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), Enduser (Hospital, ASCs) – Global Forecasts to 2025″, published by MarketsandMarkets™, the Foot and Ankle Devices Market 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.
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The growth of this market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complication related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support 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.
The Internal fixation devices sub segment of fixation devices products to hold major market share by 2025
Based on the product, the foot and ankle devices market is segmented into orthopedic implants and devices, prostheses, and bracing and support devices. The orthopedic implants and devices products segment is further divided into Fixation devices, joint implants, and soft tissue orthopedic devices. Among the fixation devices products, the internal fixation devices segment held a major share of the market in 2019. Internal fixation devices include screws, plates, wires & pins, and fusion nails. These devices are used in foot and ankle injuries resulting from conditions such as trauma, neurological disorders, bunions, arthritis, and osteoporosis. Internal fixation devices are more effective and reduce the incidences of malunion or nonunion of the injured bones. These implants are made of stainless steel, titanium, cobalt, or chrome. The wide applications of Internal fixation devices devices in foot and ankle injuries and disorders management are a major factor contributing to the growth of this market segment.
Based on application, the trauma and hair line fracture segment is expected to account for the largest share of the foot and ankle devices market in 2019
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.
The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the foot and ankle devices market has been segmented into the hospitals, ambulatory surgery centers, orthopedic clinics and rehabilitation centers. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced surgical wards and emergency wards in hospitals and the increasing number of surgical procedures.
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North America is expected to dominate the global patient monitoring market in 2019
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 decal centers, which is increasing demand for foot and ankle devices. This trend will have a positive impact on the foot devices market.
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 are some of the major players operating in the global foot and ankle devices market.