Foot & Ankle Devices Market Growth and Analysis 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

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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

Foot & Ankle Devices Market Regional Insights

The regional trends and factors influencing the Foot & Ankle Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Foot & Ankle Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Foot & Ankle Devices Market Report Scope

Foot & Ankle Devices Market Players Density: Understanding Its Impact on Business Dynamics

The Foot & Ankle Devices Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Foot & Ankle Devices Market are:

1. Smith & Nephew
2. Wright Medicalgroup N.V
3. Stryker
4. Anthrex Inc.
5. Zimmer Biomet

Disclaimer: The companies listed above are not ranked in any particular order.

 

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