Tendons & Ligaments
- Joint Implants
- Bracing and Support Devices
- Soft Bracing & Support Devices
- Hinged Braces & Support Devices
- Hard Braces & Support Devices
- Solid Ankle Cushion Heel (SACH) Prostheses
- Single-Axial Prostheses
- Multiaxial Prostheses
- Dynamic Response/Energy-Storing Prostheses
By Application (Revenue, USD Billion; 2023-2032)
- Trauma & Hair line Fractures
- Rheumatoid Arthritis & Osteoarthritis
- Diabetic Foot Diseases
- Ligament Injuries
- Neurological Disorders
By End User (Revenue, USD Billion; 2023-2032)
- Ambulatory Surgery Centres
- Orthopaedic Clinics
- Rehabilitation Centres
Region Outlook (Revenue, USD Billion; 2023-2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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