The global market for foot and ankle devices has been estimated to be USD 3.8 billion in 2014 and it is expected to reach USD 6.2 billion by 2020 at a CAGR of 8.1% during the forecast period from 2014 to 2021. Foot and ankle devices are used to replace a part of the foot lost during trauma, injuries, disease or congenital conditions. Foot and ankle devices are one of the growth opportunities for orthopedic industry.
Foot and ankle devices are used for the treatment of injuries caused by orthopedic disorders, such as osteoporosis, rheumatoid arthritis, osteoarthritis, diabetic foot, bunions, hammertoes and other diseases like trauma and neurological disorders. Healthcare service providers, podiatrists, research organizations, academic institutes and athletes are the end-users of this market.
Rising sport injuries & road accidents, increasing incidence of diabetes and foot related disorders, rise in the aging population who are at a risk of bone injuries and demand technologically advanced foot and ankle devices are some of the key factors enhancing the market growth. While, lack of skilled personnel to handle equipment, huge cost of devices and stringent FDA regulations and guidelines are the challenges faced by the market.
The Global Foot and Ankle Devices Market is segmented on the basis of Prosthetics (Single Axial Prostheses, Multi Axial Prostheses, Solid Ankle Cushion Heel (SACH) Foot and Microprocessor controlled Prostheses), Orthopedic Devices (Soft Tissue Devices, Joint devices and Fixation Devices [Internal Fixation Devices and External Fixation Devices]), Bracing and supporting devices (Soft Bracing and Hinged Braces) and geography.
Based on geography, the market for global foot and ankle devices is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the foot and ankle devices market, followed by Europe. However, the Asia-Pacific market is projected to grow at the highest CAGR during the forecast period owing to increasing aging population and rising sports injuries.
Many players in this market are trying to expand their product portfolio in order to top the global and regional market. While few companies are entering into the market by acquisitions, top companies are expanding their growth in this market by acquiring other companies.
Few companies adopted product innovation and new product launches as its key business strategy to ensure its dominance in this market. Some of the major key players are Wright Medical Technology, Inc., Arthrex, Inc., Integra Life Sciences Corporation, Stryker Corporation, Smith & Nephew plc, Acumed, LLC, Zimmer Holdings Inc., De Puy Synthes, Biomet, Inc., BioPro, Inc., Orthofix Holdings Inc., OrthoHelix Surgical Designs, Inc., and Mondeal Medical Systems GmbH.
Key Deliverables in the Study
Market analysis for the Global Foot and Ankle Devices Market, with region specific assessments and competition analysis on global and regional scales
Market definition along with the identification of key drivers and restraints
Identification of factors instrumental in changing the market scenarios, rising prospective opportunities, and identification of key companies that can influence this market on a global and regional scale
Extensively researched competitive landscape section with profiles of major companies along with their market shares
Identification and analysis of the macro and micro factors that affect the Global Foot and Ankle Devices Market on both global and regional scales.
A comprehensive list of key market players along with the analysis of their current strategic interests and key financial information
A wide-ranging knowledge and insights about the major players in this industry and the key strategies adopted by them to sustain and grow in the studied market
Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped.
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