The Global Foot and Ankle Devices Market is expected to witness a CAGR of 8.7% to reach revenue of $2.8 billion by 2025
Bangalore, India, February 2, 2019 – With its recently published study “Global Foot and Ankle Devices Market – Drivers, Restraints, Opportunities, Trends, and Forecast up to 2025”, Infoholic Research forecasts that the Global Foot and Ankle Devices Market is growing at a steady rate during the forecast period owing to a large number of joint replacement procedures. The increase in the popularity of minimally invasive arthroscopy surgery like total ankle replacement (TAA) has increased the usage of Foot and Ankle Devices across the globe. Factors such as increase in incidence of arthritis, low limb disorders causing acute injury and overuse injuries, sports activities, accidents, and diabetic foot are driving the market. There are multiple research studies conducted comparing TAA and arthrodesis with more advanced technology leading to better prosthetics with less revision incidence and burden of TAA.
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Availability of advanced devices such as minimally invasive surgery instruments, revision ankle systems, fracture LP systems, locking systems, plating, limb extensions, and biologics. These devices have strengthened the surgical procedures and provided quality life to many individuals. These devices have helped the surgeons in treating various lower extremities conditions such as ankle fusion, total ankle replacement, ankle fixation, lateral ankle ligament reconstruction, arthroscopic ankle surgery (minimally invasive), debridement of Achilles tendon, tightrope fixation, and Achilles SutureBridge. Foot and ankle devices have increased the interest of minimally invasive procedures and are among popular procedures in orthopedic surgical procedures.
The Global Foot and Ankle Devices Market is analyzed based on four segments: product types, application types, end-users, and regions. The market by product types is segmented into joint implants, support and braces, prosthetics, fixations, and consumables. The support and braces segment has the dominant market share due to the increased number of large joint replacement procedures. Joint implants are the second leading segment with large number of sales as the demand of TAA is increasing as they provide relief to chronic pain and is a complete reconstruction program. The regions covered in the report are North America, Europe, Asia Pacific, and Rest of the World (RoW). In North America, the US and Canada are the leading countries. Europe is the second leading region with a maximum market share in the foot and ankle procedures. About 70% of the European population are living a sedentary lifestyle and have increased risk of musculoskeletal disorders due to accidents, injuries, smoking, and less physical activity.
APAC has created opportunity for vendors to invest and establish manufacturing facilities and leverage their business with a strong focus in developing healthcare facilities and has supportive funds from the governments. The rise in aging population, road accidents, increase prevalence of osteoporosis, increase in demand of minimally invasive surgeries, swiftly growing medical tourism industry, and investments in mid-tier hospitals from the government are driving the market growth.
One of the primary challenges for most of the developing nations is that many of the healthcare facilities are unable to adopt high-end technologies and devices for various foot and ankle surgeries due to the high cost involved with installation and maintenance.
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“Foot and Ankle Devices advancement have led to progress in ankle joint replacement, design, longevity of implants, function of day-to-day activities, and improved quality of life in large number of individuals. The newer techniques have revolutionized the provision of prosthetic care and the perspective of prosthetic foot, which has led to a drastic change in the market. These have brought in concepts and designs which has helped in standardizing prosthetic practices and also has given a new way for prosthetic components and customization of every element of prosthesis. Further, most of the surgeons are adopting minimally invasive surgeries over traditional open surgical procedures (arthroplasty) with wide range of orthopedic biomaterial in foot and ankle replacement surgeries to increase utility and versatility. ” – Mohammed Azhar, Senior Research Analyst (Research – Healthcare) at Infoholic Research
Key Insights of the Report Include
- Major Product Types
- Joint Implants
- Support and Braces
- Major Application Types
- Rheumatoid arthritis
- Key End-users
- Ambulatory Care
- Trauma Centers
- Key Regions
- North America
- Industry outlook – Market trends, drivers, restraints, and opportunities
Ms. Sunanda Ganguli
Infoholic Research LLP