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(Health-NewsWire.Net, October 06, 2021 ) 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™, 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 Driver: Continuous product commercialization;
Foot and ankle devices offer several benefits such as better affordability, higher efficacy, greater patient comfort, and are easy-to-use as compared to conventional products. Moreover, key players are increasingly focusing on the development of specialized products for the treatment of various foot and ankle disorders and deformaties as well as to address the unmet market needs. The availability of advanced products and treatment modalities is generating significant interest among end users owing to the better treatment outcomes promised by them.
Listed below are regulatory approval and launches in recent years:
- In October 2020, WishBone Medical, Inc (US) received FDA approval Smart Correction External Fixation System for pediatric patients. It consists of hexapod external fixator hardware and proprietary planning software.
- In June 2019, Metalogix received FDA 510(k) clearance for the Revolution External Plating System, open ring fixation. Its is all-in-one system intended to be used for treatment of Charcot, foot and ankle, in adult and pediatric subgroups (except newborns).
- In June 2019, Metalogix received FDA 510(k) clearance for the Revolution External Plating System, open ring fixation. Its is all-in-one system intended to be used for treatment of Charcot, foot and ankle, in adult and pediatric subgroups (except newborns).
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Geographically; the 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 care devices market.
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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, 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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