The global foot and ankle devices market is expected to reach USD 3.4 billion by 2025, based on a
new report by Grand View Research, Inc. The market is expected to observe an
exponential growth during the forecast period due to the rising incidence of
ankle sprains, hammertoe, bunions, osteoporosis and rheumatoid arthritis.
Ankle fractures are one of the most common
types of foot injury. Nearly 170,000 people suffer from ankle fractures per
year, which require surgical treatment. It is one of the nine most common
fractures. This can be attributed to the relatively small surface area of
contact in the ankle and the 1.5 times higher body weight on it at rest &
5.5 times higher forces in case of heavy activity. This makes the long-term
viability of ankle joints crucial.
Nearly 50,000 patients are diagnosed with
end-stage ankle arthritis per year, wherein the ankle cartilage is worn out,
causing painful bone-on-bone contact and disability. These patients are
recommended total ankle replacements as opposed to ankle fusion, as it provides
higher efficacy, thus driving the market. Favorable reimbursement scenario for
joint replacements is one the major contributors to its market growth.
Medicare, along with some private insurers, reimburses the procedure.
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http://www.grandviewresearch.com/industry-analysis/foot-and-ankle-devices-market
Further Key Findings From The Study Suggest:
· Bracing and support dominated the market in
2016. Increasing application of braces drives the market and has resulted in
industry players developing and introducing new products in the market. For
instance, in October 2017, Vickers Grant Holdings, LLC launched ATHLETICA with
an ankle brace as an introductory product for the brand.
· Aging results in significant changes in the
skeletal and neuromuscular systems, leading to arthritis, weak ligament, and
ACL tear. Symptomatic and asymptomatic tears affect more than 50% of the
geriatric population. This is one of the key drivers attributed to the
accelerated growth of soft tissue orthopedic devices.
· Geographically, North America held the
largest market share in 2016 and is expected to maintain its position during
the forecast period. This large share can be accounted for high adoption rate
of new technology and favorable reimbursement scenario.
· The companies are tending toward providing
novel products by adopting new technology. In February 2016, Zimmer Biomet
received FDA approval for its 3D printed foot-and-ankle implant—Unite3D Bridge
Fixation System. The product is perceived to offer greater stability and
rigidity due to its integrated structure.
· Some key industry contributors are DePuy
Synthes, Zimmer Biomet, Stryker, Integra LifeSciences Corporation, Wright
Medical Technology, Inc., Advanced Orthopedic Solutions, Acumed, Bioretec Ltd.,
and Ossur.
Grand View Research has segmented the foot
and ankle devices market by product, application, and region:
Product Outlook (Revenue, USD Million; 2014
- 2025)
·
Bracing and Support
·
Joint Implants
·
Soft Tissue Orthopedic Devices
·
Orthopedic Fixation
·
Prosthetics
Application Outlook (Revenue, USD Million;
2014 - 2025)
·
Hammertoe
·
Trauma
·
Osteoarthritis
·
Rheumatoid Arthritis
·
Neurological Disorders
·
Bunions
·
Osteoporosis
Regional Outlook (Revenue, USD Million;
2014 - 2025)
·
North America
o
U.S.
o
Canada
·
Europe
o
Germany
o
UK
·
Asia Pacific
o
Japan
o
China
·
Latin America
o
Brazil
o
Mexico
·
MEA
o
South Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports,
customized research reports, and consulting services. To help clients make
informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
