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Foot and Ankle Devices Market to Hit $6.46 Billion by 2022: Growth Analysis, Company Profiles & Trends

Press Release   •   Jan 16, 2018 05:15 EST

Global foot and ankle devices market is expected to witness a significant growth owing to increasing number of cases of sports injuries and road accidents. This kind of devices are used to help the patients in the conditions such as; an ankle arthritis without deformity, ankle fractures such as; lateral malleolus (fibula), medial malleolus, and/or the posterior malleolus, ankle fractures can also involve the articular surface of the tibia, known as pilon fractures, Charcot foot and ankle (it is a progressive deformity that occurs with minimal trauma), cuboid fractures, lisfranc injury and etc. It helps the foot and ankle surgeons treat their patients more efficiently while enhancing patient care and the overall healthcare experience.

Major driving factors in the market are aging population, increasing incidences of sports injuries coupled with increasing acceptability for these kinds of devices. In addition, increasing prevalence of osteoporosis, rheumatoid arthritis and etc. is also projected to foster the growth in this market. Furthermore, increasing cases of road accidents, an expected global rise in prevalence of diabetes is also expected to fuel the market growth for foot and ankle devices in coming five years. However, high cost for some of the foot and ankle devices and lack of trained professionals are expected to hamper the growth in this market. In spite of these restraints, technological advancements and the introduction of biologics to treat foot and ankle disorders are expected as some of the opportunities in this market.

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Foot and ankle devices market can be segmented on the basis of product cause of injury and region. On the basis of product, the foot and ankle devices market is segmented into orthopedic implants and devices, prostheses and bracing and supporting devices. Orthopedic implants are further categorized into joint implants, fixation devices, and soft-tissue orthopedic devices. This segment is projected to dominate by the orthopedic implants and devices and also expected to grow at the fastest rate within the forecast period.

Based on the cause of injury the foot and ankle devices market is segmented into trauma, neurological disorders, diabetes and others. The largest market share of this segment is expected to capture by the other types of injuries which include; osteoporosis, rheumatoid arthritis, osteoarthritis owing to the increasing prevalence of these kinds of injuries. Trauma is expected to grow at a high CAGR during the forecast period.

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North America is expected to account for the largest share of this market in the coming five years. Growth in this region for this market is attributed to a large number of sports injuries. For example, As per The American Journal Of Orthopedics, foot and ankle injuries are common in American football, with injury rates significantly increasing over the past decade. Epidemiologic studies of collegiate football players have shown an annual incidence of foot and ankle injuries ranging from 9% to 39% with as many as 72% of all collegiate players presenting to the National Football League (NFL) Combine with a history of a foot or ankle injury and 13% undergoing surgical treatment. In addition, high per capita healthcare expenditure and well-developed healthcare infrastructure are also expected to fuel the market growth for foot and ankle devices within the forecast period. Europe is expected to be followed by North America and is expected to gain the second largest share in this market within the forecast period.

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Asia Pacific is expected to witness the fastest growth in this market in next five years. Growth in this region is expected to accelerate by increasing healthcare spending and increasing the aging population. In addition, increasing number of podiatrists in this region is also expected to make this region a lucrative market for foot and ankle devices in coming five years. Latin America and the Middle East & South Africa is also expected to show a positive growth in coming five years.

Some of the key players of foot and ankle devices market such as Stryker Corporation, Smith & Nephew PLC., Arthrex, Inc., Zimmer Biomet Holdings, Inc., Integra Lifesciences Holdings Corporation, Wright Medical Technology, Inc., Ossur, Tornier N.V., OrthoHelix and BioPro among others.

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