Foot and Ankle Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3445
Foot and Ankle Devices Market size is projected to experience significant growth from 2019 to 2025.
The global population is expanding, and people are living longer. Life expectancy has escalated due to which the volume of orthopedic-related complaints is skyrocketing. The fastest growing section of the population includes individuals over the age of 65, requiring more medical services as compared to their younger counterparts. With age, bones, as well as connecting tissues, deteriorate as a natural effect of the lifelong wear & tear. Thus, the increasing geriatric population is a major driver for the foot and ankle devices market.
High incidence rates of osteoarthritis (degenerative bone disease) and osteoporosis also form the key drivers for the global foot and ankle devices market. Approximately 15% of the population in the U.S. is suffering from osteoarthritis and the expanding prevalence of obesity further compounds to the problem. Sedentary lifestyle, greater life expectancy, and rapid aging contribute to becoming the key drivers for the growth of osteoarthritis, augmenting foot & ankle devices market.
However, the excessive cost of foot and ankle devices is a major growth hindering factor. Moreover, the FDA’s extremely rigid regulatory approval procedures coupled with the excessive cost of devices and procedures will obstruct the growth of the foot and ankle devices market.
The joint implants segment is expected to witness substantial growth over the forecast period. Joint reconstruction procedures are gaining popularity around the world. These procedures are becoming more common and less costly with time and therefore despite being among the oldest orthopedic therapeutic offerings, their market will grow at a steady pace. Moreover, technological advancements in foot and ankle devices will further boost product demand. Hence, the aforementioned reasons will augment market growth.
Osteoarthritis is considered a wear-and-tear disease as the cartilage in the joint deteriorates with repeated stress over time. People above the age of 60 are more prone to such diseases. Increasing prevalence of osteoarthritis is a major growth augmenting factor. It is one of the most common disorders in the U.S. For instance, as per the Center for Disease Control and Prevention (CDC), 54.4 million adults in the U.S. suffer from some form of arthritis every year. Hence, the increasing prevalence of such diseases will augment market growth.
The surgical centers segment is expected to experience considerable growth over the forecast period. Ambulatory surgical centers offer minimally invasive surgical procedures with good quality at an affordable price. Increasing awareness of patients toward various joint reconstruction procedures coupled with the availability of state-of-the-art facilities will augment segment growth.
The U.S. is expected to witness substantial growth over the forecast period owing to the presence of well-developed healthcare infrastructure, skilled professionals, technological advancements, increasing adoption of foot & ankle devices for treatment of various orthopedic conditions, and the presence of dominant market players in the region. Additionally, high healthcare expenditure along with the rising prevalence of orthopedic disorders will further fuel market growth.
China is expected to witness significant growth in the foot and ankle devices market during the analysis period. Rapid aging, obesity, greater life expectancy, heredity, and altered lifestyles are the key drivers of osteoarthritis in China. The growing prevalence of obesity is a major growth propelling factor in China, boosting the demand for foot and ankle devices.
Some of the key industry players include Stryker Corporation, Arthrex Inc., Zimmer Biomet Holdings Inc., Smith & Nephew Plc, Wright Medical Technology Inc., Integra LifeSciences Holdings Corporation, Acumed LLC., Extremity Medical LLC., and Tornier N.V. Key strategies adopted by industry players include strategic collaborations, partnerships, mergers, and innovative product launches to expand their business product portfolio.
Foot and Ankle Devices Market by Devices, 2014-2025 (USD Million)
- External Fixation Devices
- Ring Ankle Fixators
- Unilateral Fixators
- Hybrid Fixators
- Internal Fixation Devices
- Fusion nails
- Multiaxial Prostheses
- Solid Ankle Cushion Heel Foot
- Single-Axial Prostheses
- Dynamic Response Prostheses
- Microprocessor-Controlled Prostheses
- Joint Implants
- Ankle Replacement Devices
- Subtalar Joint Reconstruction Devices
- Phalangeal Implants
- Soft-Tissue Orthopedic Devices
- Musculoskeletal Reinforcement Devices
- Artificial Tendons & Ligaments
- Bracing and Support Devices
- Soft Bracing
- Hinged Braces
Foot and Ankle Devices Market by Application, 2014-2025 (USD Million)
- Neurological Disorders
Foot and Ankle Devices Market by End-use, 2014-2025 (USD Million)
- Surgical Centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Stryker Corporation
- Arthrex, Inc.
- Zimmer Biomet Holdings, Inc.
- Smith & Nephew plc
- Wright Medical Technology Inc.
- Integra LifeSciences Holdings Corporation
- Acumed LLC.
- Extremity Medical LLC.
- Tornier N.V.
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