Foot and ankle devices are used for the treatment of injuries including diabetic foot, arthritis with the help of surgical procedures, etc. Ankle disorders can cause damage to bone, muscle, and soft tissues. Common disorders associated with the ankle disorder are sprain, tendonitis, and fractures. The people with diabetes are prone to have foot problems which develop due to prolonged periods of high blood sugar levels. Along with foot and ankle, these devices are used in ligament repair and reconstruction procedures including arthrodesis, internal fixation, and joint replacement.
Global Foot and Ankle Devices Market - Drivers
Increasing prevalence of road side accidents and sport injuries is expected to drive the global foot and ankle devices market over the forecast period. For instance, according to National Safety Council Analysis of U.S. (NSC), in 2017, in U.S. due to exercise and exercise equipment 526,000 injuries were reported while basketball, with 500,000 injuries. Furthermore, subsequent product launches, continuous innovation of devices by manufacturers drive the global foot and ankle devices market growth over the forecast period. For instance, in March 2017, Integra LifeSciences Holdings Corporation launched the Cadence Total Ankle System in the U.S., which is used to treat ankle arthritis by replacing the ankle joint with a prosthesis, which reduces the pain and allows the movement at the replaced joint.
Approvals received by products from regulatory bodies associated with the treatment of forefoot conditions expected to fuel growth of the market. For instance, in January 2019, OSSIO, an orthopedic fixation company, announced that its OSSIOfiber Bone Pin Family received 510(k) market clearance from the U.S. Food and Drug Administration (FDA). OSSIOfiber platform will have the broad application in spectrum of orthopedics as it is used commercially in foot and ankle segment for the treatment of forefoot conditions. Furthermore, increase in number of diabetic foot reconstruction, increase in number of osteoporosis, rise in elderly population, and rise in number of outpatient procedures have fueled growth of global foot and ankle devices market. According to NCBI, in 2018 approximately 200 million people suffer from osteoporosis and approximately 8.9 million fractures are caused by osteoporotic fractures.
However, huge cost of foot and ankle devices, complications and risks associated with foot and ankle procedures, inadequate reimbursement policies, and product recalls are the factors restraining market growth. For instance, in October 2017, HeaterBaum Foot and Ankle Heating Pad was recalled by the Ergoactives LLC, as the product was marketed without getting 510k clearance from the U.S. FDA.
Global Foot and Ankle Devices Market - Regional Insights
North America holds dominant position in the global foot and ankle device market. The primary reason behind the market’s growth in North America is increase in incidence of osteoporosis, rising demand for minimally invasive surgeries, and well established healthcare infrastructure.
Asia Pacific is expected to witness the fastest growth rate due to the presence of large patient pool, increasing awareness, and rising healthcare expenditure in the Asian countries.
Global Foot and Ankle Devices Market - Competitive Landscape
Some of the key players operating in the global foot and ankle devices market include DePuy Synthes, Wright Medical Technology, Inc., Advanced Orthopedic Solutions, Acumed, Bioretec, Stryker, Integra LifeScience Corporation, Zimmer Biomet, Ossio, Smith & Nephew plc., and Ossur.
Global Foot and Ankle Devices Market - Market Taxonomy
On the basis of product type, the global foot and ankle devices market is segmented into:
On the basis of cause of injury, the global foot and ankle devices market is segmented into:
On the basis of region, the global foot and ankle device market is segmented into: