Foot & Ankle Devices Market to grow at a CAGR of 6.00% During the Forecast Period
Growing prevalence of arthritis is a major driver for global foot & ankle devices market for the forecast period.
According to TechSci Research report, “Global Foot & Ankle Devices Market By Product Type (Fixation Devices, Prosthesis, Joint Implants, Soft Tissue Orthopedic Devices, Bracing & Support Devices), By Procedure (Fracture Repair, Osteotomy, Fusion Procedures, Others), By Application (Trauma & Hair line Fractures, Ligament Injuries, Rheumatoid Arthritis & Osteoarthritis, Diabetic Foot Diseases, Others), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers, Rehabilitation Centers), By Region, Competition Forecast & Opportunities, 2026”, the global foot & ankle devices market stood at USD4170.33 million in 2020 and is expected to grow at CAGR of 6.00% and reach USD5781.28 million by 2026 owing to the increasing foot and ankle injuries. Also, increasing prevalence of diseases such as arthritis, rheumatoid arthritis, osteoporosis, among others is further expected to drive the market growth. However, several risks associated with using orthopedic implants and devices, such as the discomfort associated with the insertion of implants and devices. Surgical site infections are some other major risks. This in turn is expected to impede the market growth through 2026. Also, cases of metal sensitivity in patients with foot & ankle devices and implants can further restrict the market growth over the next few years. Besides, growing adoption of alternative treatment options for treatment of foot & ankle disorders can further hamper the market growth during the forecast period. Also, high cost of these devices can slow down the market growth especially in the emerging countries owing to affordability constraints.
Browse over 147 market data Figures spread through 110 Pages and an in-depth TOC on “Global Foot & Ankle Devices Market”
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The global foot & ankle devices market is segmented by product type, procedure, application, end user, regional distribution and company. Based on application, the market can be categorized into trauma & hair line fractures, ligament injuries, rheumatoid arthritis & osteoarthritis, diabetic foot diseases and others. The trauma & hair line fractures segment dominated the market in 2020 with an overall share of around 40.65%. This can be ascribed to the increasing prevalence of sport injuries and road accidents, growing number of foot and ankle reconstruction procedures related to fractures, among others. Based on end user, the market can be categorized into hospitals, orthopedic clinics, ambulatory surgery centers and rehabilitation centers. The hospital segment is expected to dominate the market during the forecast period owing to the large target patient population base preferring hospitals for foot & ankle surgeries. Additionally, factors such as growing focus on early diagnosis of diseases in hospitals and availability of advanced treatment devices & implants within the hospitals is further expected to support the segmental growth.
Some of the major competitors in the market are Johnson & Johnson, Stryker Corporation, Zimmer Biomet Holdings, Inc, Arthrex Inc, Integra LifeSciences Holdings Corporation, Colfax Corporation, CONMED Corporation, Össur HF, Orthofix Medical Inc., Medartis AG, among others. Major companies operating in the market are following strategies such as mergers & acquisitions, new product launches, collaborations, among others to stay competitive in the market and have an edge over the other players. In September 2020, Stryker Corporation (US) launched the AxSOS 3 Ankle Fusion System, which is an ankle fusion titanium plate system used for the fusion of the tibio-talar joint.
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“The global foot & ankle devices market is expected to witness significant opportunities of growth during the forecast period owing to the increasing investments and new product launches by various players operating in the market. Additionally, technological advancements such as use of bioresorbable implants and 3D printed implants will further create lucrative opportunities for the market growth over the next few years.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Foot & Ankle Devices Market By Product Type (Fixation Devices, Prosthesis, Joint Implants, Soft Tissue Orthopedic Devices, Bracing & Support Devices), By Procedure (Fracture Repair, Osteotomy, Fusion Procedures, Others), By Application (Trauma & Hair line Fractures, Ligament Injuries, Rheumatoid Arthritis & Osteoarthritis, Diabetic Foot Diseases, Others), By End User (Hospitals, Orthopedic Clinics, Ambulatory Surgery Centers, Rehabilitation Centers), By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global foot & ankle devices market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global foot & ankle devices market.
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