Global Foot and Ankle Devices Market is expected to reach USD 3.4 billion By 2025
The global Foot and Ankle Devices Market size is expected to value at USD 3.4 billion by 2025. The market is subject to witness a substantial growth due to the rise in elderly population and increase in the occurrence of target diseases like osteoporosis. Globally, the foot & ankle devices market is predicted to grow at a CAGR of 10.1% in forecast period, providing numerous opportunities for market players to invest for research and development in the market.
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Osteoporosis is primary cause of reduced bone density, thus inducing fractures even with minor form of injury or trauma. As many as nine million people have been reported that are suffering from the osteoporosis disease on annual basis across the globe. Such factors are causing osteoporotic fracture every three seconds. Prime victims of the disease are menopausal women. As recent reports suggest, one out of three women above the age of fifty experiences an osteoporotic fracture. These factors are responsible for the growth of foot & ankle devices industry, thus creating lucrative opportunities for market players, in recent years. Additionally, rise in the number of road accidents and sports injuries are further propelling demand of the foot and ankle devices. Growing number of cases of sports injuries are attributed to rise in the professional sporting activities all across the globe. Commonly occurring sports injury is an ankle sprain, which is an injury to the ligaments in the ankle.
The foot and ankle devices industry devices are categorized into major five types such as bracing &support devices, joint implant equipment, soft tissue orthopedic instruments, intramedullary fixation devices, and artificial limbs. Rise in the demand of the joint implants is attributed to factors such as longer life expectancy and the desire to stay active. Elderly population are the main consumers of joint implant equipment, owing to their ability to remain mobile. Bracing is widely adopted as a form of rehabilitation therapy after the surgery. Growing popularity of the bracing and support devices in sport injuries to reduce bone and muscle injuries, is expected to drive market demand in upcoming years.
Ankle replacement surgery is one of the fastest growing segment in the foot and ankle devices market with substantial revenue generation in the last couple of years. Hip and knee replacement surgeries has also witnessed substantial growth, mainly in the Unites States market, in recent years. Major causes for these surgeries are rising in occurrence of ankle and arthritic joint injuries. Sports such as football and baseball enable a major risk of soft tissue injuries.
The foot and ankle devices industry is divided by region such as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in adoption of latest technologies and existence of well-established healthcare infrastructure. Asia-Pacific region is predicted to hold major market share in the foot and ankle devices market with massive growth in forecast period. Countries such as India, China and Japan are leading the Asia-Pacific market with growing elderly population and significant investment by leading industry players considering potential opportunities in the region.
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The key players in the foot and ankle devices industry are DePuy Synthes Companies, Zimmer Biomet Holdings, Inc., Stryker Co., Integra LifeSciences Co., Wright Medical Technology Incorporations, Advanced Orthopedic Solutions Incorporations, Acumed Limited, Bioretec Limited, and Össur hf.
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