Foot And Ankle Devices Global Market Report 2024

Foot and ankle devices are specialized medical tools employed in the treatment of various foot and ankle conditions through surgical interventions. These devices aim to alleviate foot pain associated with medical conditions such as arthritis, bunions, plantar fasciitis, flat feet, and diabetes.

The primary categories of products within the field of foot and ankle devices include orthopedic implants and devices, bracing and support devices, and prostheses. Prostheses, in particular, are artificial devices designed to replace or enhance impaired or missing parts of the body. This term encompasses any artificial limb, whether for the upper or lower limb, and is categorized based on the cause of injury, such as trauma, diabetes, neurological disorders, among others. These foot and ankle devices find application in various healthcare settings, including hospitals, ambulatory surgery centers, orthopedic clinics, rehabilitation centers, and other medical facilities. Their usage is instrumental in addressing and managing a spectrum of foot and ankle-related medical conditions, contributing to improved patient outcomes.

The foot and ankle devices market research report is one of a series of new reports that provides foot and ankle devices market statistics, including foot and ankle devices industry global market size, regional shares, competitors with a foot and ankle devices market share, detailed foot and ankle devices market segments, market trends and opportunities, and any further data you may need to thrive in the foot and ankle devices industry. This foot and ankle devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The foot and ankle devices market size has grown rapidly in recent years. It will grow from $5.68 billion in 2023 to $6.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.0%. The growth observed in the historic period can be attributed to several factors. These include the aging population, which often experiences orthopedic disorders and chronic conditions, as well as an increased incidence of sports injuries, trauma, and accidents. The convergence of these factors has contributed to a heightened demand for foot and ankle devices to address various medical conditions and injuries associated with these demographic and health-related trends during the historic period.

The foot and ankle devices market size is expected to see strong growth in the next few years. It will grow to $9.03 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in the forecast period can be attributed to several key factors aligned with evolving healthcare trends. These include a shift towards patient-centric care, advancements in regenerative medicine, a growing diabetic population leading to increased demand for foot and ankle devices, the expanding role of telemedicine and remote monitoring in healthcare delivery, and the rising popularity of minimally invasive procedures. Notable trends expected during the forecast period encompass the integration of wearable devices and smart orthopedics, the widespread adoption of telehealth and remote consultations, the application of biomechanical analysis in treatment planning, the utilization of 3D printing and additive manufacturing in device production, and the incorporation of advanced materials to enhance the performance and durability of foot and ankle devices.

The anticipated rise in rates of orthopedic disorders is poised to drive the growth of the foot and ankle devices market in the coming years. These disorders, impacting the musculoskeletal system, result in damage to muscle and bone tissues, encompassing bones, cartilage, ligaments, tendons, and connective tissues. Foot and ankle devices play a crucial role in addressing various conditions such as fusions, fractures, and osteotomies in different foot segments, contributing to market expansion. Notably, the World Health Organization reported that musculoskeletal diseases, the leading cause of disability, affected 1.71 billion individuals globally in 2021. The prevalence of orthopedic disorders, exemplified by 568 million people experiencing low back discomfort, is a key driver for the growth of the foot and ankle devices market.

The growth of the foot and ankle devices market is expected to be propelled by the increasing geriatric population. Geriatrics, involving medical care for the elderly, presents a challenging age group to define precisely. Foot and ankle devices, including ankle-foot orthoses, offer solutions to enhance balance and movement in older individuals prone to foot and ankle issues. Data from the World Trade Organization in October 2022 revealed a significant projection for the global population aged 60 and above, expected to more than double to 2.1 billion by 2050. Additionally, the number of individuals aged 80 and above is anticipated to triple, reaching 426 million between 2020 and 2050. The expanding geriatric demographic acts as a driving force for the foot and ankle devices market.

Product innovation emerges as a prominent trend gaining traction in the foot and ankle market. Companies within this market are actively pursuing new product innovations to establish a competitive edge. A notable example is Stryker Corporation, a US-based medical technology company, which, in September 2021, introduced the Citrelock™ Tendon Fixation Device System. This innovative system features a unique design incorporating CitregenTM, a resorbable technology with distinctive chemical and mechanical capabilities tailored for orthopedic surgical applications. The Citrelock Tendon Fixation Device System is strategically designed to facilitate insertion, ensure secure fixation, and minimize tendon damage during placement, showcasing the commitment to advancing technology within the foot and ankle devices market.

Prominent companies in the foot and ankle market are actively investing in technological advancements, exemplified by innovations like the Pulse Intelligent Delivery Platform. Launched by Stryker Corporation, a leading US-based medical technology company, in September 2022, this platform represents a novel technology catering to high-volume foot and ankle treatments in ambulatory surgery centers. Stryker's Prophecy Footprint Surgical Planning, a component of the Pulse Intelligent Delivery Platform, utilizes mapping technology to offer clinical guidance for the entire foot in conjunction with total ankle arthroplasty. Engineered to deliver a comprehensive range of surgery-ready forefoot devices, the Pulse Intelligent Delivery Platform is designed to streamline operating room processes, reducing clutter and ensuring user-friendly operation.

In a strategic move in June 2021, Paragon 28, a US-based orthopedic medical device company, acquired Additive Orthopedics, a company specializing in orthopedic devices. The acquisition, conducted for an undisclosed amount, played a pivotal role in enhancing Paragon 28's product portfolio and advancing its strategic objectives in smart tools, artificial intelligence, and advanced technology aimed at improving patient outcomes. Additive Orthopedics, known for its innovative orthopedic implants for feet and ankles, leverages 3D printing technology to provide cutting-edge solutions to its customers. This acquisition underscores Paragon 28's commitment to staying at the forefront of technological advancements within the foot and ankle medical device sector.

Major companies operating in the foot and ankle devices market include Aap Implantate AG, Acumed LLC, Advanced Orthopaedic Solutions Inc., Arthrex Inc., Biomet Inc., CONMED Corporation, DePuy Synthes Companies, DonJoy Inc., Extremity Medical LLC, Fillauer LLC, FH ORTHOPEDICS S.A.S., Integra LifeSciences Holdings Corporation, Medartis Holding AG, Mondeal Medical Systems GmbH, Ortho Solutions UK Ltd., Orthofix Medical Inc., Össur hf., Ottobock Healthcare AG, Smith & Nephew PLC, Stryker Corporation, Tornier N.V., Vilex in Tennessee Inc., Wright Medical Technology Inc., Zimmer Biomet Holdings Inc., KYOCERA Medical Corporation, Medacta International SA, Merete Medical GmbH, Medtronic PLC, Inovedis SAS, OsteoMed LLC

North America was the largest region in the foot and ankle devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the foot and ankle devices market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the foot and ankle devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The foot and ankle devices market consist of sales of joint implants, fixation devices, soft tissue orthopedic devices. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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