According MarketsandMarkets™ Research – The Foot and Ankle Devices Market is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period
COVID-19 Impact on the Global Foot and Ankle Devices Market:
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the foot and ankle devices diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant decreae in the demand for foot and ankle solutions. The pandemic has also affected the orthopedics field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for treating COVID-19 patients. Therefore, performing orthopedics and trauma surgery has become a significant challenge with the non-availability of hospital staff and operation facilities. Furthermore, the market for foot and and ankle devices is expecting to recover the losses by the fourth quarter of 2020.
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The trauma and hair line fracture segment is expected to account for the largest share of the foot and ankle devices market in 2019
Based on application, the foot and ankle devices market has been segmented into the rheumatoid arthritis & osteoarthritis, trauma and hairline fractures, diabetic foot diseases, neurological disorders, ligament injuries, hammertoe, and other applications. Among these, the trauma and hairline fractures sub-segment dominated the market in 2019. The major share of the segment is attributed to the rising sport injuries in developing as well as developed countries. As of 2018, 265 million people participated in soccer across the globe, according to Fédération Internationale de Football Association (FIFA). New products have been introduced in the market that allow for easier reconstruction for sport injuries.
The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the foot and ankle devices market has been segmented into the hospitals, ambulatory surgery centers, orthopedic clinics and rehabilitation centers. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced surgical wards and emergency wards in hospitals and the increasing number of surgical procedures.
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Geographical Scenario: North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. Increasing number of clinical trials validating foot and ankle devices and a growing number of approvals forfoot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulator surgical centers, which is increasing de,mand for foot and ankle devices. This trend will have a positive impact on the 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), Össur 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), and Groupe FH Ortho (France),among others are some of the major players operating in the global foot and ankle devices market.