Foot and Ankle Devices Market – Regional Analysis and Revenue Growth
The report “Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), Enduser (Hospital, ASCs) – Global Forecasts to 2025″, the foot care devices market is projected to reach $5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period.
The Growth of Ankle Devices Market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complication related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced foot and ankle devices coupled with growing funding & grants for commercialization and development of foot and ankle devices are other important factors to drive the market growth in the near future.
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The Internal fixation devices sub-segment of fixation devices products to hold major market share by 2025
Based on the product, segmented into orthopedic implants and devices, prostheses, and bracing and support devices.. The orthopedic implants and devices products segment is further divided into Fixation devices, joint implants,and soft tissue orthopedic devices. Among the fixation devices products, the internal fixation devices segment held a major share of the market in 2019. Internal fixation devices include screws, plates, wires & pins, and fusion nails. These devices are used in foot and ankle injuries resulting from conditions such as trauma, neurological disorders, bunions, arthritis, and osteoporosis.
Geographical View in-detailed:
North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. Increasing number of clinical trials validating foot and ankle devices and a growing number of approvals forfoot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulator surgical centers, which is increasing de,mand for foot and ankle devices. This trend will have a positive impact on the foot care devices market.
Global Key Leaders:
DePuy Synthes Companies (US), Stryker Corporation (US), Zimmer Biomet Holdings, Inc (US), Smith & Nephew plc (UK), Arthrex Inc (US), Integra LifeSciences Holdings Corporation (US), DJO Finance, LLC (US), CONMED Corporation (US), Össur HF (Iceland), Orthofix Medical Inc. (US), Medartis AG (Switzerland), Acumed LLC (US), Extremity Medical (US), aap Implantate AG (Germany), Ottobock SE & Co. KGaA (Germany), Ortho Solutions UK Ltd. (UK), Vilex in Tennessee, Inc. (US), Advanced Orthopaedic Solutions (US), Fillauer LLC (US), and Groupe FH Ortho (France),among others are some of the major players operating in the global market.
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DePuy Synthes Companies (US) has a wide range of product offerings in the foot and ankle devices market, including internal fixation devices, external fixation devices, joint implants and musculoskeletal reinforcement d evices products. The company sustains its key position in the global foot care devices market owing to its multiple product launches. DePuy Synthes has a strong product portfolio, supporting around one million orthopedic and neuro procedures worldwide.The company is focused on innovations and improving the quality of its products with increasing investment in its R&D department. DePuy Synthes global footprint allows it to cater to a customer base across 60+ countries such as Germany, the UK, South Korea, France, Australia, and the US.
Stryker corporation (US) is a leader in the global foot and ankle devices market. The company’s products are sold in approximately 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors. Stryker has a very strong and innovative portfolio of foot and ankle devices products, which is a key factor for the company’s strong position in this market. Its strong brand recognition, extensive product portfolio, and strong geographical presence provide the company an edge over its competitors in the trauma products market. The company mainly focuses on inorganic growth strategies to gain a competitive edge in the market. The acquisition of US -based Wright Medical Group (US) in 2020 are expected to expand the company’s business segments and strengthen its position in the ankle devices market.