Global Foot & Ankle Devices Market - Segmented by Type of Product, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global foot & ankle devices market is estimated to witness a CAGR of 8% during the forecast period. Foot and ankle devices are used in the treatment of injuries, which are caused by diseases or disorders, such as osteoporosis, rheumatoid arthritis, osteoarthritis, diabetic foot, bunions, hammertoes, and several other diseases, like trauma and neurological disorders.
Increasing Number of Sports Injuries and Road Accidents
According to National Trauma Data Bank, in the United States, around 281,000 foot and ankle injuries were reported in a study period of 2007-2011. The rate of the injuries is increasing annually and is leading to a high incidence of foot and ankle injuries. Most of the reported foot and ankle injuries were because of sports. In a study on Incidence and Epidemiology of Foot and Ankle Injuries in Elite Collegiate Athletes, it was observed that 21% of the total foot and ankle injuries are from sport-related injuries. These injuries include lateral ankle ligament sprains, syndesmotic sprains, medial ankle ligament sprains, mid-foot injuries, and first metatarsophalangeal joint injuries. Ankle dislocation is one of the major injuries, and it is observed that around 83% of such dislocations require surgeries. This increasing rate of sports-related injuries acts as a major factor for increased usage of foot and ankle related devices. Other factors include increasing incidence of diabetes and foot related disorders and technological developments, such as automatic foot and ankle devices.
Stringent Regulatory Guidelines
The medical devices categorized under foot and ankle devices are either involved in the treatment or diagnosis of the injury and disease. These devices are under the moderate to high-risk devices classification, and hence, require more regulation, in addition to the stringent assessment process. The medical device regulations change from country to country. The devices must qualify the regulatory requirements of the country where they are to be marketed. The manufacturers have to go through a long procedure to get approvals for a product. For example, an FDA approval requires a time-period of 3 to 6 months from submission to clearance, and this may get extended based on the risks involved in the usage of the device. Hence, the strict regulatory policies are hindering the growth of the market.
Other factors, such as huge cost and reimbursement of devices and lack of skilled personnel to handle equipment are restraining the market.
US has the Highest Market Share
In North America, the United States is dominating the foot & ankle devices market due to the high rate of injuries and huge geriatric population in the country, which are the major factors for the highest market share of this region. Asia-Pacific is expected to record substantial growth during the forecast period.
Key Developments in the Market
October 2017: Integra LifeSciences had acquired the Codman Neurosurgery.
December 2017: Stryker Corporation had acquired the Entellus Medical, Inc.
Major Players: ACUMED LLC, ARTHREX INC., INTEGRA LIFESCIENCES CORPORATION, DEPUY SYNTHES (JOHNSON & JOHNSON), ORTHOFIX INTERNATIONAL, OSSUR HF, SMITH & NEPHEW PLC., STRYKER CORPORATION, and WRIGHT MEDICAL GROUP INC., amongst others.
Reasons to Purchase this Report
Current and future foot and ankle devices market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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