Market Research Report
Foot and Ankle Devices Market, By Product, By Application and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026
|Published by||AnalystView Market Insights||Product code||937207|
|Published||Content info||210 Pages
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|Foot and Ankle Devices Market, By Product, By Application and By Geography - Analysis, Share, Trends, Size, & Forecast From 2020 - 2026|
|Published: May 1, 2020||Content info: 210 Pages||
REPORT HIGHLIGHT Foot and ankle devices market was valued at USD 1.73 billion in 2019, growing with 11.8% CAGR during the forecast period, 2020-2026.
Foot and ankle devices are used to treat any orthopaedic injuries related to lower limb joint or foot. It includes walker boots, ankle braces, arch support, ankle sleeves, insoles and many more products. The foot and ankle devices helps in healing the injuries or damages without undergoing any surgical procedures. These products are lightweight, durable and provides excellent support to the ankle and foot with injuries. In addition to this, it helps in improving overall patient care and healthcare experience for the medical professionals through.
The demand for the foot and ankle devices is on rise owing to increasing prevalence of foot related orthopaedic issues. Rise in population suffering from rheumatoid arthritis, fractures, osteoporosis, and many others, is driving the demand for foot and ankle devices. As per the Centers for Disease Control and Prevention (CDC), in 2017, around 54.4 million population resident in US suffers from arthritis, which is equal to 25% of the total population. Also, increasing elderly population those are more prone to injuries are another factor fuelling the market demand. The World Health Organization (WHO) revealed that the global aged population (over 60 years of age) statistics is projected to up-rise till 2 billion by end of 2050 when compared to 900 million in 2015.
The growth of this market is further dragged by increasing road accidents leading to fractures along with higher prevalence of injuries among the sports enthusiastic. With this, the demand for devices and accessories to offer support in the ankle and foot for rapid recovery pushes the market growth upwards. Also, continuous research for development of devices using more advanced technology to improve treatment is also creating new growth opportunities for this market. However, high cost of device in combination with non-supportive reimbursement for these devices acts as a major roadblock for the market growth.
In terms of different products, the worldwide foot and ankle devices industry is broadly divided into joint implants, bracing and support, prosthetics, orthopaedic fixation, and soft tissue orthopaedic devices. Among which, as of 2019, the joint implants has gained significant market share owing to increasing elderly population with higher success and efficiency of the joint implant surgery to retain the mobility. Rising awareness regarding joint replacement surgeries with increasing life expectancy has created higher desire to undergo implant surgeries, driving the segmental growth. Emergence of new technologies and materials offering longer life is further fuels the segmental growth.
Followed by joint implants, the prosthetics category emerged as a most important segment accounting for market value of over 100 million in 2019. Growth of this segment is accountable to increasing product demand among the sportsperson.
Depending upon the application, the market is segmented into neurological disorders, osteoarthritis, hammertoe, rheumatoid arthritis, bunions, trauma, and osteoporosis. Trauma cases of the ankle and foot are more common and thus has gained dominating position. Increasing trauma cases, an outcome of sports related injuries, accidents, and improper physical training is leading to higher prevalence of trauma cases.
Also, hammertoe has also gained significant market share in 2019. Hammertoe can be well treated through non-surgical or non-invasive treatment including orthotic devices that help in controlling the muscle imbalance. The National Foot Health Assessment report revealed that more than 7 million American adults suffers from hammertoes every year. The organization also stated that lack of awareness regarding this condition leads to permanent foot deformities, thus resulting into growing need for appropriate foot correctors and supporters.
Growing elderly population and higher prevalence of sports injuries are pushing the market demand in the North America. The Stanford Children's Health stated that over 30 million children are actively involved in any of the sports in the U.S alone, with more than 3.5 million injuries annually. The North America is the leading regional market for the foot and ankle device market. Rapid adoption of emerging technologies, well developed healthcare sector with growing diabetic population in the region driving the market growth. Asia-Pacific is the fastest growing regional market owing to increasing patient pool suffering from arthritis, osteoporosis, and injuries.
Key Vendor Takeaway
Some of the key players that are actively operating in this industry are Wright Medical Group, Stryker Corporation, DePuy Synthes, Smith & Nephew, Zimmer Biomet, Advanced Orthopaedic Solutions, Integra LifeSciences Corporation, Acumed, Ossur and Bioretec Limited.
The key companies are involved in strategic partnerships and acquisitions to increase the geographical reach, product portfolio to gain high market share. For instance, in 2019, Stryker announced the acquisition of Wright Medical at USD 5.4 billion. Also, in 2016, the Zimmer Biomet Holdings Inc. signed a distribution agreement with the Nextremity Solutions for distribution of foot and ankle deformity correction product.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2015 to 2018
Base Year - 2019
Estimated Year - 2020
Projected Year - 2026
Traders, Distributors, and Suppliers
Government and Regional Agencies
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL FOOT AND ANKLE DEVICES MARKET KEY PLAYERS
DePuy Synthes Companies
Smith & Nephew
Wright Medical Group N.V.
Advanced Orthopaedic Solutions
Integra LifeSciences Corporation
GLOBAL FOOT AND ANKLE DEVICES MARKET, BY TYPE
Bracing and Support
Soft Tissue Orthopedic Devices
GLOBAL FOOT AND ANKLE DEVICES MARKET, BY APPLICATION
GLOBAL FOOT AND ANKLE DEVICES MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
Middle East and Africa
United Arab Emirates
Rest of MEA