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(Medical-NewsWire.com, December 17, 2021 ) The Research Report on “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″, the foot 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.
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).
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Industry Segmentation In Detailed:
The orthopedic implants and devices products segment dominated the global foot and ankle devices market
Based on the product, segmented into orthopedic implants and devices, bracing and support devices, and prostheses. Orthopedic implants and devices products include joint implants, fixation devices, and soft tissue orthopedic devices. The orthopedic implants and devices segment dominated the ankle devices market in 2019. Rising incidences of diabetes, new product launches, coupled with the rising adoption of branded orthopedic devices and implants because of better quality and lower risk associated with surgical site infection in emerging countries, is expected to drive the segment growth.
The trauma & hair line fractures products segment dominated the global foot and ankle devices market
Based on the application, segmented into trauma & hair line fractures, rheumatoid arthritis & osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe and others. The trauma and hair line fracture segment accounted for a larger share of in the market in 2019. The increasing prevalence of sport injuries and road accidents, growing number of foot and ankle reconstruction procedures related to fractures, rapid growth in the aging population across the globe, and the development of advanced foot and ankle products are factors expected to drive the growth of this market segment in the coming years.
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Leading Key Players and Analysis:
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.
DePuy Synthes Companies (US) has a wide range of product offerings in the ankle devices market, including internal fixation devices, external fixation devices, joint implants and musculoskeletal reinforcement d evices products. The company sustains its key position in the global foot and ankle devices market owing to its multiple product launches. DePuy Synthes has a strong product portfolio, supporting around one million orthopedic and neuro procedures worldwide.The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department. DePuy Synthes global footprint allows it to cater to a customer base across 60+ countries such as Germany, the UK, South Korea, France, Australia, and the US.
Geographical Analysis in Detailed:
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 for foot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulatory surgical centers, which is increasing de,mand for foot and ankle devices. This trend will have a positive impact on the ankle devices market.
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MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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