Foot and Ankle Devices Market Growing at a CAGR of 6.4% – Rising number of sports and accident-related injuries

Foot and Ankle Devices Market

Foot and Ankle Devices Market

PUNE, India, 2021-Jul-27 — /EPR Network/ — The growth of Foot and Ankle Devices Market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complicatio related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced foot and ankle devices coupled with growing funding & grants for commercialization and development of foot and ankle devices are other important factors to drive the market growth in the near future.

According to the new market research report “Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), End-User (Hospital, ASCs) – Global Forecasts to 2025” published by MarketsandMarkets™, is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period.

Growth Opportunity: Marketing, promotion and branding initiatives undertaken by major product manufacturers;

Major product manufacturers are undertaking strategic initiatives to increase their brand visibility and product awareness among key end users (such as medical professionals, patients, and physiotherapists) across major healthcare markets worldwide. Company operating in foot and ankle devices market are opting for hybrid distribution strategy as per which distribution takes place both by distribution channel and through partnership with global orthopedic companies. Foot and ankle devices company has also adopted consignment model, accoding to which company first places the systems with its customers and sales are made according to the implementation of implants. Such initiatives undertaken by major product manufacturers are expected to increase their brand awareness among target end-users as well as sensitize them about their role in preventive care.

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Geographically; North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. Increasing number of clinical trials validating foot and ankle devices and a growing number of approvals forfoot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulator surgical centers, which is increasing de,mand for foot and ankle devices. This trend will have a positive impact on the foot care devices market.

Key Market Players;

The major players in the foot and ankle devices market are DePuy Synthes Companies (US), Stryker Corporation (US), Zimmer Biomet Holdings, Inc (US), Smith & Nephew plc (UK), Arthrex Inc (US), Integra LifeSciences Holdings Corporation (US), DJO Finance, LLC (US), CONMED Corporation (US), Össur HF (Iceland), Orthofix Medical Inc. (US), Medartis AG (Switzerland), Acumed LLC (US), Extremity Medical (US), aap Implantate AG (Germany), Ottobock SE & Co. KGaA (Germany), Ortho Solutions UK Ltd. (UK), Vilex in Tennessee, Inc. (US), Advanced Orthopaedic Solutions (US), Fillauer LLC (US), and Groupe FH Ortho (France), among others.

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Market Segmentation in Detailed:

Based on application, the foot and ankle devices market has been segmented into the rheumatoid arthritis & osteoarthritis, trauma and hairline fractures, diabetic foot diseases, neurological disorders, ligament injuries, hammertoe, and other applications. Among these, the trauma and hairline fractures sub-segment dominated the market in 2019. The major share of the segment is attributed to the rising sport injuries in developing as well as developed countries. As of 2018, 265 million people participated in soccer across the globe, according to Fédération Internationale de Football Association (FIFA). New products have been introduced in the market that allow for easier reconstruction for sport injuries.

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