Foot and Ankle Devices Market Size, Share, Growth, And Industry Analysis, By Type (Bracing and Support, Joint Implants, Orthopedic Fixation, Prosthetics), By Application (Hammertoe, Trauma, Osteoarthritis, Rheumatoid Arthritis, Osteoporosis, & Other), Regional Forecast to 2028

Updated On: 13 November 2023

Report Overview

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The global foot and ankle devices market size was valued at USD 4163.7 million in 2021. As per our research, the market is expected to reach USD 61385 million by 2028, exhibiting a CAGR expansion of 5.6% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the Foot and Ankle Devices Market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Foot and ankle devices refer to a broad range of medical devices designed to provide support, protection, correction, or rehabilitation for the foot and ankle. These devices are used to treat various conditions, injuries, and deformities affecting the foot and ankle region. It's important to note that the use of foot and ankle devices should be prescribed or recommended by a healthcare professional based on an individual's specific condition and needs. 

The foot and ankle devices market refers to the industry that produces and sells medical devices specifically designed for the treatment and management of foot and ankle conditions. This market encompasses a wide range of products, including orthotic insoles, ankle braces, walking boots, and other devices mentioned earlier. The global foot and ankle devices market has been witnessing steady growth in recent years due to several factors, including the rising prevalence of foot and ankle disorders, an aging population, increasing sports injuries, and advancements in technology. Additionally, the growing awareness about the benefits of early diagnosis and treatment of foot and ankle conditions has also contributed to the market growth.

COVID-19 Impact

"Market Faced a Fall in Demand Due to Delay in Surgeries during the Pandemic"

There was no single sector unaffected by COVID-19. The Foot and Ankle Devices Markets were affected as well. The COVID-19 pandemic did affect the Foot and Ankle Devices Market. During the peak of the pandemic, many hospitals and healthcare facilities had to prioritize resources for COVID-19 patients, leading to the postponement of elective surgeries, including those related to foot and ankle conditions. This delay in non-urgent procedures resulted in a temporary decline in the demand for foot and ankle devices.

Latest Trends

"Introduction of Patient-Centric Approach To Suit Everyone "

The Foot and Ankle Devices market is as dynamic as any other market. In the market, there is everyday development to add more benefits to it. Recently, in the market, there has been an introduction of patient-centric approach. There is a shift towards a patient-centric approach in foot and ankle care. Healthcare providers and device manufacturers are placing increased emphasis on patient satisfaction, usability, and patient-reported outcomes. The incorporation of patient feedback and involvement in the design and development of devices is becoming more common.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into Bracing and Support, Joint Implants, Orthopedic Fixation, & Prosthetics.In terms of services, Orthopedic Fixation is the largest segment, as it holds the maximum share of the market.

• By Application Analysis

Based on application, the market can be divided into Hammertoe, Trauma, Osteoarthritis, Rheumatoid Arthritis, Osteoporosis, & Others.

Driving Factors

"The Growing Aging Population have Increased Demand in the Market"

The global population is aging, and older adults are more susceptible to foot and ankle problems due to factors like reduced bone density, weakened muscles, and age-related conditions. The aging population drives the demand for foot and ankle devices as older individuals seek solutions for conditions such as osteoarthritis, foot deformities, and mobility issues. As the incidence of these conditions continues to increase, the demand for foot and ankle devices for diagnosis, treatment, and management also grows.

"Increasing Focus on Health Influences the Demand in the Market"

There is an increasing focus on foot health and the importance of early diagnosis and treatment of foot and ankle conditions. Patients and healthcare providers are becoming more aware of the impact of foot and ankle disorders on overall mobility, quality of life, and potential complications. This awareness drives the demand for foot and ankle devices to address these conditions effectively. This has led to a positive impact on the Foot and Ankle Devices Market growth

Restraining Factors

"High Expenditure Can Lead to a Declining Trend in the Market   "

Foot and ankle devices, particularly custom-made or technologically advanced devices, can be costly. The high cost of these devices can limit their affordability and accessibility, especially in regions with limited healthcare resources or patients with financial constraints. As a consequence, there will be a declining trend in the Foot and Ankle Devices market. 

Regional Insights

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"North-America Region Dominates the Market as it is Hub of Healthcare Infrastructure    "

North America, has a well-developed and advanced healthcare infrastructure. The region boasts a robust network of hospitals, clinics, and specialized healthcare centers, providing comprehensive foot and ankle care. The availability of state-of-the-art facilities and expertise attracts patients seeking treatment for foot and ankle conditions. North America has a relatively high prevalence of foot and ankle disorders, including conditions such as osteoarthritis, plantar fasciitis, and diabetic foot ulcers. Factors such as sedentary lifestyles, obesity rates, and aging populations contribute to the increased incidence of these conditions. The higher disease burden drives the demand for foot and ankle devices in the region. North America is at the forefront of technological advancements and research in the healthcare industry. The region has a robust medical device sector, with significant investments in research and development. 

Key Industry Players

"Key Players Focus On Collaboration and Product Development for Making Better Products"

Key players actively engage in strategic partnerships, collaborations, and acquisitions to expand their product portfolios, strengthen their market position, and gain a competitive edge. They may collaborate with research institutions, healthcare organizations, or other medical device companies to access new technologies, intellectual property, and market opportunities. Key players emphasize continuous innovation to stay ahead in the competitive foot and ankle devices market. They invest in research, technology, and product development to introduce new and improved devices that offer enhanced functionality, comfort, and patient outcomes. Innovation may involve incorporating new materials, integrating advanced technologies, and responding to emerging market trends.

List of Market Players Profile

• Acumed(Oregon)
• Arthrex(United States)
• Integra LifeSciences(United States)
• Johnson & Johnson(United States)
• Orthofix
• Ossur(Iceland)
• Smith & Nephew
• Stryker
• Wright Medical
• Zimmer Biomet

Report Coverage

The report brings together extensive research on the qualitative and quantitative factors affecting the market. It gives an overall macro and micro view of the online reputation service industry. This research profiles a report with extensive studies on the online reputation management services market that describe the firms affecting the forecasting period. Detailed studies also offer a comprehensive analysis by inspecting factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc.

Furthermore, the post-COVID-19 pandemic’s effect on international market restrictions and a deep understanding of how the industry will recover and strategies are also stated in the report. Finally, the competitive landscape has also been examined in detail to provide clarification of the competitive landscape