Foot & Ankle Devices Market to Reflect Impressive Growth Rate by 2024Market: Overview
Foot and ankle devices are used to heal injuries and disorders in the foot and ankle region with or without the help of surgical procedures. Injuries in the foot and ankle region are usually caused by accidents and fall. On other hand, arthritis, bunions, hammer-toes, and diabetic foot are some of the disorders which may call for surgical procedures with subsequent use of foot and ankle devices. Foot-ankle extremities are a key revenue contributor to the global foot and ankle devices market. The foot and ankle device market includes devices that help in ligament repair and reconstruction procedures such as arthrodesis, joint replacement and internal fixation.
The rising cases of injuries and diabetics cases where surgeries are required are paving way for a healthy growth in the market for foot and ankle devices. Geographically, North America accounts for the largest demand of foot and ankle devices while Asia Pacific is showing the fastest growth rate.
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Global Foot and Ankle Devices Market: Trends and Opportunities
The growth of the foot and ankle device market is primarily driven by rising sports injuries and road accidents but above all, the growing cases of diabetes where surgeries are required are leading to amputation of foot-ankle with large sores are propelling the market for these devices. The rising geriatric population across the globe augurs well for the future of market for foot and ankle devices as age can considerably decrease bone strength and increase risk of fracture.
Additionally, new foot and ankle device technologies are being introduced with additional shock absorption and greater battery life, which will augment demand. Joint implants are replacing the need for fusing a broken ankle as they provide better mobility and biomechanical motion. Better understanding of mechanical function of prosthetic feet will also improve prescriptions for prosthetic feet to patients with lower limb amputation.
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The demand for foot and ankle prosthetics is consistently expanding due to the introduction of several advanced devices such as hydraulic and pneumatic feet and materials such as carbon fiber. Furthermore, the introduction of microprocessor controlled prosthetic feet has increased the comfort level of patients and are thus gaining popularity.
Conversely, the high cost of some of foot and ankle devices and implied excise tax on medical devices are a few of the primary restraints on the future growth of the market.
Global Foot and Ankle Devices Market: Region-wise Outlook
The foot and ankle devices market is geographically segmented into four prominent regions: North America, Europe, Asia-Pacific and Rest of the World. North American countries such as the U.S. and Canada are the largest markets for the foot and ankle devices. This is because of greater financial standing of patients, higher acceptance rate for advanced technologies, and significantly large number of sports injuries. However, due to rising cases of road accidents in the Asia-Pacific region, the demand for foot and ankle devices is expected to rise rapidly.
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Companies Mentioned in the Research Report
Some of the major players in the foot and ankle devices market include Wright Medical Technology, Inc., Arthrex, Inc., OrthoHelix Surgical Designs, Inc., Integra Life Sciences Corporation, Smith & Nephew plc, Stryker Corporation, Acumed, LLC, Zimmer Holdings Inc., De Puy Synthes, Biomet, Inc., BioPro, Inc., Orthofix Holdings Inc., and Mondeal Medical Systems GmbH.
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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