The size of the global foot and ankle devices market to grow USD 8.21 billion by the end of 2026 from USD 5.72 billion in 2021. This market is growing at a CAGR of 7.5% from 2021 to 2026.
Foot and ankle devices are to give support to the person who has injuries or physically handicapped. Millions of people per year benefit from orthopedic devices that help them regain mobility, reduce pain, and improve their quality of life. All orthopedic surgeons are familiar with foot and ankle devices. To ensure patient safety, the design process for medical devices is highly regulated. The introduction of the novel coronavirus (SARS-CoV-2) has impacted many aspects of modern life, especially in the short term, healthcare delivery.
Foot and ankle systems are being used to avoid falls in people who have sensory perception loss. These devices may also be used to repair a foot that has been lost due to trauma, amputation, congenital deformity, or some accident. Additionally, these devices are thought to operate by enhancing the user's balance and gait, minimizing the fall risk.
Rising cases of accident-related road traffic injuries worldwide are primarily anticipated to drive the global foot and ankle devices market growth.
According to the WHO, approximately 5.8 million people die as a result of injuries each year. Every year, approximately 1.36 million people are killed in traffic accidents. Non-fatal injuries affect between 20 and 50 million more people, with many suffering disabilities resulting from their injuries. According to the WHO, an estimated 180 000 deaths result from burns each year, with the vast majority dying in low- and middle-income countries.
Y-O-Y growth in the rising population of the elderly worldwide is another significant factor accelerating the growth rate of the global foot and ankle devices market.
The rate of population aging around the world is also rapidly increasing. According to WHO, between 2015 and 2050, the proportion of the world's population aged 60 and up will approximately double, from 12% to 22%. Currently, 125 million people are 80 or older. By 2050, there will be nearly this many (120 million) in only China and 434 million in the rest of the world. The world's elderly population is growing. Between 2015 and 2050, the number of people aged 60 and up will rise from 900 million to 2 billion.
The current happening of product commercialization is predicted to boost the global foot and ankle devices market growth.
Continuously rising FDA approval and manufacturing of the medical devices globally due to growing population, increasing orthopedic injuries. The FDA has cleared Tyber Medical's Foot and Ankle Plating Systems. Tyber Medical, LLC, a leading orthopedic device manufacturer that provides private-label orthopedic implants for the trauma, extremity, and spine markets, has received 510(k) clearance from the Food and Drug Administration (FDA) in the United States with its latest line of foot and ankle plating systems.
Y-O-Y growth in the prevalence of chronic diseases such as arthritis, diabetes, and osteoporosis is further predicted to promote the growth rate of the global foot and ankle devices market.
Diabetes is expected to be the seventh leading cause of death in 2016. Diabetes prevalence has increased far more in low- and middle-income countries than in high-income countries. Diabetes was directly responsible for an estimated 1.6 million deaths in 2016. According to WHO, 9.6% of men and 18% of women over the age of 60 have symptomatic osteoarthritis. Eighty percent of those with osteoarthritis will have movement limitations, and 25% will not perform their major daily activities. Each year, osteoporosis causes more than 8.9 million fractures worldwide, with an osteoporosis fracture occurring every three seconds. Around one-tenth of women in their 60s, one-fifth of women in their 70s, two-fifths of women in their 80s, and two-thirds of women in their 90s are known to have osteoporosis. In the United States, Europe, and Japan, 75 million people have osteoporosis. According to a report by the International Osteoporosis of Foundation (IOF).
Additionally, factors such as rising populations, rising chronic diseases, developments in the healthcare sector, and rising government initiatives, emerging economies such as India, China, Brazil, and South Africa are becoming more players in the market for foot and ankle products.
The high cost of certain foot and ankle devices, the shortage of qualified practitioners to operate the devices, and the implication of a medical device excise tax are restricting the global foot and ankle devices market. The production of many foot and ankle products by medical device companies raises the cost of capital significantly. The first and most serious issue that occurs is that the bone plates can loosen and back out from your broken bone over time, necessitating repair. Higher skin pressures as a result of forces being applied to a small surface region.
Impact of COVID-19 on the global foot and ankle devices market:
This is a once-in-a-lifetime situation where a global pandemic disrupts all parts of local clinical practice. COVID-19 has had a huge effect on orthopedic surgery around the world. COVID-19 affects foot and ankle trauma in a major trauma center. During the COVID-19 period, trauma case occurrence in the foot and ankle was substantially reduced. All pharmaceutical and medical device industries have gone into overdrive to fight the coronavirus outbreak. Other significant roadblocks include delays in clinical trials, delayed orthopedic surgery, barriers to rapid digital transformation, and lengthy market access procedures. In this pandemic restriction to transport various raw materials, the shutdown of manufacturing devices globally negatively affected to foot and ankle devices market. Surgical specialties foot and ankle surgery particular challenges as a result of the COVID-19 outbreak. Surgeons are only allowed to perform emergency surgical procedures. COVID-19 has had a significant impact on orthopedic research, and it can and should now confidently continue research by restructuring and adapting processes.
Market Size Available
2021 to 2026
2021 to 2026
By Product, Injury, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
This research report on the global foot and ankle devices market has been segmented and sub-segmented based on the product, injury, and region.
Foot and Ankle Devices Market - By Product:
Based on product type, the orthopedic Implants and Devices contribute the largest share in the market. Prosthetic devices are to witness lucrative growth during the forecast period due to technological advancements and the introduction of more efficient devices.
Foot and Ankle Devices Market - By Injury:
Based on the injury, the trauma segment is to lead the foot and ankle devices market. Our analysts say this segment is growing at a promising pace and will reach around 590 million by 2024. Others like the Hammertoe segment to register healthy growth during the forecast period.
Foot and Ankle Devices Market - By Region:
Regionally, the North American region is the biggest market in terms of market share globally, followed by Europe. The market in North America is growing due to a higher acceptance rate, patient affordability, and a large number of sports injuries. Developing nations in North America, such as the United States and Canada, are the promising markets for foot and ankle devices.
Europe is standing in the 2nd position in leading the highest shares of the global foot and ankle devices market. The United Kingdom and Germany are to provide market demand soon.
The market in the Asia-Pacific region is to grow at the highest CAGR, which is significant due to the increasing aging population and rising sports injuries.
KEY MARKET PARTICIPANTS:
Notable companies leading the global foot and ankle devices market profiled in the report are Stryker Corporation, Arthrex, Inc., Zimmer Biomet Holdings, Inc., Smith & Nephew plc, Wright Medical Technology, Inc., Integra LifeSciences Holdings Corporation, Tornier N.V., Össur, Acumed, and Extremity Medical, LLC;
RECENT MARKET DEVELOPMENTS:
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.2 Orthopedic Implants and Devices
5.1.4 Bracing and Supporting Devices
5.1.5 Y-o-Y Growth Analysis, By Product
5.1.6 Market Attractiveness Analysis, By Product
5.1.7 Market Share Analysis, By Product
5.2 Cause of injury
5.2.4 Neurological Disorders
5.2.6 Rheumatoid arthritis
5.2.10 Y-o-Y Growth Analysis, By Cause of injury
5.2.11 Market Attractiveness Analysis, By Cause of injury
5.2.12 Market Share Analysis, By Cause of injury
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.4 Market Attractiveness Analysis
6.1.5 Market Share Analysis
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Stryker Corporation
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Arthrex, Inc.
8.3 Zimmer Biomet Holdings
8.4 Smith & Nephew plc
8.5 Wright Medical Technology, Inc.
8.6 Integra LifeSciences Holdings Corporation
8.7 Tornier N.V.
8.10 Extremity Medical, LLC
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures