Foot and Ankle Devices Market Size - By Product (Bracing & Support, Joint Implants, Orthopedic Fixation, Prosthetics), By Application (Hammertoe, Trauma, Osteoarthritis, Rheumatoid Arthritis, Osteoporosis), By End-use & Global Forecast, 2024 – 2032
Published Date: August - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Healthcare | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationFoot and Ankle Devices Market Size - By Product (Bracing & Support, Joint Implants, Orthopedic Fixation, Prosthetics), By Application (Hammertoe, Trauma, Osteoarthritis, Rheumatoid Arthritis, Osteoporosis), By End-use & Global Forecast, 2024 – 2032
Foot and Ankle Devices Market Size
Foot and Ankle Devices Market size was valued at USD 5.3 billion in 2023 and is projected to witness 7.1% CAGR from 2024 to 2032, owing to increasing prevalence of orthopedic disorders coupled with rising geriatric population base Technological advancements pertaining to foot and ankle devices and rising incidence of trauma and accident cases is augmenting the product acceptance rate. Increasing awareness and initiatives to cater to appropriate diagnostic treatments and clinical benefits offered by foot and ankle devices will propel the market growth.
Additionally, increasing demand for minimally invasive surgeries for several orthopedic procedures has fueled the product adoption rate in several healthcare facilities globally. Developing countries are emphasizing the expansion of healthcare infrastructure and an increase in the number of specialized orthopedic clinics, subsequently boosting the foot and ankle devices market. Therefore, owing to factors such as aging population, an increase in the prevalence of chronic diseases, rising demand for minimally invasive surgical procedures, advancements in technology and product innovation have contributed to the growth of foot and ankle devices industry.
Foot and ankle devices are medical devices specifically designed to diagnose, treat, support, and manage conditions affecting the foot and ankle. These devices are used in a wide range of foot and ankle conditions, injuries, and disorders.
| Report Attribute | Details |
|---|---|
| Base Year | 2023 |
| Foot and Ankle Devices Market Size in 2023 | USD 5.1 Billion |
| Forecast Period | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR | 7.1% |
| 2032 Value Projection | USD 9.1 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 180 |
| Tables, Charts & Figures | 383 |
| Segments covered | Product, Application, End-use, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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However, high cost of foot and ankle devices can pose a significant challenge and impede the foot and ankle devices market revenue. Foot and ankle devices incorporate advance orthopedic implants and prosthetics that can be expensive due to factors such as research and development costs, manufacturing complexity, and specialized materials. For instance, the cost of ankle implant can range between USD 5,000 to USD 35,000. Similarly, the cost of foot prosthetics can range between USD 15,000 to USD 50,000 and can vary according to the technology used in these devices.
The fancy price tags on these high-tech devices can make it tough for people to get their hands on them. That means hospitals and clinics have to shell out more money, which can put a strain on their budgets. And for patients, it can be a real bummer, especially if the device is something they really need. They might have to settle for cheaper options or even skip treatment altogether. In poor countries, where people don't have much money to spare, these devices are even harder to come by. So, the high prices become a major roadblock to getting these devices to the people who need them. And that's bad news for businesses that make these devices because it limits their ability to grow and make a profit.
COVID-19 Impact
The COVID-19 pandemic has been a major blow to the foot and ankle device industry, especially in early 2020. The virus caused a surge in illness and put a lot of strain on healthcare systems around the world. As a result, many hospitals had to cut back on non-emergency visits and surgeries, including foot and ankle surgeries. This drop in surgeries has meant that fewer foot and ankle devices are being used, which has hurt the industry's bottom line.
The pandemic has disrupted global supply chains, affecting the manufacturing and distribution of medical devices, including foot and ankle devices. The foot and ankle devices market relies on complex global supply chains for the procurement of raw materials, components, and finished products. The pandemic disrupted these supply chains due to lockdown measures and travel restrictions thereby resulting in delays in manufacturing, shortage, and increased costs, negatively impacting market demand.
Several healthcare facilities witnessed a significant decline in patient visits and subsequently, a decrease in the diagnosis and treatment of foot and ankle conditions. Although later the market recovered, thereby mitigating the initial impact. Furthermore, as the number of COVID-19 infected patients significantly decreased and several healthcare facilities resumed delivering healthcare services, the procedural volume gradually returned to pre-pandemic levels.
Foot and Ankle Devices Market Trends
Hey there! You know how our feet and ankles can start to give us trouble as we get older? Well, that's becoming a more common problem worldwide. And with that, people are turning to special devices to help their feet and ankles stay healthy. Why's this happening? Well, people are having more surgeries on their bones and joints. Plus, more people are getting conditions like osteoarthritis, which is when the cartilage in your joints wears down and becomes painful. In Europe alone, about 40 million people had osteoarthritis in 2021! Foot and ankle devices can help with these problems by making it easier for our joints to move and stay in place. This is especially important for people with chronic conditions, like arthritis. There are a lot of things that can lead to these foot and ankle issues, like getting older, not moving around enough, and eating foods that aren't good for us. So, it's no wonder that more and more people are needing these devices to keep their feet and ankles feeling good.
Age-related changes in bone density, joint degeneration, and mobility issues contribute to the prevalence of these disorders, driving the foot and ankle devices market demand. Additionally, increasing prevalence of obesity worldwide is closely associated with an increased risk of orthopedic disorders, including foot and ankle conditions. Technological advancements including imaging techniques, surgical instruments, and biomaterials, have improved the diagnosis, treatment, and outcomes of orthopedic disorders. Innovative foot and ankle devices with better functionality, durability, and patient comfort are being developed, stimulating market growth. Foot and ankle devices have proven effective and efficient in several orthopedic surgeries, thereby augmenting the product demand.
Foot and Ankle Devices Market Analysis
The orthopedic fixation segment accounted for 31% of the foot and ankle devices market share in 2022, due to several clinical benefits offered by orthopedic fixation devices in the management of several foot and ankle disorders. Orthopedic fixation devices, such as plates, screws, rods, and nails, are commonly used in orthopedic surgery to stabilize fractures, fuse bones, and support the healing process.
Orthopedic fixation devices provide stability to fractured bones, promoting proper alignment and immobilization. This stability helps prevent further displacement or movement of the fractured fragments, facilitating optimal healing and reducing the risk of complications. These devices play a crucial role in promoting bone healing. Additionally, orthopedic fixation devices enable surgeons to accurately align fractured bones and maintain proper bone length during the healing process.
Foot and ankle devices market size trauma segment held around USD 1.3 billion in 2022. Foot and ankle devices play a crucial role in managing trauma conditions, such as fractures, ligament injuries, and severe soft tissue damage. For instance, according to an article published by the Lancet Journal, in 2020, around 139 million people in Europe suffered from foot fracture. Foot and ankle devices, provide stability to fractured bones and help align & immobilize the fractured fragments, promoting proper bone healing and reducing the risk of malunion.
Trauma injuries often involve the joints of the foot and ankle. Devices like trauma fixation devices such as ankle braces or external fixators can provide support and protection to the injured joints, preventing excessive movement and reducing the risk of further damage. Following trauma-related surgeries, foot and ankle devices play a crucial role in the rehabilitation process. Devices like walking boots, knee braces, or orthotics provide support, stability, and protection during the recovery phase. Therefore, owing to clinical benefits offered by foot and ankle devices in the management of trauma cases is anticipated to drive the market growth.
Foot and ankle devices market from hospitals and clinics segment is set to expand at 6.5% CAGR through 2032. High adoption rate of advanced foot and ankle devices offering enhanced therapeutic outcomes and convenient surgical procedures would surge the patient preference for hospital setting. Increasing admissions with chronic conditions and growing disease-related awareness programs, as well as the availability of highly skilled healthcare professionals, are some other factors that are positively supporting the growth of the hospitals segment. There has been a noticeable increase in the prevalence of foot and ankle disorders, including osteoarthritis, fractures, ligament injuries, and sports-related injuries.
Hospitals are seeing a surge in people needing treatment for foot and ankle problems. That's why hospitals are working with orthopedic surgeons who are experts in feet and ankles to make sure patients have access to the best devices and treatments. Thanks to new technology, surgeons can now do less invasive surgeries for foot and ankle problems. This means shorter recovery times and less pain for patients. As the population ages, more people are likely to experience foot and ankle problems. And because there are now more advanced devices available to treat these problems, people are more likely to seek help. This is leading to more visits to hospitals and clinics, which is driving up the demand for foot and ankle devices and treatments.
The demand for foot and ankle devices in North America is expected to soar to $3.6 billion by 2032. This is due to several factors, such as the presence of major companies in the industry, a growing number of people with orthopedic problems, and increased awareness of the benefits of these devices. As the population ages, there's a higher risk of foot and ankle issues like osteoarthritis, fractures, rheumatoid arthritis, and ligament injuries. This surge in the elderly population has led to a greater demand for devices that can treat and manage these conditions. For example, data shows that approximately 1.3 million adults in the United States had rheumatoid arthritis in 2021. This number is expected to grow in the future.
Availability of advance foot and ankle devices incorporated with enhance functionality, durability, and patient comfort will increase the product adoption rate in the region. As the incident cases of chronic ailment continues to rise in the region, the demand for efficient, proven, and effective foot and ankle devices is projected to propel significantly. Thus, supporting initiatives aimed at improving healthcare outcomes, rising healthcare expenditure and increasing disease prone population would drive the regional revenue share positively.
Foot and Ankle Devices Market Share
Some of the major companies operating in the foot and ankle devices market are
- Acumed LLC
- Arthrex, Inc.
- Conmed Corporation
- DJO LLC
- Enovis
- Johnson & Johnson
- Medartis AG
- Orthofix Medical Inc.
- Össur
- Ottobock SE & Co. KGaA
- Paragon 28
- Smith & Nephew plc
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
These leading companies are implementing advanced technologies to cater to the large unmet needs of the consumers. These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.
Foot and Ankle Devices Industry News
- In December 2022, Enovis Corporation announced that they have received the U.S. FDA approval for the STAR PSI System. The STAR PSI System provides a personalized pre-operative plan helps to review a 3D visualization of the patient’s ankle joint, including information about any existing implants and/or bone defects, to plan for the total ankle replacement case. This regulatory approval helped the company to enhance their R&D capabilities and increase their business revenue.
- In February 2022, DePuy Synthes a subsidiary of Johnson & Johnson announced the acquisition of CrossRoads Extremity Systems, a manufacturer of foot and ankle devices. This acquisition helped the company to enhance their capabilities in orthopaedic, podiatric and medtech advancements through both internal and external innovation and deliver technologically advanced products.
This foot and ankle devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and volume (Units) from 2018 to 2032, for the following segments
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Market, By Product
- Bracing & Support
- Joint Implants
- Soft Tissue Orthopedic Devices
- Orthopedic Fixation
- Prosthetics
Market, By Application
- Hammertoe
- Trauma
- Osteoarthritis
- Rheumatoid Arthritis
- Neurological Disorders
- Osteoporosis
- Others
Market, By End-use
- Hospitals
- Ambulatory Surgical Centers
- Orthopedic Clinics
- Others
The above information has been provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Poland
- Sweden
- The Netherlands
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Indonesia
- Thailand
- Philippines
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Chile
- Peru
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Israel
- Egypt
- Turkey
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