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The global foot and ankle devices market size is expected to reach USD 8.30 Billion in 2032 and register a steady revenue CAGR of 6.4% during the forecast period, according to the latest analysis by Emergen Research.
The market for foot and ankle devices has grown significantly during the past few years. Numerous foot and ankle conditions, such as fractures, arthritis, ligament injuries, and diabetic foot ulcers, are treated with these devices. The market for foot and ankle devices is fueled by a number of reasons, such as the rising elderly population, increased prevalence of foot and ankle illnesses, technological improvements, and growing public awareness of the advantages of early diagnosis and treatment of foot and ankle conditions.
The rising incidence of foot and ankle problems is one of the major factors driving the market for foot and ankle devices. Age-related foot and ankle conditions such osteoarthritis, rheumatoid arthritis, and plantar fasciitis are prevalent. The World Health Organisation (WHO) predicted that millions of people will be affected by rheumatoid arthritis by the year 2020, with the global prevalence expected to be approximately 1%. The demand for foot and ankle devices is also influenced by the increase in sports-related accidents and injuries that result in fractures and ligament injuries.
The market for foot and ankle devices has expanded significantly as a result of technological developments. Treatment for foot and ankle problems has been transformed by cutting-edge technology like computer-assisted surgery (CAS), minimally invasive surgery (MIS), and 3D printing. The market for foot and ankle devices is being driven by technologies that enable quicker recovery, decreased post-operative discomfort, and improved surgical outcomes.
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Another factor propelling the market for foot and ankle devices is the rising awareness of the advantages of early detection and treatment of foot and ankle disorders. In order to avoid complications and enhance patient outcomes, patients and healthcare professionals are becoming more and more aware of the significance of prompt intervention in foot and ankle problems. Due to this, there is now more of a need for foot and ankle devices for rehabilitation, treatment, and diagnostics.
There are several limitations, nevertheless, that could have an effect on the market for foot and ankle devices. The market is confronted with a number of difficulties, including high prices for foot and ankle devices, a lack of reimbursement coverage in some areas, and the danger of complications from foot and ankle surgery. In some areas, there may also be a lack of trained healthcare workers and little knowledge of foot and ankle problems, which could restrain market expansion.
Despite these obstacles, the market for foot and ankle devices is anticipated to expand significantly over the next few years. The market is being driven by a number of growth factors, such as the rising use of cutting-edge technologies, rising R&D spending, and expanding product lines by major market players.
Foot and Ankle Devices Market Segmentation:
The global foot and ankle devices market is segmented based on product, application, end-use, and region. In terms of product, the market is divided into orthopedic implants and devices, bracing and support devices, and prostheses. Orthopedic implants and devices are expected to contribute significantly to the market revenue during the forecast period of 2023 to 2032. Bracing and support devices, such as ankle braces and shoe inserts, are also projected to witness steady growth.
In terms of application, the market is categorized into trauma and hairline fractures, rheumatoid arthritis and osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe, and others. Trauma and hairline fractures are expected to dominate the market share, followed by rheumatoid arthritis and osteoarthritis. The rising prevalence of these conditions, coupled with increasing awareness about the importance of early diagnosis and treatment, is driving the demand for foot and ankle devices.
Based on end-use, the market is segmented into hospitals, ambulatory surgery centers, orthopedic clinics, and rehabilitation centers. Hospitals are anticipated to hold the largest market share, owing to the availability of advanced infrastructure and skilled healthcare professionals for the diagnosis and treatment of foot and ankle disorders. Ambulatory surgery centers are also expected to witness significant growth due to the increasing preference for minimally invasive surgical procedures.
The report also provides a regional analysis of the market, with a focus on North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Some Key Highlights From the Report
- The orthopedic implants and devices segment is expected to account for the largest revenue share during the forecast period owing to several factors such as increasing prevalence of orthopedic conditions, growing aging population, technological advancements, and rising demand for minimally invasive surgeries.
- One of the key drivers for the expected growth in revenue share of orthopedic implants and devices is the increasing prevalence of orthopedic conditions. As the global population continues to age, the incidence of orthopedic conditions such as osteoarthritis, osteoporosis, and fractures is on the rise. This has led to a higher demand for orthopedic implants and devices, such as joint replacement implants, spinal implants, and trauma fixation devices, to restore mobility and improve quality of life for patients suffering from these conditions.
- The trauma & hairline fractures segment is expected to account for the largest revenue share during the forecast period due to common injuries that affect people of all ages, ranging from children to the elderly. These injuries can occur due to accidents, falls, sports activities, and other physical activities, leading to a large patient population requiring medical intervention.
- Market in North America is expected to account for the largest revenue share during the forecast period owing to a large and mature market with a high level of economic development and consumer purchasing power. This creates a favorable environment for various industries, including technology, healthcare, finance, automotive, and others, to thrive and generate significant revenue.
- Some major companies in the global foot and ankle devices market report include DePuy Synthes Companies, Stryker, Zimmer Biomet, Smith+Nephew, Arthrex, Inc., Össur, DJO, LLC, Integra LifeSciences, CONMED Corporation, Orthofix US LLC.
- Trilliant Surgical, a manufacturer of orthopedic foot and ankle implants, was acquired by DJO on January 20, 2021, for an unidentified sum. The Dallas-based DJO, a branch of Colfax, intends to use the acquisition to strengthen its entry into the rapidly growing U.S. foot and ankle market, which is estimated by the company to be worth USD 1 billion.
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