Foot & Ankle Devices Market Size, Competitive Landscape and Market Forecast - 2030

SKU: DMMD1683 | Last Updated On: Jan 05 2023 | Available Formats

> Global Foot & Ankle Devices Market Expected to reach a high CAGR of 7.2% By 2030: DataM Intelligence

Global Foot & Ankle Devices Market is segmented By Product Type (Ankle Replacement Systems, Arthroplasty Devices, Fracture Fixation Devices, Plates, Screws, Ankle Braces & Supports, Implants, Others), By Application (Fracture Treatment (Foot Fracture, Ankle Fracture), Foot Reconstruction, Hammertoe, Osteotomy, Osteoarthritis, Bone Fusion Procedures, Deformity Correction, Others), By Treatment Location (Forefoot Treatment, Midfoot Treatment, Hindfoot Treatment, Ankle Treatment), By End-Users (Hospitals, Ambulatory Surgical Clinics, Speciality Clinics, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

 

Market Overview

The global foot & ankle devices size was valued at US$ YY million in 2022 and is estimated to reach US$ YY million by 2030, growing at a CAGR of 7.2% during the forecast period (2023-2030).

Foot and ankle devices are employed for recovering diverse foot and ankle fractures due to ailments such as arthritis, diabetic foot, bunions, hammertoes, and further orthopedic conditions. These healing equipment are even utilized for replacing the lost foot because of congenital deformity, trauma, amputation, or any other accident. The foot and ankle devices comprise devices that help in ligament repair and reconstruction procedures such as arthrodesis, joint replacement, and internal fixation.

 

Foot & Ankle Devices Market Strategic Insights

Metrics

Details

Market CAGR

 High

Segments Covered

By Product, By Modality Type, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

 

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Foot & Ankle Devices Market Dynamics

The growing number of orthopedic surgeries boosts the global foot and ankle devices market growth during the forecast period.

The increasing number of orthopedic surgeries is fueling the growth of the global foot & ankle devices market.

The growing number of orthopedic surgeries boosts the global foot and ankle devices market growth during the forecast period. For instance, according to the WHO, about 20-50 million people suffer from non-fatal injuries from road accidents annually. Similarly, according to the CDC, non-fatal injuries requiring surgery were around 2,885,545 ambulatory cases in 2020. Additionally, the increasing number of people suffering from a few chronic disorders like Rheumatoid arthritis, Osteoarthritis, and Diabetes, requiring lower limb surgical amputations or orthopedic surgeries, drives the global market growth. For example, according to the Global Arthritis Network, over 350 million people have rheumatoid arthritis globally.

In addition, the CDC assessed that roughly 60% of people between 18-64 years of age have arthritis, approximately 50% of geriatrics suffer from arthritis, and almost 7% of people aged 18-44 have one or other type of arthritis. Likewise, NIH stated that people suffering from Diabetes Mellitus are at 10-20 times more risk for amputations; about one million individuals with Diabetes Mellitus require lower-limb amputation yearly. Furthermore, the increasing incidences of sports injuries and government initiatives also contribute to the growth of the global market. For instance, according to the National Safety Council (NSC), exercise equipment accounted for about 409,000 injuries in 2021, the most in any sports and recreation category. Also, the 2022-23 Australian Budget- external site opens in a new window, $2.8 million has been assigned to design National Sport Injury data to advise safer practices in community sports, assist in injury prevention and increase participation. Thus, the data indicates that the increasing number of orthopedic and amputation surgeries worldwide fuels the growth of the foot and ankle devices market.

The high cost of foot & ankle orthopedic surgeries hampers the global foot & ankle devices market growth.

However, the high expense of the foot and ankle devices and the unavailability of adequate reimbursement policies for the surgeries significantly hinder the market growth. For instance, custom-made orthotics cost from $200 to $800, according to the Scheck & Siress company. Likewise, ankle replacement surgery in India, on average, costs start from $7,000 USD.

COVID-19 Impact Analysis on Foot & Ankle Devices Market

The COVID-19 restriction caused a reduction in the count of road traffic accidents, sports injuries, and other medical conditions requiring orthopedic surgeries; hence reduction in the global market growth was marked in the pandemic. For example, according to the national health institute estimations, during the first pandemic year, there was about a 23% decline in orthopedic surgery; out of all orthopedic surgeries, knee arthroplasty was lowered by almost 64% and bearing the high impact,  which was followed by hip arthroplasty and knee ligament reconstruction lessened by approximately 41% and 44% respectively. Thus, the mentioned statistics and data indicate reduced orthopedic surgeries performed during the pandemic, negatively impacting the global market growth.

Foot & Ankle Devices Market Segment Analysis

The plates segment is estimated to grow at the fastest CAGR during the forecast period (2022-2029).

The plates segment is predicted to dominate the global foot and ankle devices market throughout the forecasted period owing to the new product introductions by various key market players. For instance, in February 2021, the US Food and Drug Administration cleared OsteoMed's ExtremiLOCK Lateral Ankle Fusion Plates, which is intended to be employed in the fixation of osteotomies, fractures, and non-unions of the fibula and the tibia. Also, in September 2020, Stryker Corporation (US) introduced the AxSOS 3 Ankle Fusion System, a lower leg combination titanium plate framework used for the combination of the tibiotalar joint. Similarly, in April 2022, Medline UNITE Foot & Ankle received the United States Food and Drug Administration approval for the Calcaneal Fracture Plating System and IM Fibula Implant. With the launch of these two devices, surgeons will have access to a complete titanium foot and ankle trauma system, which will let them treat practically all fractures that call for ORIF with plate and screw fixation. Thus, owing to the increased product approvals, the plates segment is estimated to dominate the global foot and ankle devices market throughout the forecasted period (2022-2029).

Foot & Ankle Devices Market Geographical Analysis

The North American market is expected to grow at a high CAGR during the forecast period.

The growing geriatric population and arthritis cases in the North American region are boosting the region's market growth at a high CAGR. For instance, According to the U.S. Census Bureau, over 56 million adults ages 65 and older are living in the United States, making up 16.9% of the nation's population in 2020. Also, according to CDC, roughly 32.5 million Americans had osteoarthritis, and it forecasted that about 78 million U.S. adults would have arthritis. Arthritis is among the primary reasons for disability in the U.S. more than 24 million adults work with restricted physical movements because of arthritis, almost 62% of the people with osteoarthritis are postmenopausal women, and over 14 million Americans live with symptomatic knee osteoarthritis. Likewise, according to the National Library of Medicine, roughly 150000 patients undergo a lower extremity amputation in the United States annually. The most familiar causes leading to amputation are diabetes mellitus, peripheral vascular disease, neuropathy, and trauma.

In addition, the presence of major key market players holding a large share of the global market, for example, OSSIO Inc, Integra LifeSciences Corporation, Stryker Corporation, RTI Surgical Holdings, Inc., Zimmer Biomet, MedShape Inc., and DePuy Synthes in North America ensure the growth of North American foot and ankle devices market growth at a high CAGR throughout the forecast period.

Foot & Ankle Devices Companies & Competitive Landscape

The growing focus on innovation keeps the global foot and ankle devices market competitive. Stryker Corporation, OSSIO Inc, Arthrex Inc., Colson Associates Inc., RTI Surgical Holdings, Inc., Zimmer Biomet, MedShape Inc., Integra Life Sciences Corporation, Orthofix Medical Inc., and DePuy Synthes are examples of a few key market players. These key players hold the market through acquisitions, product launches, and collaborations. For instance, In December 2020, MedShape Inc rolled out the Dyna Nail Mini Fusion System for medial column fusion to address Charcot Foot and other severe midfoot conditions.

Zimmer Biomet

Overview:

Zimmer Biomet was in 1927 and has operations in more than 25 countries around the world and more than 100 countries to sell their product with a vast portfolio. Also, it is a leading research industry focusing on alleviating pain and improving the quality of life for people around the world.

Product Portfolio:

The product portfolio of Zimmer Biomet has an F3 Fragment Plating System: The F3 Fragment Plating System is designed to offer strong, low-profile fixation of small bone fragments in a locked plating construct that can be contoured directly to the bone. The system consists of two plate styles: high flex and high strength.

The global foot & ankle devices market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.

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