San Francisco, 6 September 2018; According to a report by Grand View Research,
Inc., the global foot and ankle devicesmarket is estimated to reach at USD 3.4 billion by 2025. The market is
anticipated to register a growth rate of 10.1 % during the forecast period
(from 2018 to 2025). Growing cases of osteoporosis among geriatric population
are anticipated to propel the demand for foot and ankle devices. These devices offer
support and mobility during the recovery from injuries. Significant changes in
skeletal and neurological systems among geriatric population leading to weak
ligaments, arthritis, and Anterior Cruciate Ligament (ACL) tear can fuel the product
demand in forthcoming years. Increasing number of sports-related injuries and
road accidents are also expected to influence the market growth in the coming years.
Rising cases of diabetic foot ulcers, which can
take longer time to heal is stimulating the demand for advanced healthcare
systems and trauma devices. This is also anticipated to augment the market
development from 2018 to 20025. Growing demand for these devices among athletes
to prevent any possible injuries while performing is likely to propel market expansion.
In addition, supportive reimbursement policies for joint replacement are also estimated
to have a positive impact on the market growth in the next few years. Increasing
adoption of surgeries related to ankle replacement attributed to ankle
arthritis are expected to further augment the market demand during the forecast
period.
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Research Report on Foot & Ankle Devices Market:
The foot and ankle devices market is segregated
on the basis of product, application, and region. On the basis of product, the
market is categorized into joint implants, orthopedic fixation, bracing &
support, soft tissue orthopedic devices, and prosthetics. Joint implants
segment is anticipated to witness a substantial growth during the forecast
period attributed to rising cases of implant surgeries among geriatric
population. On the basis of application, the market is classified into trauma,
hammertoe, osteoarthritis, rheumatoid arthritis, neurological disorders,
bunions, and osteoporosis. In 2016, trauma segment dominated the market and
accounted for revenue share equivalent to USD 263.3 million. It is expected to
reach at USD 616.6 million by 2025.
On the basis of regions, the market is divided
into Asia Pacific, North America, Europe, Latin America, and Middle East &
Africa (MEA). In 2016, North America dominated the market and accounted for
maximum revenue share. Growing number of geriatric population in the region is
anticipated to be the major factor driving the region’s development. In
addition, presence of advanced trauma centers established by local governments
to handle emergency situations is also likely to stimulate the market growth in
the region. Moreover, increasing number of diabetic patients suffering from
foot ulcers can also influence the market demand in this region.
In Asia Pacific region, Japan is estimated to be
the largest consumer of foot and ankle devices in the forthcoming years.
Increasing number of road accidents coupled with growing geriatric population
are likely to fuel the market growth in Asia Pacific. In addition, increasing cases
of diabetes and osteoporosis can further impel the demand for effective trauma
devices and healthcare systems in the region. This, in turn, can stimulate market
growth during the forecast period.
Some of the leading companies in the foot and
ankle devices market are Advanced Orthopedic Solutions; Zimmer Biomet; Stryker
Corp.; Integra LifeSciences Corp.; and Bioretec Ltd. Most of these companies
are investing more in R&D activities in order to introduce newer,
cost-efficient, and advanced products. For instance, Nextremity Solutions
recently received clearance from the US Food and Drug Administration (FDA) for
its InCore Lapidus system. The device stabilizes and corrects multi-planar
deformities. This joint is essential and lies at inner part of the middle of
foot. When this joint faces excess movement or looseness, the condition is
called hypermobility, which can further lead to formation of bunion. The fusion
system can stabilize such deformity and provide visibility for surgeon’s joint
preparation during Lapidus procedures.
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About Grand View Research
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View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
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