Pune, 16, Dec, 2022: MMR has published a report on the Lower Extremity Devices market. As per the Lower Extremity Devices Market report, the total market for Lower Extremity Devices was US$1.12 billion in 2021 and is expected to reach US$2 billion by 2029 with a CAGR of 7.5% during the forecast period.
Lower Extremity Devices Market Scope and Research Methodology
The report analyses market segments based on product, application, Distribution Channel, and Region. The data was provided by market participants and regions (North America, Asia Pacific, Europe, the Middle East, Africa, and South America). The market study on lower extremity devices provides data on market size, category market growths, application niches and dominance, product approvals, product launches, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and regional market participants, regulatory changes, and more. The revenue, financial condition, product line, technology adoption, mergers and acquisitions, joint ventures, strategic alliances, and local market share of the top companies in the Lower Extremity Devices business are all considered when analysing the competitive environment.
The information was gathered using both primary and secondary sources. The market’s size and the ratings it received from different segments were both confirmed using the bottom-up methodology. The primary research methods included distributing questionnaires to the general population, conducting public surveys, and making phone calls to business owners, significant industry players, and marketing experts. To ensure that the inferences were as reliable as feasible, secondary data from a range of carefully chosen sources was painstakingly assembled. Additionally, this includes paid databases, official databases from various organisations and government websites, trade journals, white papers, annual reports, and product announcements from manufacturers and suppliers in the sector.
SWOT analysis was conducted to identify the strengths and weaknesses of the Lower Extremity Devices market, while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Lower Extremity Devices market.
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Lower Extremity Devices Market Overview
External devices known as lower extremity devices are attached to or used on a lower limb to enhance function by offering support, regulating motion, lowering pain, addressing abnormalities, and halting the growth of deformities. In order to support a leg, enhance alignment and function, regulate mobility, prevent falls, relieve pain, treat abnormalities, and stop the evolution of deformities, lower extremity devices are employed. The market for lower extremity devices is now experiencing revenue growth that is primarily being driven by technological improvements and the use of digital technology. The lower extremity devices market is expected to grow slowly due to low consumer knowledge of the advantages of extremity devices and an unfavourable reimbursement environment. On the other hand, the Asia-Pacific developing countries present a potential market opportunity for lower extremity devices.
Lower Extremity Devices Market Dynamics
Lower extremity devices market growth is being driven by the rise in patients with bone degenerative illnesses. The most prevalent conditions that weaken bones include osteoporosis, stress fractures, bone fractures, bone cancer, scoliosis, and osteoarthritis. Traffic accidents are one of the main reasons for the rise in bone-related illnesses. Fractures of the pelvic bone occur often. Adopting a modern lifestyle also results in conditions like obesity and diabetes, which dramatically increase the risk of degenerative joint disease and conditions like trauma and fractures. One of the major drivers of the lower extremity devices market is the sharp rise in the older population. Orthopedic diseases are more common in older people. This is because arthritis and osteoarthritis are just two of the orthopaedic conditions that older people are more prone to. Most broken bones occur as a result of auto accidents.
Government regulations on their use and the expensive cost of lower extremity devices are preventing the market for these devices from growing. The lower extremity devices market is expected to be controlled by limited healthcare infrastructure in emerging nations and a rise in product recalls. Advanced instruments’ acceptability in the foreseeable years is hampered by their inability to move to a standardised reimbursement framework.
Lower Extremity Devices Market Regional Insights
North America dominated the lower extremity devices market in 2021 with the highest revenue share during the forecast period due to the rising penetration of cutting-edge lower extremity devices, specialised healthcare facilities, and the engagement of business leaders. A high demand for specialised healthcare facilities caused by the availability of well-developed healthcare facilities and broad reimbursement coverage of orthopaedic procedures, which have fueled the acceptance of orthopaedic surgeries, North America was the leading sales contributor in the global lower extremity devices market in 2021, and this pattern is expected to continue during the forecast period.
Since the region has a sizable older population, good infrastructure, and a growing medical tourism market, it is expected to have the quickest growth. Additional reasons driving demand in APAC include high disposable incomes, a growing population, and increased patient understanding of the importance of orthopaedic products.
Lower Extremity Devices Market Segmentation
By Product:
- Knee orthotics
- Foot and ankle orthotics
- Hip orthotics
By Application:
- Trauma and Fractures
- Others
By Distribution Channel:
- Hospitals and surgical centres
- Retail pharmacies
- Others
Lower Extremity Devices Market Key Manufacturers:
- DePuy Synthes
- Stryker Corporation
- Zimmer Biomet
- DJO Global
- CONMED
- Bone Therapeutics
- Active Implants
- OsteoMed
- Medtronic PLC
- 3M
- Bauerfeind
- DeRoyal Industries Inc
- Colfax Corporation
- Orthofix
- Ossue
- Essity
- Thuasne Group
- Ottobock
- Trulife
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Key questions answered in the Lower Extremity Devices Market are:
- What is Lower Extremity Devices?
- What are the key factors driving the growth of Lower Extremity Devices market?
- What is the growth rate of Lower Extremity Devices Market for the forecast years?
- What is the nature of competition in Lower Extremity Devices industry in developed and developing economies?
- Who are the key players in the Lower Extremity Devices Market?
- Who are the market leaders in Lower Extremity Devices in Europe?
- Who are the market leaders in Lower Extremity Devices in USA and Canada?
- Who are the market leaders in Lower Extremity Devices in India, China, Japan and South Korea?
- Who held the largest market share in Lower Extremity Devices Market?
- What are the factors for the growth of Asia-Pacific region in Lower Extremity Devices Market?
Key Offerings:
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Applications, Distribution Channel, and Region.
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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