USD 4.2 billion
Foot and Ankle Devices Market Size, Share, Growth Analysis, By Product(Orthopedic implants, prosthetics, braces and supports, and orthopedic devices), By Application(Trauma and fractures, arthritis, sports injuries, and other), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35B2176 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
65
|Figures:
75
Foot and Ankle Devices Market Insights
Foot and Ankle Devices Market size was valued at USD 4.2 billion in 2022 and is poised to grow from USD 4.49 billion in 2023 to USD 7.65 billion by 2031, at a CAGR of 6.9% during the forecast period (2024-2031).
The Global Foot and Ankle Devices Market is experiencing significant growth, driven by several factors. Rising incidences of foot and ankle disorders, such as osteoarthritis, rheumatoid arthritis, and fractures, coupled with a growing aging population, are fueling the demand for foot and ankle devices.
Technological advancements in the development of innovative products, including orthopedic implants, prosthetics, braces, and supports, are further propelling market expansion. Moreover, increasing sports injuries and the growing trend of physical fitness activities are contributing to the market growth.
However, stringent regulatory policies and the high cost of devices pose challenges to market players. Nevertheless, the market is expected to continue its upward trajectory in the coming years.
US Foot and Ankle Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
orthopedic implants
Fastest Growth
orthopedic implants
Growth Rate
6.9% CAGR
Global Foot and Ankle Devices Market by region
Country Share for North America (%)
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Foot and Ankle Devices Market Segmental Analysis
The Global Foot and Ankle Devices Market can be analyzed based on product, application, and region. In terms of product, the market can be segmented into orthopedic implants, prosthetics, braces and supports, and orthopedic devices. On the basis of application, the market can be categorized into trauma and fractures, arthritis, sports injuries, and other conditions. Regionally, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Foot and Ankle Devices Market Analysis By Product
The largest sector in the Global Foot and Ankle Devices Market is likely to be orthopedic implants. These devices are widely used in fracture fixation and reconstructive surgeries, which are common procedures for addressing foot and ankle injuries. The increasing prevalence of sports-related injuries and the growing aging population contribute to the demand for orthopedic implants.
The fastest-growing sector in the Global Foot and Ankle Devices Market could be prosthetics. Technological advancements in prosthetic devices have led to improved functionality, comfort, and aesthetics. Additionally, factors such as the rising incidence of diabetes-related amputations and the increasing awareness about prosthetic options among amputees are driving the demand for foot and ankle prosthetics.
Foot and Ankle Devices Market Analysis By Application
The largest sector in the Global Foot and Ankle Devices Market is the orthopedic implants and devices segment. This sector is driven by the increasing prevalence of orthopedic conditions such as fractures, osteoarthritis, and sports-related injuries. Technological advancements in implant materials, such as titanium alloys and biodegradable materials, also fuel the growth of this segment.
The fastest-growing sector in the Global Foot and Ankle Devices Market is the prosthetics segment. Advancements in prosthetic technology, including the development of lightweight and customizable prosthetic devices, have significantly improved the mobility and quality of life for individuals with foot and ankle amputations or congenital limb deficiencies. Additionally, the increasing awareness about prosthetic options and the availability of reimbursement policies for prosthetic devices in many countries have contributed to the rapid growth of this segment. Furthermore, the integration of advanced technologies like robotics, sensors, and artificial intelligence in prosthetics is expected to drive further growth in this sector.
Global Foot and Ankle Devices Market by product type
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Foot and Ankle Devices Market Regional Insights
North America holds a substantial share due to the rising prevalence of foot and ankle disorders, advancements in healthcare infrastructure, and increasing healthcare expenditure. Europe follows closely, driven by the growing geriatric population, high adoption of innovative medical technologies, and favorable reimbursement policies.
The Asia-Pacific region is anticipated to experience rapid growth, fueled by the large population base, increasing disposable income, and rising awareness about foot and ankle conditions.
Furthermore, emerging economies in Latin America and the Middle East and Africa are expected to witness a steady increase in demand for foot and ankle devices due to improving healthcare facilities and infrastructure.
Global Foot and Ankle Devices Market by geography
- Largest
- Fastest
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Foot and Ankle Devices Market Dynamics
Foot and Ankle Devices Market Drivers
Growing Cases of Foot Injuries and Disorders
- One driver for the Global Foot and Ankle Devices Market is the growing prevalence of foot and ankle disorders and injuries. As the global population continues to age and engage in physical activities, the incidence of conditions such as arthritis, fractures, ligament injuries, and diabetic foot ulcers is increasing. This has led to a rising demand for foot and ankle devices, including orthopedic implants, braces, and footwear. The development of technologically advanced devices that offer improved mobility, stability, and pain relief has further fueled market growth.
Foot and Ankle Devices Market Restraints
High Manufacturing Cost
- A significant restraint for the Global Foot and Ankle Devices Market is the high cost associated with these devices. Advanced technologies and materials used in foot and ankle devices can result in higher manufacturing and development costs, leading to expensive end products.
- Reimbursement limitations and inadequate insurance coverage for these devices can pose financial challenges for patients seeking treatment. The high cost can hinder market adoption, particularly in developing countries and among individuals with limited financial resources. Efforts to address cost-related barriers, such as price regulations, reimbursement policies, and innovative cost-effective solutions, are necessary to ensure wider accessibility and affordability of foot and ankle devices.
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Foot and Ankle Devices Market Competitive Landscape
The Global Foot and Ankle Devices Market is highly competitive, with several key players striving to gain a significant market share. Companies in this industry are focused on developing innovative and technologically advanced devices to cater to the growing demand for foot and ankle care. Major players are engaged in strategic partnerships, mergers and acquisitions, and product launches to expand their product portfolios and strengthen their market position. The competition is intense, with companies emphasizing product quality, reliability, and affordability. Additionally, players are investing in research and development activities to introduce novel solutions and address the evolving needs of patients and healthcare professionals in the foot and ankle care sector.
Foot and Ankle Devices Market Top Player’s Company Profiles
- Smith & Nephew plc (United Kingdom)
- Medtronic plc (Ireland)
- Össur (Iceland)
- Wright Medical Group N.V. (United States)
- Integra LifeSciences Holdings Corporation (United States)
- Arthrex, Inc. (United States)
- DJO Global, Inc. (United States)
- NuVasive, Inc. (United States)
- Acumed, LLC (United States)
- Ottobock (Germany)
- Össur Americas (United States)
- CONMED Corporation (United States)
- aap Implantate AG (Germany)
- Bauerfeind AG (Germany)
- BSN medical (Germany)
- Orthofix Medical Inc. (United States)
- Vilex, Inc. (United States)
Foot and Ankle Devices Market Recent Developments
- In April 2022, The IM Fibula Implant and Calcaneal Fracture Plating System, both of which were introduced by Medline UNITE Foot & Ankle, received FDA approval. Surgeons will have access to a whole titanium foot and ankle trauma system with the national distribution of these two devices, enabling them to treat practically all fractures that require ORIF with plate and screw fixation.
Foot and Ankle Devices Key Market Trends
- Increasing adoption of minimally invasive surgical procedures for foot and ankle disorders, leading to reduced postoperative complications and faster recovery. Additionally, advancements in technology have resulted in the development of innovative devices, including 3D-printed implants and customized orthotics, offering improved patient outcomes.
Foot and Ankle Devices Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the Global Foot and Ankle Devices Market is expected to witness promising future prospects in the coming years. The market is witnessing a shift towards minimally invasive procedures, which is boosting the adoption of arthroscopic devices, orthopedic implants, and braces. Furthermore, the increasing number of sports-related injuries and the growing trend of active lifestyles are fueling the demand for foot and ankle devices among athletes and sports enthusiasts. Moreover, favorable reimbursement policies and the expanding healthcare infrastructure in developing economies are expected to create lucrative opportunities for market players.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.2 billion |
| Market size value in 2031 | USD 7.65 billion |
| Growth Rate | 6.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Foot and Ankle Devices Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Foot and Ankle Devices Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Foot and Ankle Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Foot and Ankle Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Foot and Ankle Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Foot and Ankle Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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