According to a report by Grand View Research, Inc., the global foot and ankle devices market is estimated to reach at USD 3.4 billion by 2025. The market is anticipated to register a growth rate of 10.1 % during the forecast period (from 2018 to 2025). Growing cases of osteoporosis among geriatric population are anticipated to propel the demand for foot and ankle devices. These devices offer support and mobility during the recovery from injuries. Significant changes in skeletal and neurological systems among geriatric population leading to weak ligaments, arthritis, and Anterior Cruciate Ligament (ACL) tear can fuel the product demand in forthcoming years. Increasing number of sports-related injuries and road accidents are also expected to influence the market growth in the coming years.
Rising cases of diabetic foot ulcers, which can take longer time to heal is stimulating the demand for advanced healthcare systems and trauma devices. This is also anticipated to augment the market development from 2018 to 20025. Growing demand for these devices among athletes to prevent any possible injuries while performing is likely to propel market expansion. In addition, supportive reimbursement policies for joint replacement are also estimated to have a positive impact on the market growth in the next few years. Increasing adoption of surgeries related to ankle replacement attributed to ankle arthritis are expected to further augment the market demand during the forecast period.
Full research report on foot and ankle devices market analysis:
The foot and ankle devices market is segregated on the basis of product, application, and region. On the basis of product, the market is categorized into joint implants, orthopedic fixation, bracing & support, soft tissue orthopedic devices, and prosthetics. Joint implants segment is anticipated to witness a substantial growth during the forecast period attributed to rising cases of implant surgeries among geriatric population. On the basis of application, the market is classified into trauma, hammertoe, osteoarthritis, rheumatoid arthritis, neurological disorders, bunions, and osteoporosis. In 2016, trauma segment dominated the market and accounted for revenue share equivalent to USD 263.3 million. It is expected to reach at USD 616.6 million by 2025.
On the basis of regions, the market is divided into Asia Pacific, North America, Europe, Latin America, and Middle East & Africa (MEA). In 2016, North America dominated the market and accounted for maximum revenue share. Growing number of geriatric population in the region is anticipated to be the major factor driving the region’s development. In addition, presence of advanced trauma centers established by local governments to handle emergency situations is also likely to stimulate the market growth in the region. Moreover, increasing number of diabetic patients suffering from foot ulcers can also influence the market demand in this region.
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In Asia Pacific region, Japan is estimated to be the largest consumer of foot and ankle devices in the forthcoming years. Increasing number of road accidents coupled with growing geriatric population are likely to fuel the market growth in Asia Pacific. In addition, increasing cases of diabetes and osteoporosis can further impel the demand for effective trauma devices and healthcare systems in the region. This, in turn, can stimulate market growth during the forecast period.
Some of the leading companies in the foot and ankle devices market are Advanced Orthopedic Solutions; Zimmer Biomet; Stryker Corp.; Integra LifeSciences Corp.; and Bioretec Ltd. Most of these companies are investing more in R&D activities in order to introduce newer, cost-efficient, and advanced products. For instance, Nextremity Solutions recently received clearance from the US Food and Drug Administration (FDA) for its InCore Lapidus system. The device stabilizes and corrects multi-planar deformities. This joint is essential and lies at inner part of the middle of foot. When this joint faces excess movement or looseness, the condition is called hypermobility, which can further lead to formation of bunion. The fusion system can stabilize such deformity and provide visibility for surgeon’s joint preparation during Lapidus procedures.
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