The global Foot And Ankle Devices market size is expected to be worth around US$ xx billion by 2030, according to a new report by Vision Research Reports.
The global Foot And Ankle Devices market size was valued at US$ 11.5 billion in 2020 and is anticipated to grow at a CAGR of 20.03% during forecast period 2021 to 2030.
Growth Factors
The market is expected to exhibit lucrative growth opportunities, owing to the rising geriatric population and prevalence of target diseases such as osteoporosis.
Osteoporosis causes a decrease in bone density causing fractures even after minor trauma. Almost 8.9 million people suffer from the disease annually causing an osteoporotic fracture every 3 seconds. It majorly affects menopausal women and causes 1 out of 3 women over the age of 50 to experience an osteoporotic fracture. This indicates the scope of expansion of the market.
Increasing number of road accidents and sports activities is further fueling the demand for foot and ankle devices. Urbanization of the emerging markets adds to the risk of fractures. Moreover, with an increase in the professional sporting activities, sports-related injuries have increased. An ankle sprain is the most common injury across the globe.
Report Highlights
Based on the product, the market is segmented into bracing and support, joint implants, soft tissue orthopedic devices, orthopedic fixation, and prosthetics. The need for joint implants has been growing over the last decades due to increasing life expectancy and the desire to stay active. Aging baby boomers are the major consumers of joint replacement products, mostly due to their desire to retain mobility. Bracing is used as a part of post-operative rehabilitation therapy. Athletes commonly use braces to prevent bone and muscle injuries.
Ankle replacement surgeries are the second most common replacement surgery in the U.S. after hip & knee replacement procedures. Almost 4,400 patients underwent ankle procedures in the U.S. in 2016. The most common cause of ankle replacement surgeries is injured ankles and arthritic joints.
Athletes participating in soccer or baseball games are at a higher risk of soft tissue injuries. Meniscal tear-a connective tissue injury-is common among the youth. Almost 250,000 soft tissue reattachment surgeries are conducted in the U.S. per year. There are various products focused on orthopedic tissue repair available in the market. Orthocell offers an Ortho-ATI-a tendon regeneration solution. The company is planning to register its product in other countries in 2017.
Injuries to the foot and ankle ligaments are among the most common injuries. Some severe foot and ankle injuries are likely to lead to long-term disability or morbidity. These injuries are commonly observed among adults and children, especially athletes. Trauma has a significant share in the foot & ankle devices market and valued USD 263.3 million in 2016 and is projected to reach USD 616.6 million in 2025.
Hammertoes are considered to be an endemic forefoot deformity as nearly 20% of the total American population gets affected by this condition. Forefoot deformities generally remain undiagnosed due to lack of knowledge about this disease. In this case, one or more toes of patients are bent in an abnormal position and they can face difficulties in finding the right fitting shoes. The friction between skin and shoes can cause severe injuries.
In 2012, around 550,000 hammertoe surgeries were performed to treat orthopedic forefoot deformities and this number is expected to grow to 648,000 by the year 2017. According to Nextremity Solutions, Inc., nearly 60 million Americans suffer from hammertoe and related deformities. Moreover, their research states that majority of this population has not been diagnosed or undergone surgeries for treatment. In the U.S., around 1.2 million surgical procedures are conducted every year for hammertoe correction.
Millions of people are injured and disabled in road accidents. According to the National Safety Council (NSC), the U.S. witnessed the highest number of road accidents and related deaths and injuries in the year 2016. Almost 4.6 million people sustained injuries that required medical consultation. The economic burden of road accidents was worth USD 412 billion in that year in terms of property damage, loss of productivity, and employer costs involved.
North America dominated the overall market in terms of revenue in 2016. A high rate of unintentional injuries and large geriatric population are the key factors for the large market share of this region. Various trauma centers established by the government are specialized to handle emergencies.
In Asia Pacific, Japan is expected to spearhead the growth in the coming years. The rising geriatric population in Japan and China, road crashes, and developing economies is expected to promote the emergence of the market in this region.
According to the American Diabetes Association, more than 23 million people are living with diabetes and of those almost 6.0% of patients suffer from foot ulcers that require conventional wound management approaches. Diabetic foot ulcers require a longer healing period and are likely to be infected. The alarming rate of road accidents and rising incidence of diabetes and osteoporosis have resulted in the need for an efficient healthcare system and trauma devices in this region. This is also likely to boost the foot and ankle devices market over the forecast period.
The Obamacare device tax enforced in the U.S. in January 2013 was suspended for 2 years in December 2015 and this suspension is expected to be permanent. It will allow companies to invest more in R&D and offer products at a lower price.
Key Players
DePuy Synthes, Zimmer Biomet, Stryker, Integra LifeSciences Corporation, Wright Medical Technology, Inc., Advanced Orthopedic Solutions, Acumed, Bioretec Ltd., and Össur.
Market Segmentation
Product Outlook
Bracing and Support
Joint Implants
Soft Tissue Orthopedic Devices
Orthopedic Fixation
Prosthetics
Application Outlook
Hammertoe
Trauma
Osteoarthritis
Rheumatoid Arthritis
Neurological Disorders
Bunions
Osteoporosis
Regional Outlook
North America
The U.S.
Canada
Europe
Germany
UK
Asia Pacific
Japan
China
Latin America
Brazil
Mexico
MEA
South Africa
The Foot And Ankle Devices market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Foot And Ankle Devices market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Foot And Ankle Devices market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Foot And Ankle Devices market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Foot And Ankle Devices market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Foot And Ankle Devices capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Foot And Ankle Devices by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Foot And Ankle Devices market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Foot And Ankle Devices market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Foot And Ankle Devices market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Foot And Ankle Devices industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Foot And Ankle Devices market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Foot And Ankle Devices market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Foot And Ankle Devices market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Foot And Ankle Devices market. These factors have benefited the growth of the global market for Foot And Ankle Devices. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Foot And Ankle Devices. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Foot And Ankle Devices are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
To strategically profile the key players and comprehensively analyze their growth strategies
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