Foot & Ankle Devices Market to Grow with $4,084.97 Million by 2027 - Key Player Analysis: Wright Medicalgroup N.V, Stryker Corporation, Anthrex, Zimmer Biomet, Ossur, Integra Lifesciences Corporation
The foot & ankle device is a well-established market in nature with consisting of the good and countable number of players, having considerable revenue in the market. Most of the companies operating in the global foot & ankle device market offers product used for joint implants, prostheses, braces & support, and fixation devices of foot and ankle.
The global foot & ankle devices market is expected to reach US$ 4,084.97 Mn in 2027 from US$ 2,038.24 Mn in 2018. The foot & ankle devices market is estimated to grow with a CAGR of 8.1% from 2019-2027.
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The road accidents are the major driving cause of death by injury and the tenth leading cause of all deaths across the world. Many people injured in road accidents occupy around 30% - 70% of orthopedic beds in hospitals of countries across the globe. Across the world, roads are shared by buses, cars, motorcycles, trucks, mopeds, pedestrians, animals, taxis, and other modes of travel. As per the estimates by the Centers for Disease Control and Prevention (CDC), road traffic injuries are anticipated to be the eighth driving cause of death across the world. If the trend of the growing number of accidents is continued, it is estimated that by 2030, road traffic injuries will be the seventh, driving cause of death across the world. As per data by the CDC published in 2016, road accidents injuries lead to a substantial economic burden on the lower and middle-income countries. For instance, it was expected that the approximate cost of US$ 518 billion across the globe and near around US$ 65 billion in the lower-income and middle-income countries.
Global foot & ankle devices market was segmented by product, application and end user. On the basis of the product the market is segmented as joint implants, prostheses, braces & support, and fixation devices. Based on the application the market is segmented into trauma, osteoarthritis, osteoporosis, rheumatoid arthritis (RA), and hammertoe.
The market is driven by the factors such as increasing incidences of sports injuries, growing incidents of road accidents and rising the number of orthopedic surgeries. However, factor such as lack of reimbursement for orthopedic procedures is the major restraining factors for the growth of the market.
Some of the major primary and secondary sources included in the report for the foot & ankle devices market are The National Centre for Sports Development, Federation Internationale de Football Association, the National Institute of Traumatology and Orthopedics, Food and Drug Administration, and others.
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