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The Foot And Ankle Devices Market size was USD 4.21 Billion in 2022. Covid-19's pandemic, as it has disrupted healthcare systems and supply chains around the world. The pandemic has resulted in changes in healthcare delivery, with many non-essential medical procedures being postponed or cancelled to reduce the risk of infection. Between 2023 and 2031, the market is projected to grow at a CAGR of 6.9%, from USD 4.50 billion in 2023 to USD 7.68 billion in 2031. The sudden rise in CAGR is attributed to this market growth returning to the pre-pandemic level once the pandemic is over according to a new report by Intellectual Market Insights Research.
The foot and ankle devices market refer to a segment of the medical devices industry that focuses on the development and manufacturing of devices used to treat foot and ankle disorders and injuries. Foot and ankle disorders and injuries can include a wide range of conditions, such as fractures, sprains, arthritis, plantar fasciitis, and diabetic foot ulcers, among others. Foot and ankle devices can include a range of products, such as orthopedic implants, braces and supports, prosthetics, and other devices used for the treatment of foot and ankle conditions. These devices may be designed to provide support, reduce pain and inflammation, promote healing, or restore mobility and function.
The scope of the market includes devices such as orthopedic implants, braces and supports, prosthetics, and other devices used for the treatment of foot and ankle disorders and injuries. Orthopedic implants include products such as plates, screws, and nails used to stabilize fractures or correct deformities in the foot and ankle. Braces and supports are used to provide support and stability to the foot and ankle, and may be used for conditions such as sprains, strains, and plantar fasciitis. Prosthetics may be used to replace amputated or missing parts of the foot or ankle. Several key players in the market are adopting strategies such as mergers, acquisition, partnerships, and collaboration for the expansion their product portfolio. For instance,
Increasing Number of Sports Injuries and Road Accidents Growth Drives the Market Growth
The increasing number of sports injuries and road accidents is a significant driver of growth in the foot and ankle devices market. Foot and ankle injuries are common among athletes, particularly those who participate in high-impact sports such as basketball, football, and soccer. In addition, the increasing popularity of recreational sports and fitness activities has led to a rise in the number of foot and ankle injuries among the general population.
Road accidents are another source of foot and ankle injuries, as the feet and ankles are particularly vulnerable in car accidents and other types of collisions. These injuries can range from minor sprains and strains to more serious fractures and dislocations, requiring surgical intervention and long-term rehabilitation, the increasing number of sports injuries and road accidents is contributing to the growth of the foot and ankle devices market, as more people seek treatment for foot and ankle injuries and healthcare providers look for innovative solutions to improve patient outcomes.
Technological Advances in Foot and Ankle Surgeries is One of the Key Drivers of the Foot & Ankle Devices Market
Technological advances have had a significant impact on foot and ankle surgeries and the foot and ankle devices market. These advances are helping to improve surgical outcomes, reduce recovery times, and enhance patient comfort and satisfaction. One major technological advance is the use of minimally invasive surgical techniques for foot and ankle surgeries. These techniques involve making smaller incisions and using specialized tools to perform surgery with less disruption to surrounding tissues. Minimally invasive surgery can result in less pain, faster recovery times, and reduced scarring compared to traditional open surgery. The foot and ankle devices market is also benefiting from advances in materials science, which are leading to the development of new, lightweight, and durable materials for orthopedic implants and other devices. The use of biocompatible materials is also reducing the risk of implant rejection and other adverse reactions.
Technological Advances is a Significant Trend in the Foot & Ankle Devices Market
The use of 3D printing, also known as additive manufacturing, has revolutionized the production of foot and ankle devices. This technology allows for the creation of customized implants based on a patient's specific anatomy, resulting in better fit and functionality. 3D printing also enables the production of complex geometries and porous structures that promote bone ingrowth and enhance implant stability.
Robotic-assisted surgery is increasingly being used in foot and ankle procedures. Robotic systems provide surgeons with enhanced precision, control, and visualization during surgical interventions. These systems assist in implant placement, bone preparation, and soft tissue manipulation, leading to improved surgical outcomes and faster patient recovery.
Huge Cost and Lack of Reimbursement for Devices is a Restraining Factor in the Foot & Ankle Devices Market
The cost of foot and ankle devices can be a significant challenge for patients and healthcare providers, as these devices can be expensive and may not always be covered by insurance. In addition, there may be a lack of reimbursement for certain devices, which can limit access to care for some patients. The high cost of foot and ankle devices is due in part to the complex design and manufacturing processes involved in producing these devices. Custom implants and orthotics, for example, require specialized equipment and expertise, which can drive up costs. Efforts are also underway to improve reimbursement for foot and ankle devices. For example, some insurance companies are expanding coverage for these devices, recognizing the importance of effective treatment options for foot and ankle conditions. In addition, regulatory bodies such as the FDA are working to streamline the approval process for new devices, which could help to bring down costs and improve access to care.
The market scope is segmented because of by product, by application and by region.
Based on the product of the market is segmented into bracing and support, joint implants, soft tissue orthopedic devices, orthopedic fixation, and prosthetics.
Orthopedic Fixation: The orthopedic fixation products segment accounted for the largest revenue share of 33.1% in 2022. The need for orthopedic fixation is growing due to the rising incidence of ankle fractures. The rising adoption of branded orthopedic devices in developing nations is driven by factors such as the lower risk of Surgical Site Infection (SSI) associated with these devices, as well as their superior quality and reliability.
Soft Tissue: The soft tissue orthopedic devices segment will register the fastest CAGR over the forecast period. The primary cause of soft tissue or muscle damage is sports injuries. The rising prevalence of sports-related injuries, particularly injuries to the anterior cruciate ligament (ACL), is expected to drive growth in the orthopedic device market. ACL injuries are a common occurrence among athletes and can result in significant pain, reduced mobility, and long-term complications if left untreated.
Based on the application of the market is segmented into hammertoe, trauma, osteoarthritis, rheumatoid arthritis, neurological disorders, bunions, and osteoporosis.
Trauma: The trauma segment accounted for the largest share of 35.5% of the overall revenue in 2022. Strains or tears in the muscles or tendons may result in foot and ankle trauma. According to an article published by the National Institute of Health (NIH), in 2020, around 40 to 50 million major surgeries in trauma will be performed annually in the USA.
Osteoarthritis (OA): The Osteoarthritis (OA) segment is anticipated to register the fastest CAGR during the forecast period. Osteoarthritis is one of the most common chronic long-term joint disorders. The growing aging population, rising cases of lifestyle diseases, and a rise in osteoarthritis (OA) cases are all expected to fuel segment expansion in the orthopedic device market. As the population ages, the incidence of age-related conditions such as osteoporosis and arthritis is expected to increase, driving demand for orthopedic devices such as joint replacements, spinal implants, and bone grafts.
Study Period | 2020-31 |
Base Year | 2022 |
Estimated Forecast Year | 2023-31 |
Growth Rate | CAGR of 6.9% from 2023 to 2031 |
Segmentation | By Product, By Application, By Region |
Unit | USD Billion |
By Product |
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By Application |
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By Region |
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North America dominated the global industry in 2022 and accounted for the maximum share of more than 48.75% of the overall revenue. The main factors responsible for this region’s significant share are the high incidence of injuries related to sports & physical activities. The North American region is expected to play a significant role in driving growth in the foot and ankle devices market during the study period. The increasing number of road accidents and sports injuries is a major factor driving the growth of the market in this region. In addition, the United States is a major contributor to regional growth due to several factors. Firstly, the rising incidence of diabetes, foot-related disorders, and other chronic conditions that affect foot and ankle health is creating a growing demand for foot and ankle devices.
According to a 2022 report from John Hopkins Medicine, sports-related injuries are a major issue among children in the United States. The report states that more than 3.5 million children aged 14 and younger get hurt annually playing sports or participating in recreational activities. Of these, over 775,000 children aged 14 and under receive treatment for sports-related injuries in hospital emergency rooms each year.
The increasing R&D to develop patient-specific Foot and Ankle Devices, the rising prevalence of orthopedic diseases, technological advancements in Foot And Ankle Devices, and ongoing projects will boost the market in the North American region.
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20 Mar 2023
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