The foot and ankle devices market 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 the market is mainly attributed to technological advancements; increasing incidences of orthopedic diseases, and growing public and private investments, funding, and grants are driving the global foot and ankle devices market. However, complex regulatory frameworks that delay the approval of new foot and ankle devices is expected to challenge market growth to a certain extent.
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“In terms of products, orthopedic implants and devices segment to register significant growth during the forecast period.”
Based on the product, the foot and ankle devices market is segmented into orthopedic implants and devices, prostheses, and bracing and support devices. Significant growth of the orthopedic implants and devices segment is attributed to the ongoing product approval of bioresorbable implants and devices, increasing public-private funding for the development of novel implants and devices for foot and ankle procedure, and the increasing availability of these products in major markets. Various internal and external fixation devices are used to regain the functions of the foot and ankle lost due to the injury. These devices are biocompatible and allow early recovery of the patients which have led to the growth of this segment.
“In terms application, trauma and hair line fracture segment to register significant growth during the forecast period.”
Based on the application, the foot and ankle devices market is segmented into trauma & hair line fractures, rheumatoid arthritis & osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe and others. The trauma and hair line fracture segment accounted for a larger share of in the market in 2019. The increasing prevalence of sport injuries and road accidents, 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.
“hospitals segment is expected to account for the largest share of the foot and ankle devices market, by the end user” `
On the basis of end-users, the foot and ankle devices market has been segmented into hospitals, ambulatory surgery centers, orthopedic clinics, and rehabiliation centers. The growth of this segment is attributed to the significant number of availability of state-of-the-art facilities for diagnosis, treatment, and disease management, as well as trained personnel, has ensured a steady demand for hospital-based care and the growing number of hospitals across major markets. The inflow of patients is considerably higher in hospitals as compared to other healthcare settings, which is another key driver for market growth. More orthopedic surgical procedures are conducted in hospitals than in other medical facilities, contributing to the large share of this end-user segment.
“Asia Pacific market is expected to grow at the highest CAGR during the forecast period.”
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the heavy burden of diabetic foot diseases, rising healthcare expenditure, and increasing geriatric population. Apart from this, the rising number of hospitals and ambulatory surgical centers in the APAC region is expected to propel the market for foot and ankle devices.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
- By Designation: C-level–10%, Director-level–14%, and Others–76%
- By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%
Some of the prominent players in the foot and ankle devices market include 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.
This report studies the foot and ankle devices market based on product, application, end user, and region. It also covers the factors affecting market growth, analyzes the various opportunities and challenges in the market, and provides details of the competitive landscape for market leaders. Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five main regions (and the respective countries in these regions).
Reasons to Buy the Report
The report will enable established firms as well as entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a larger market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the foot and ankle devices market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the foot and ankle devices market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the foot and ankle devices market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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