MarketsandMarkets Research Report’s View on Revenue Impact?
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
Factors Responsible for Growth and In-Depth Analysis?
The growth of Foot and Ankle Devices Market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complication related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced foot and ankle devices coupled with growing funding & grants for commercialization and development of foot and ankle devices are other important factors to drive the market growth in the near future.
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Leading Key Players and Analysis:
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.
DePuy Synthes Companies (US) has a wide range of product offerings in the market, including internal fixation devices, external fixation devices, joint implants and musculoskeletal reinforcement d evices products. The company sustains its key position in the global foot and ankle devices market owing to its multiple product launches. DePuy Synthes has a strong product portfolio, supporting around one million orthopedic and neuro procedures worldwide.The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department. DePuy Synthes global footprint allows it to cater to a customer base across 60+ countries such as Germany, the UK, South Korea, France, Australia, and the US.
Geographical Analysis in Detailed?
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 market.
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The trauma & hair line fractures products segment dominated the global foot and ankle devices market
Based on the application, segmented into trauma & hair line fractures, rheumatoid arthritis & osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe and others. The trauma and hair line fracture segment accounted for a larger share of in the market in 2019. The increasing prevalence of sport injuries and road accidents, growing number of foot and ankle reconstruction procedures related to fractures, rapid growth in the aging population across the globe, and the development of advanced foot and ankle products are factors expected to drive the growth of this market segment in the coming years.
The hospital segment accounted for the largest share of the foot and ankle devices market in 2019
Based on application, segmented into the hospitals, ambulatory surgery centers, orthopaedic clinics andrehabilitation centers. Among these, the hospitals segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to the large target patient population base (especially in emerging countries) preferring hospitals, the growing procedural volume in hospital settings, rising emphasis on effective and early disease diagnosis in hospital, and the high budget of hospitals for introducing various technologically advanced foot and ankle devices products.
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