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LI20101026 |
Pages: 290 |
Oct 2023 |
Foot And Ankle Device Overview
A foot and ankle device refers to a medical tool or equipment designed to supply support, protection, or therapy for various stipulations affecting the foot and ankle area. These devices are typically used in orthopedic and podiatric practices, as well as in rehabilitation settings. They are specially crafted to tackle a broad range of foot and ankle ailments, such as fractures, sprains, strains, plantar fasciitis, Achilles tendonitis, and arthritis, among others. Foot and ankle devices come in a number of forms, each serving an awesome purpose. Orthotic shoe inserts, also recognized as orthoses, are one of the most common types of devices. These inserts are custom-made or prefabricated and are placed in interior footwear to provide arch support, cushioning, and alignment correction.
Global Foot and Ankle Device Market Analysis
The global foot and ankle device market size was $4,263.00 million in 2022 and is predicted to grow with a CAGR of 6.3%, by generating a revenue of $7,739.30 million by 2032.
COVID-19 Impact on Global Foot and Ankle Device Market
The global foot and ankle device market, like many different industries, has been significantly impacted by the COVID-19 pandemic. The outbreak of the virus and the subsequent measures taken by governments worldwide, such as lockdowns, travel restrictions, and social distancing norms, have had profound impact on the healthcare sector as a whole. During the initial degrees of the pandemic, there was a decline in non-essential surgeries and non-urgent clinical visits, including these related to foot and ankle conditions. This reduction in patient population and postponing of operations resulted in a temporary slowdown in demand for foot and ankle devices.
Increasing Incidence of Foot and Ankle Disorders to Drive the Market Growth
The growing incidence of foot and ankle issues is predicted to be a considerable driving factor for the growth of the foot and ankle device market. The growing aging population, as well as the rising prevalence of joint issues such as arthritis, fractures, foot ulcers, and bunions, are driving market expansion. Furthermore, the rising incidence of sports-related injuries, diabetes and foot-related ailments, and technological improvements are likely to drive market expansion. The increased incidence of traffic accidents and sporting activities is driving up demand for foot and ankle devices. The urbanization of developing markets increases the danger of fractures. Furthermore, with the increase in professional sporting activities globally, sports-related injuries have more than doubled. Ankle sprains are the most common type of injury worldwide. This will increase demand on the global market.
High Cost of Foot and Ankle Devices to Restrain Market Growth
The high price of foot and ankle devices is predicted to restrain the market boom in numerous ways. Firstly, the high costs can limit the adoption of these devices, especially in regions with tight healthcare budgets or patients with inadequate insurance coverage. The high upfront cost of getting foot and ankle devices might place a financial strain on patients, causing them to delay or postpone necessary treatments or procedures. Furthermore, healthcare providers and facilities may experience difficulties allocating funds for pricey foot and ankle devices, especially if they have different goals or limited resources. This may result in slower adoption of such devices or a preference for more affordable alternatives.
Advancements in Technology to Drive Excellent Opportunities
Technological advances are expected to put tremendous pressure on the foot and ankle device industry. Continuous technological advancement is essential for the development of revolutionary and sophisticated devices that provide improved functions and patient outcomes. One significant innovation is the use of 3D printing in the production of foot and ankle devices. 3D printing enables the creation of personalized and patient-specific devices, leading to improved fit, comfort, and treatment outcomes. This technique permits the development of challenging designs, lightweight materials, and optimal structural support, revolutionizing the design and manufacturing process of foot and ankle devices. Furthermore, the integration of smart technology and sensors into foot and ankle devices opens new avenues for remote monitoring, real-time data collection, and personalized patient care. Smart devices can provide feedback on gait analysis, stress distribution, and movement patterns, allowing healthcare professionals to personalize treatment methods and rehabilitation applications for individual patients.
Global Foot and Ankle Device Market Share, by Product, 2022
The orthopedic fixation product sub-segment accounted for the greatest market share in 2022. The need for orthopedic fixation is growing due to the rising incidence of ankle fractures. In adults, it is the most common type of foot or ankle fracture, accounting for 3.9-10.2% of fractures. Furthermore, rising use of branded orthopedic devices in developing countries due to their excellent quality and lower risk of Surgical Site Infection (SSI), combined with an increasing number of new product launches, is predicted to accelerate the growth of the sub-segment. For example, Paragon 28, Inc. announced the release of its Gorilla Central Column Plating System in July 2022, which includes plates and equipment that can be used individually for Charcot cases or acute or chronic midfoot treatments.
Global Foot and Ankle Device Market Share, by Application, 2022
The trauma sub-segment accounted for the greatest share of the global market in 2022. Strains or tears in the muscle or tendons can lead to foot and ankle trauma. Bone fractures or cracks are caused by sudden twists, slides, and falls. Accidents can also cause foot and ankle injuries. As people age, they become more vulnerable to these types of injuries. Furthermore, erroneous sports training is a significant contributor in such cases. According to a National Institute of Health (NIH) study, in 2020, around 40 to 50 million major surgical procedures in trauma will be performed annually in the United States and 20 million in Europe, for a staggering total of 310 million worldwide.
Global Foot and Ankle Device Market Share, by Region, 2022
The North America foot and ankle device market d generated the highest revenue in 2022 The substantial rise in number of injuries related to sports and physical activities, as well as the presence of an extensive elderly population pool, are the key factors responsible for this region's large share. According to America's Health Rankings Senior Report, over 56 million adults in the United States, or nearly 16.9% of the total population, are 65 and older. By 2050, this diverse population is expected to grow to 85.7 million, or nearly 22% of the total population.
Competitive Scenario in the Global Foot and Ankle Device Market
The global foot and ankle device market is distinguished by a competitive and dynamic landscape and the presence of numerous prominent players. To gain a competitive edge, these companies are constantly trying to innovate, manufacture technologically superior products, and increase their market reach. Stryker Corporation, DePuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings Inc., and Smith & Nephew plc are among the leading global market players with a large market share. These firms have established themselves as industry leaders in the foot and ankle device market by offering a wide range of products, extensive distribution networks, and strong brand recognition.
| Aspect | Particulars |
| Historical Market Estimations | 2021 |
| Base Year for Market Estimation | 2022 |
| Forecast Timeline for Market Projection | 2023-2032 |
| Geographical Scope | North America, Europe, Asia-Pacific, and LAMEA |
| Segmentation by Product |
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| Segmentation by Application |
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| Key Companies Profiled |
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