Product Code: 47519
The foot and ankle devices market is expected to witness a CAGR of 8% during the forecast period.
- Certain factors that are driving the growth of the market include the increasing number of sports injuries and road accidents, rising incidences of diabetes and foot-related disorders, and technological developments, such as automatic foot and ankle devices.
- The rate of injuries is increasing annually, and is leading to high incidence of foot and ankle injuries. Most of the reported foot and ankle injuries were because of sports.
- In the study, '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 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 rising rate of sports-related injuries acts as a major factor for the increase in usage of foot and ankle devices.
- Moreover, the medical devices categorized as foot and ankle devices are either involved in the treatment or diagnosis of the injury or disease related to foot and ankle. 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 are different in each 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, FDA approval requires a time period of three to six months from submission to clearance, and this may get extended, based on the risks involved in the usage of the device. Hence, strict regulatory policies are hindering the growth of the market.
- Other factors, such as huge cost and lack of reimbursement for the devices and lack of skilled personnel to handle the equipment, are restraining the market.
Key Market Trends
Osteotomy is Expected to Hold Significant Share in the Procedure Segment
Osteotomy literally means "cutting of the bone". Distal tibial osteotomies are powerful corrective procedures that the surgeons often use for the realignment of various ankle deformities. Osteotomies can play an important role in re-establishing normal alignment and potentially decreasing the rate of progression of wear on the articular surfaces and pain, which may allow more time before arthrodesis or arthroplasty is needed. As per a study conducted in 2016, in InTechOpen, approximately, 6%-13% of all cases of osteoarthritis involve the ankle joint, leading to poor quality of life. Around 70%-80% ankle arthritis cases occur in post-traumatic cases. In January 2016, according to a study published in Orthopedics, the total number of TAA performed annually in the United States had increased, predominantly in females (approximately 53%), as compared to that in men (47%). In 2015, according to a study published in Deutsches Arzteblatt International, about 1% of adults in Germany suffer from the painful osteoarthritis of the ankle.
North America Dominates the Market, and is Expected to do the Same in the Forecast Period
In the United States, around 75%-80% of children and youth are actively involved in sports. Around 4-5 million of these children and youth undergo minor foot and ankle injuries. Much significance is attributed to the proper functioning of ankles, feet, legs, elbows, etc. Thus, there is a rise in the sales of ankle and foot devices. These devices are in major demand in the United States. Some of the USFDA cleared and approved total ankle replacement devices are INBONE Total Ankle System, Salto Talaris Total Ankle Prosthesis, Scandinavian Total Ankle Replacement (STAR), and Trabecular Metal Total Ankle Replacement.
The foot and ankle devices market is highly competitive, and consists of a few major players. Companies, like Acumed, Arthrex, Depuy Synthes, Integra Lifesciences Corporation, Smith & Nephew, Stryker, Wright Medical Group NV, and Zimmer Biomet, among others, hold substantial shares in the foot and ankle devices market.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Table of Contents
- 1.1 Study Deliverables
- 1.2 Study Assumptions
- 1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Increasing Number of Sports Injuries and Road Accidents
- 4.2.2 Rising Incidences of Diabetes and Foot-related Disorders
- 4.2.3 Technological Advances in Foot and Ankle Surgeries
- 4.3 Market Restraints
- 4.3.1 Stringent Regulatory Guidelines
- 4.3.2 Huge Cost and Lack of Reimbursement for Devices
- 4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 Device Type
- 5.1.1 Ankle Replacement Devices
- 5.1.2 External Fixation Devices
- 5.1.3 Hammertoe
- 5.1.4 Plates
- 5.1.5 Screws
- 5.1.6 Biologics and Implants
- 5.1.7 Other Device Types (Staples, Osteotomy Wedges, Fusion Nail Systems etc.)
- 5.2 Procedure
- 5.2.1 Osteotomy
- 5.2.2 Fracture Repair
- 5.2.3 Fusion Procedures
- 5.2.4 Other Procedures
- 5.3 Geography
- 5.3.1 North America
- 126.96.36.199 US
- 188.8.131.52 Canada
- 184.108.40.206 Mexico
- 5.3.2 Europe
- 220.127.116.11 Germany
- 18.104.22.168 UK
- 22.214.171.124 France
- 126.96.36.199 Italy
- 188.8.131.52 Spain
- 184.108.40.206 Rest of Europe
- 5.3.3 Asia-Pacific
- 220.127.116.11 China
- 18.104.22.168 Japan
- 22.214.171.124 India
- 126.96.36.199 Australia
- 188.8.131.52 South Korea
- 184.108.40.206 Rest of Asia-Pacific
- 5.3.4 Middle East & Africa
- 220.127.116.11 GCC
- 18.104.22.168 South Africa
- 22.214.171.124 Rest of Middle East & Africa
- 5.3.5 South America
- 126.96.36.199 Brazil
- 188.8.131.52 Argentina
- 184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Acumed
- 6.1.2 Arthrex
- 6.1.3 Depuy Synthes
- 6.1.4 Integra Lifesciences Corporation
- 6.1.5 Smith & Nephew
- 6.1.6 Stryker
- 6.1.7 Wright Medical Group NV
- 6.1.8 Zimmer Biomet
7 MARKET OPPORTUNITIES AND FUTURE TRENDS