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Foot and Ankle Devices Market 2024-2033 - Size, Growth, Trends & Competitive Landscape
Foot and Ankle Devices Market
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According to The Business Research Company's, The foot and ankle devices market size has grown rapidly in recent years. It will grow from $5.68 billion in 2023 to $6.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth in the historic period can be attributed to aging population, orthopedic disorders, sports injuries, chronic conditions, increased trauma and accidents.
The foot and ankle devices market size is expected to see strong growth in the next few years. It will grow to $9.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to patient-centric care, regenerative medicine, increasing diabetic population, telemedicine and remote monitoring, minimally invasive procedures. Major trends in the forecast period include wearable devices and smart orthopedics, telehealth and remote consultations, biomechanical analysis, 3d printing and additive manufacturing, advanced materials.
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Market Drivers and Trends:
The increase in rates of orthopedic disorders are expected to propel the growth of the foot and ankle devices market moving forward. Orthopedic disorders are diseases which affect the musculoskeletal system that damages the muscle and bone tissues. This includes the bones, cartilage, ligaments, tendons, and connective tissues. Foot and ankle devices are used to address various types of fusions, fractures, and osteotomies in the forefoot, midfoot and rearfoot, which would increase the market growth. For instance, according to World Health Organization, a Switzerland-based government agency, musculoskeletal diseases affected 1.71 billion people worldwide in 2021, making them the major cause of disability. Apart from that, there are 568 million people who suffered from low back discomfort. Therefore, the growing incidence rates of orthopedic disorders are driving the growth of the foot and ankle devices market.
Product innovations have emerged as a key trend gaining popularity in the foot and ankle market. Companies operating in the foot and ankle market are going through new product innovations to gain a competitive advantage. For instance, in September 2021, Stryker Corporation, a US-based medical technology company, launched the Citrelock™ Tendon Fixation Device System. The new system offers surgeons a unique design via a tendon thread that incorporates CitregenTM, a resorbable technology with unique chemical and mechanical capabilities for orthopaedic surgical applications. Citrelock Tendon Fixation Device System is designed to facilitate insertion and secure fixation while minimizing tendon damage during placement.
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Major Key Players of the Market:
Aap Implantate AG, Acumed LLC, Advanced Orthopaedic Solutions Inc., Arthrex Inc., Biomet Inc., CONMED Corporation, DePuy Synthes Companies, DonJoy Inc., Extremity Medical LLC, Fillauer LLC, FH ORTHOPEDICS S.A.S., Integra LifeSciences Holdings Corporation, Medartis Holding AG, Mondeal Medical Systems GmbH, Ortho Solutions UK Ltd., Orthofix Medical Inc., Össur hf., Ottobock Healthcare AG, Smith & Nephew plc, Stryker Corporation, Tornier N.V., Vilex in Tennessee Inc., Wright Medical Technology Inc., Zimmer Biomet Holdings Inc., KYOCERA Medical Corporation, Medacta International SA, Merete Medical GmbH, Medtronic plc, Inovedis SAS, OsteoMed LLC
Foot And Ankle Devices Market 2024 Key Insights:
• The foot and ankle devices market size is expected to see strong growth in the next few years. It will grow to $9.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%.
• Orthopedic Disorder Rates Driving Growth In Foot And Ankle Devices Market
• Product Innovations Transforming The Foot And Ankle Market
• North America was the largest region in the foot and ankle devices market in 2023
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