Global Foot and Ankle Devices Market 2017-2021
About Foot and Ankle Devices
Foot and ankle devices are used for the correction and recuperation of the foot and ankle damaged by injuries or musculoskeletal disorders. The devices can also be used for orthopedic disorders such as osteoarthritis, osteoporosis, bunions, and hammertoes, as well as any congenital or neuropathic condition such as a diabetic foot that requires surgical/non-surgical corrections.
Technavio’s analysts forecast the global foot and ankle devices market to grow at a CAGR of 9.01% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global foot and ankle devices market for 2017-2021. To calculate the market size, the report considers the sales/volume/value.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Foot and Ankle Devices Market 2017-2021
Technavio recognizes the following companies as the key players in the global foot and ankle devices market: Arthrex, DePuy Synthes, Stryker, Wright Medical, and Zimmer Biomet.
Other Prominent Vendors in the market are: aap Implantate, Acumed, BioPro, Blatchford Group, DeRoyal Industries, Extremity Medical, Integra LifeSciences, MONDEAL Medical Systems, Orthofix, Össur, Ottobock, and Vilex.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is R&D and new product launches. With advances in technology, companies are focusing on developing products that provide faster recovery and rehabilitative measures for injuries caused due to sports and physical activities. There has been an increased focus on R&D activities and technologies to develop innovative products catering to specific needs of the customers.”
According to the report, one of the major drivers for this market is rising prevalence of degenerative bone diseases. Around the globe, degenerative bone diseases are increasing rapidly, driven by a rise in the number of older population and changes in lifestyle. The increase in older population leads to degenerative bone diseases and multiple joint problems such as arthritis, joint pain, fractures, and bunions. As the age of the person increases, the bones' strength decreases.
Further, the report states that one of the major factors hindering the growth of this market is high cost of foot and ankle devices. Over the past decade, there has been a tremendous growth in technology, which brings pricing pressures to the market. Global players are focusing on increasing their foothold in the foot and ankle devices market by increasing their R&D activities. However, these devices have to undergo stringent regulatory processes. It is difficult and expensive to get all the approvals for medical equipment. Failure to clear these processes leads to extra cost burden on the companies. In addition, the tax regulations in the US also increase the cost of these devices significantly.
Arthrex, DePuy Synthes, Stryker, Wright Medical, Zimmer Biomet, aap Implantate, Acumed, BioPro, Blatchford Group, DeRoyal Industries, Extremity Medical, Integra LifeSciences, MONDEAL Medical Systems, Orthofix, Össur, Ottobock, and Vilex.