The foot and ankle devices market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. Growth of the market is attributed to the rising number of sports injuries and road accidents, increasing prevalence of diabetes and foot-related illnesses, and technical advances such as automated foot and ankle devices.
Foot and ankle devices are used to treat fractures in the feet and ankles caused by arthritis, diabetic foot, bunions, hammertoes, and other orthopedic problems. These medical devices can be utilized to replace a foot that has been lost due to a congenital abnormality, trauma, amputation, or any other event. Devices for ligament repair and reconstruction, such as arthrodesis, joint replacement, and internal fixation, are included in the foot and ankle devices category. Rising worldwide impact of road accidents is driving demand for sophisticated medical equipment for treatment and recovery.
As a result of the pandemic, access to consumers to sell and deploy foot and ankle devices decreased in March 2020. The pandemic has resulted in a substantial drop in demand for foot and ankle products. The outbreak had an adverse impact on the orthopedics sector, as doctors are being reassigned to treat COVID-19 patients, limiting their ability to focus on normal patients. As a result of the lack of hospital staff and operating rooms, performing orthopedic and trauma surgery has become a serious difficulty.
Market Trends, Drivers, Restraints, and Opportunities
- Rising number of sports injuries and road accidents are expected to propel the market during the forecast period.
- Rising prevalence of diabetes and foot-related illnesses are key factor fueling the market.
- High price of foot and ankle device is estimated to hamper the market growth.
- Lack of adequate reimbursement schemes for operations acts as major challenge that can restrict the market expansion in the coming years.
- R&D investment and technological advancement is anticipated to create lucrative opportunities for the market players.
Scope of the Report
The report on the foot and ankle devices market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Foot and Ankle Devices Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Type (Ankle Replacement Devices, External Fixation Devices, Hammertoe, Plates, Screws, Biologics & Implants, and Others), Procedure (Osteotomy, Fracture Procedures, Fusion Procedures, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Smith & Nephew; Arthrex; Acumed; Depuy Synthes; and Integra Lifesiences Corporation
Market Segment Insights
The biologics & implants segment is projected to hold a major market share
In terms of types, the foot and ankle devices market is divided into ankle replacement devices, external fixation devices, hammertoe, plates, screws, biologics & implants, and others. The biologics & implants segment is expected to represent a key share of the market during the forecast period. Biologics and implants are prosthesis that are used to normalize physiological functioning. Biosynthetic materials, such as collagen, and tissue-engineered items, such as artificial skin or tissues, are used to create them. Bio-implants cover most bioengineered devices, such as cardiac pacemakers and orthopedic artificial implants, because they are completely inserted in the patient's body. In 2019, the orthopedic implants and devices sector held the major market of foot and ankle devices. Growth of the market is attributed to growing diabetes occurrences, new product releases, and increasing acceptance of branded orthopedic devices and implants in emerging nations due to better quality and decreased risk of surgery site infection.
The fracture segment is expected to grow at a rapid pace
Based on procedure, the foot and ankle devices market is segregated into osteotomy, fracture procedures, fusion procedures, and others. The fracture segment is expected to represent a key share of the market during the forecast period. Trauma or direct damage to the bone is the most common cause of foot and ankle fractures. The rising frequency of ankle and foot fractures, as well as availability of sophisticated medical equipment, is projected to drive the market. Furthermore, the introduction of 3D printed implants allows doctors to create implants and fixation systems for precise fracture repair.
North America is expected to dominate the market
On the basis of regions, the foot and ankle devices market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of North America is anticipated to dominate the market during the forecast period. Around 75-80 percent of children and youth in the US participate in sports. Approximately 4-5 million children and adolescents suffer minor foot and ankle injuries. As a result, sales of ankle and foot devices are increasing. In the US, these products are in high demand.
Segments Covered in the Report
The foot and ankle devices market has been segmented on the basis of
- Ankle Replacement Devices
- External Fixation Devices
- Biologics & Implants
- Fracture Procedures
- Fusion Procedures
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Smith & Nephew
- Depuy Synthes
- Integra Lifesiences Corporation
Key players competing in the foot and ankle devices market include Smith & Nephew, Arthrex, Acumed, Depuy Synthes, and Integra Lifesiences Corporation.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.