Foot and Ankle Devices Market 2021 Size, Global Industry Analysis Forecast 2027

Posted by ReportCrux Market Research on February 10th, 2021

ReportCrux Market Research has published a Latest report titled Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), End-User (Hospital, ASCs) and by Region: Global Industry Trends, Dynamics, Competitive Insights and Forecast Analysis, 2020 - 2027".

Foot and Ankle Devices Market Size

The global Foot and Ankle Devices Market was valued at USD 3.84 Billion in 2019 and is expected to reach around USD 6.37 Billion by 2027, at a CAGR of about 6.6% between 2020 and 2027.

Market Overview

Foot and ankle devices are useful to treat and heal disorders as well as the injuries in the foot and ankle region. These devices can be used with or without surgical procedures. Disorders or diseases causing injury in foot and ankle region include such as rheumatoid arthritis, osteoporosis, osteoarthritis, hammertoes, bunions, diabetic foot, and various other conditions like neurological disorders and trauma.

The foot and ankle device market includes devices that assist in ligament reconstruction and repair procedures like joint replacement, arthrodesis and internal fixation.

Foot and ankle devices market growth is fuelled by increasing cases of injuries and growing prevalence of diabetes across the globe. Additionally, market growth is supported by various factors such as increasing number of road accidents, sports injuries, growing number of aging population and high prevalence of diabetes in elderly population.

Microprocessor controlled prosthetic feet have gained huge popularity in the market as they enhance comfort level of patients. The foot and ankle prosthetics' demand is expanding steadily due to the introduction of various advanced devices like pneumatic and hydraulic feet as well as carbon fiber materials.

COVID-19 Impact: the COVID-19 pandemic has impacted every aspect of life and business. Foot and ankle devices market observed decline during the pandemic. Hospitals were focused on tackling COVID-19 crisis and thus access to customers to sell and implement foot and ankle devices decreased and has impacted overall sales of foot and ankle devices.

Overall orthopedics field was impacted due to lack of doctors during COVID-19 crisis. Market is expected to recover by the fourth quarter of 2020.

Segmentation Analysis

The global Foot and Ankle Devices market is segmented based on product, application, end user and region.

By Product

Based on Product, the market is 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. In 2019, the orthopedic implants and devices held largest revenue share of about 52% of overall foot and ankle devices market.

Major factors attributing to the large market share of orthopedic implants and devices include increasing prevalence of diabetes and new product launches with lower risk of surgical site infection and better quality along with swift adoption of new products in emerging countries.

By Application

Based on Application, the market is segmented into Trauma & Hair line Fractures, Rheumatoid Arthritis & Osteoarthritis, Diabetic Foot Diseases, Ligament Injuries, Neurological Disorders, Hammertoe and Others. Trauma & Hair line Fractures was the largest application segment in 2019.

Rising numbers of road accidents and sport injuries, fracture related foot and ankle reconstruction procedures and rapidly increasing elderly population are major factors attributing to the large market share of this segment. Rheumatoid Arthritis & Osteoarthritis application segment will register fastest growth in the coming years.

By End User

By End User, market is categorized into Hospitals, Ambulatory Surgery Centers, Orthopedic Clinics and Rehabilitation Centers. Hospitals segment contributed for the maximum share in the Foot and Ankle Devices market in 2019. This is attributed to availability of large patient population, skilled orthopedic doctors, availability of advanced infrastructure, increasing procedural volume in hospital setting etc.

Foot and Ankle Devices Companies:

Major players in Foot and Ankle Devices market

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), �?ssur 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), Groupe FH Ortho (France).

Regional Analysis

At regional level, market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa.

North America was the largest regional market in 2019 with revenue share of about 38%.

This is due to increasing prevalence of diabetes, obesity and orthopedic disorders, strong presence of major manufacturers in this region, availability of advanced healthcare infrastructure and technological advancements. Asia Pacific region is estimated to grow at the fastest CAGR due to increasing elderly population, increasing healthcare spending and growing health awareness.