As per the research report, the size of the Latin America Foot and Ankle Devices market is valued at USD 0.57 Billion in 2022 and is projected to reach USD 0.83 Billion by 2027, at a CAGR of 7.7% during the forecast period from 2022 to 2027.
Foot and ankle devices are used in Latin America to restore ankle and foot function and treat various ailments such as diabetic foot, hammertoes, and arthritis. The growing aging population and the rising occurrence rate of joint issues such as fractures, foot ulcers, arthritis, and bunion are driving the foot and ankle devices market.
One of the significant factors that drive the growth of the foot and ankle devices market is the rising occurrence of sports-related injuries, the increasing incidence of diabetes and foot-related ailments, and technological advancements. Furthermore, the growing senior population in Latin America signals a substantial opportunity for foot and ankle devices, as aging reduces bone strength and increases fracture risk.
In terms of the cause of damage, diabetes is a common cause of foot and ankle injuries due to the large senior population. Latin America is the market leader in foot and ankle devices due to the high occurrence of injuries and the large aging population in Brazil, both of which are vital contributors to Latin America's market dominance.
External & internal factors that are projected to positively or negatively impact the company have been investigated, presenting decision-makers with a clear, futuristic view of the sector.
However, high device costs and reimbursements, a medical device excise tax, and a shortage of experienced workers to handle foot and ankle equipment limit market expansion. According to the product, the demand for joint implants increases as people live longer and want to keep active.
This research report on the Latin America Foot and Ankle Devices Market has been segmented and sub-segmented into the following categories:
By Cause Of Injury:
Geographically, Latin America accounts for a moderate portion of the global market revenue. However, the substantial market share of this region is due to a high rate of unintentional injuries and a significant senior population. In addition, the government has built several trauma centers specializing in dealing with crises.
The Mexico Foot and Ankle Devices Market is projected to lead the way in terms of growth in the future years. The expansion of the market in this area is likely to be aided by the growing senior population, road accidents, and emerging economies.
As per the American Diabetes Association, more than 23 million people in Mexico have diabetes, and over 6.0 percent of those have foot ulcers that require traditional wound care. Diabetic foot ulcers take longer to heal and are more likely to become infected.
The growing occurrence of road accidents and the rising incidence of diabetes and osteoporosis in this region have necessitated the development of an effective healthcare system and trauma equipment. Therefore, the Brazil Foot and Ankle Devices Market is also projected to strengthen the foot and ankle devices market's regional market.
After hip and knee replacement procedures, ankle replacement surgeries are the second most prevalent replacement surgeries in Mexico. In 2016, about 4,400 people in Mexico had ankle surgeries. Injured ankles and arthritic joints are the most typical reasons for ankle replacement procedures.
KEY MARKET PLAYERS
Prominent companies leading in the Latin America 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, are the significant players of Latin America Foot and Ankle Devices market.
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