The food and ankle devices market in Europe is expected to be worth USD 2.32 Billion by 2028 from USD 1.64 Billion in 2023, growing at a CAGR of 7.1% from 2023 to 2028.
The market for foot and ankle devices in Europe is expected to rise due to an increase in the number of accident-related road traffic injuries worldwide. In addition, the growing geriatric population in the European region is anticipated to aid the European foot and ankle devices market as people aged are more prone to suffer from foot and ankle-related issues. The present product commercialization trend is expected to enhance the growth of the European foot and ankle devices market.
Due to a growing population and increased orthopedic injuries, the FDA approval and production of medical devices have steadily increased across the continent. According to the World Health Organization, roughly 5.8 million people die yearly from injuries. In addition, around 1.36 million people are killed in automobile accidents yearly. Between 20 & 50 million additional people are affected by non-fatal injuries, with many disabilities due to their injuries. Burns cause an estimated 180 000 deaths per year, according to the WHO, with the vast majority of these deaths occurring in low &middle-income nations. In 2016, diabetes was predicted to be the sixth most significant cause of mortality. Diabetes has become significantly more common in low- and middle-income countries than in high-income countries. This has a favorable impact on the European foot and ankle devices market.
On the other hand, the expensive cost of some foot and ankle devices, the scarcity of skilled practitioners, and the possibility of a medical device excise tax limit the European market for these devices. In addition, medical device businesses' manufacture of various foot and ankle goods significantly raises the cost of capital. The first and most crucial problem is that the bone plates might loosen and back out of your damaged bone over time, requiring replacement. As a result, forces being applied to a tiny surface area, skin pressures are higher. These are the factors that are restraining the market's growth.
This research report on the Europe foot and ankle devices market has been segmented and sub-segmented into the following categories.
The orthopedic implants and devices segment is anticipated to hold the major share of the European foot and ankle devices market in the coming years.
By Cause of Injury:
Based on the injury case, the trauma segment is expected to lead the European foot and ankle devices market during the forecast period.
Geographically, Europe was the second largest regional segment in the worldwide market and is anticipated to showcase a prominent growth rate during the forecast period. The UK and Germany are predicted to hold a major share of the European market during the forecast period.
The UK foot and ankle devices market is expected to hold a major share of the European market during the forecast period, followed by Germany. The rising prevalence of organ and tissue loss that leads to bone illnesses has propelled the UK foot and ankle devices market. On the other hand, bunions, arthritis, hammertoes, and diabetic foot are some ailments that may demand surgical procedures and, resulting in foot and ankle devices, driving the market's high adoption rate. Furthermore, increased rates of degenerative bone disease and osteoporosis and a rapidly rising number of sports-related injuries are boosting demand for foot and ankle devices in Europe over the forecast period of 2021 to 2028. In addition, the rapid improvement of technology has significantly impacted the development of the European foot and ankle device market.
The German foot and ankle devices market is expected to register a healthy CAGR during the forecast period owing to the prevalence of chronic conditions such as arthritis, diabetes, and osteoporosis. In addition, the adoption of foot and ankle devices in Germany is another major factor propelling the German market growth.
Countries such as Spain, France and Italy are expected to capture a substantial share of the European market during the forecast period.
KEY MARKET PLAYERS
Companies such as Arthrex, Inc., Zimmer Biomet Holdings, Inc., Stryker Corporation, Tornier N.V., Össur, Acumed, Extremity Medical, LLC., Integra LifeSciences Holdings Corporation., Smith & Nephew plc and Wright Medical Technology, Inc. are playing a noteworthy role in the European foot and ankle devices market.
The Europe foot and ankle devices market is expected to rise at a CAGR of 7.1% from 2022 to 2027.
The growing population suffering from foot and ankle injuries and conditions in Europe, the increasing aging population, and technological advancements are some of the factors propelling the European marekt.
Stryker Corporation, Össur hf, DJO Global, Inc., and Arthrex, Inc. are some of the notable companies in the European foot and ankle devices market.
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