DUBLIN--(BUSINESS WIRE)--The "Global Foot and Ankle Devices Market Forecast up to 2025" report has been added to ResearchAndMarkets.com's offering.
The research predicts that the global foot and ankle devices market will grow at a CAGR of 8.7% during the forecast period.
The market is expected to see a significant growth with factors driving the market such as increase in incidence of arthritis, low limb disorders causing acute injury and overuse injuries, sports activities, accidents, and diabetic foot. Also, the increase in popularity of minimally invasive surgical procedures (especially total ankle replacement i.e., arthroplasty procedures) has increased the usage of foot and ankle devices across the globe.
Lower extremities are one of the common injury regions in the body primarily caused due to accidents and fall. Other orthopedic disorders also require surgical and replacement procedures. The foot and ankle devices market have advanced joint reconstruction, ankle fusion, internal fixation, and prosthetics. An increase in the demand for minimally invasive orthopedic surgeries is on the rise in developed and developing countries.
The shift from traditional to minimally invasive procedures performed in an outpatient setting is increasing in demand. The growing popularity of minimally invasive surgical procedures has increased the demand of foot and ankle devices as they have fewer complications associated with it. Joint reconstruction is one of the most successful orthopedic surgeries and is expected be one of the most effective and accurate procedures. Arthroscopy is one of the alternatives for the open surgical technique and is the most commonly performed total ankle replacement surgical procedure.
Most of the joint replacement implants are surgically performed when the joint is worn out or becomes dysfunctional due to injuries. Surgeries are primarily carried out to restore mobility and relieve pain. In minimally invasive surgery, a small surgical incision is made and fewer muscles around the joint are detached or cut. Despite this difference, both traditional and minimally invasive joint replacement are technically demanding due to the outcomes and are dependent on the operating team with considerable experience.
According to analysis, North America accounted for the largest share of the global foot and ankle devices market in 2018. The primary reasons behind the market's growth in the Americas are rise in the aging population, increasing incidence of osteoporosis, advanced healthcare infrastructure, and rising demand for minimally invasive surgeries. The Asia Pacific region is expected to witness the fastest growth rate due to large patient pool, increasing awareness, and rising healthcare expenditure.
Market Dynamics
Drivers
- Increase in the Prevalence of Osteoporosis
- Increasing in Number of Road Accidents
- Increase in Number of Diabetic Foot Reconstruction
- Rise in Elderly Population
- Rise in the Number of Outpatient Procedures
Restraints
- Huge Cost of Foot and Ankle Devices
- Complications and Risks Associated with Foot and Ankle Procedures
- Inadequate Reimbursement Policies
- Product Recall
- Dearth of Skilled Professionals
- Stringent Regulatory Framework and Labeling Requirement
Opportunities
- Technological Advancement in Foot and Ankle Devices
- In-Depth Transformation in Prosthetic Care
- Growing Popularity of Minimally Invasive Surgeries
- Rise in Use of Biomaterial in Ortho-Related Surgeries
- Increase in Healthcare Spending in Improvising Healthcare Facilities
-
Market Expansion Opportunities in Emerging Nations
Segmentation by Product Types
- Joint Implants
- Support and Braces
- Prosthetics
- Fixations
- Consumables
The prosthetics segment is the fastest growing segment and the advancements in technology has gained immense popularity in treating externally powered foot and ankle, which can normalize daily activity of a prosthetic leg or individual who has undergone amputation. Further, the total ankle systems have also gained high adoption in the foot and ankle market, which will lead it to gain the highest volume sales during the forecast period.
Segmentation by Applications
- Osteoporosis
- Rheumatoid arthritis
- Hammertoe
- Bunions
- Others
In 2018, the osteoporosis segment accounted for the maximum share with increased use of ortho-related procedures, especially for total ankle replacement.
Segmentation by End-users
- Hospitals
- Ambulatory Care
- Trauma Centers
In 2018, hospitals gained the highest share in the foot and ankle devices market with the large volumes of diagnostics and treatments globally.
Segmentation by Regions
- North America
- Europe
- APAC
- RoW
The foot and ankle devices market in APAC region is growing at a significant pace. The rise in aging population, road accidents, increase prevalence of osteoporosis, increase in demand of minimally invasive surgeries, swiftly growing medical tourism industry, and investments in mid-tier hospitals from the government are driving the market growth.
Competitive Analysis
The competition in the global foot and ankle devices industry is intense and is primarily characterized by widespread research efforts and fast technological progress. Manufacturers including major and mid-sized companies in the foot and ankle devices and biologics industries are competing with newer products, advanced features, quality, safety, and efficacy. They have partnered with academic institutions and other public and private research organizations that continue to conduct research and development activities. The partnership and collaboration help to develop the product with high productivity, seek patent protection, and establish arrangements for commercializing products that will compete with our products. The market in the developed countries is almost reaching maturity.
The competitive advantage is primarily due to the increase in mergers & acquisitions that have increased the product launch and product portfolio expansion in leading companies. Factors such as price, quality, innovative design and technical capability, scale of operations, clinical results, distribution capabilities, breadth of product line, brand reputation, and strong customer service remains the primary objectives of all the vendors. Most of the vendors are trying to compete by having core competencies and develop strong competitive advantage in the market.
Key Vendors
- Johnson & Johnson (DePuy Synthes Inc.)
- Stryker
- Zimmer Biomet Holdings Inc.
- Smith & Nephew Inc.
- Arthrex Inc.
- Wright Medical Group N.V.
Companies to Watch For
- Orthofix International N.V.
- B. Braun
- OMNIlife Science
Competitive Facts
- The market is highly competitive with all the players competing to gain the market share. Intense competition, rapid advancements in technology, frequent changes in government policies, and the prices are key factors that confront the market.
- The requirement of high initial investment, implementation, and maintenance cost in the market are also limiting the entry of new players.
- Responding to competitive pricing pressures specific to each of our geographic markets
-
Protection of proprietary technology for products and manufacturing
processes
For more information about this report visit https://www.researchandmarkets.com/research/6q7sg2/foot_and_ankle?w=4
