Foot And Ankle Devices Global Market Report 2024: Market Set To Grow At A Rate Of 9.6%
Foot And Ankle Devices Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What's the forecast size of the Foot And Ankle Devices Market in 2024?
The foot and ankle devices market has picked up significant momentum in recent years. From 2023 to 2024, the market size is expected to rise from $5.68 billion to $6.25 billion, exhibiting a compound annual growth rate CAGR of 10.0%. This substantial growth observed in the historic period can primarily be linked to factors such as the aging population, an increase in orthopedic disorders, sports injuries, chronic illnesses, along with a surge in trauma and accidents.
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What are the trends shaping the growth of the Foot And Ankle Devices Market?
Over the next few years, the foot and ankle devices market is anticipated to generate strong growth. By 2028, the market is projected to expand to $9.03 billion at a CAGR of 9.6%. During the forecast period, trends such as patient-centric care, the emergence of regenerative medicine, the increasing prevalence of diabetes, telemedicine and remote monitoring, and minimally invasive procedures can be expected to stimulate market growth. Additionally, industry trends like wearable devices and smart orthopedics, telehealth and remote consultations, biomechanical analysis, 3D printing and additive manufacturing, and advanced materials are predicted to emerged as significant influencers.
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How does the increase in orthopedic disorders impact the Foot And Ankle Devices Market?
The forecasted acceleration in the foot and ankle devices market can be attributed to the increasing incidence of orthopedic disorders. Disorders in the muscles or bones that constitute the musculoskeletal system often give rise to orthopedic disorders. These disorders affect critical parts of the body like bones, cartilage, ligaments, tendons, and connective tissues. Foot and ankle devices are utilized to treat various forms of injuries including fusions, fractures, and osteotomies in the forefoot, midfoot, and rearfoot, which should spur market growth. For instance, per the World Health Organization, musculoskeletal diseases affected 1.71 billion individuals globally in 2021, becoming a significant cause for disability. Furthermore, 568 million people worldwide have been afflicted with low back discomfort - thereby reinforcing the growth trajectory of the foot and ankle devices market.
Who are the key players in the Foot And Ankle Devices Market?
The foot and ankle devices market feature major firms including Aap Implantate AG, Acumed LLC, Advanced Orthopaedic Solutions Inc., Arthrex Inc., Biomet Inc., CONMED Corporation, DePuy Synthes Companies, DonJoy Inc., Extremity Medical LLC, Fillauer LLC, FH ORTHOPEDICS S.A.S., Integra LifeSciences Holdings Corporation, Medartis Holding AG, Mondeal Medical Systems GmbH, Ortho Solutions UK Ltd., Orthofix Medical Inc., Össur hf., Ottobock Healthcare AG, Smith & Nephew plc, Stryker Corporation, Tornier N.V., Vilex in Tennessee Inc., Wright Medical Technology Inc., Zimmer Biomet Holdings Inc., KYOCERA Medical Corporation, Medacta International SA, Merete Medical GmbH, Medtronic plc, Inovedis SAS, OsteoMed LLC.
What are the emerging trends in the Foot And Ankle Devices Market?
The foot and ankle devices market is witnessing an influx of product innovations. Companies operating in this space are consistently innovating new products to secure a competitive edge. As an example, in September 2021, Stryker Corporation, a U.S. based medical technology firm, introduced the Citrelock™ Tendon Fixation Device System. This system proposes a unique design through a tendon thread that integrates Citregen™, a resorbable technology with unique chemical and mechanical properties for orthopaedic surgical applications. The Citrelock Tendon Fixation Device System is tailored to facilitate insertion and secure fixation while minimizing tendon damage during placement.
How is the Foot And Ankle Devices Market segmented?
The foot and ankle devices market report traditionally segments the market:
1 By Product: Bracing and Support Devices, Prostheses
2 By Cause of Injury: Trauma, Diabetes, Neurological Disorders, Other Causes
3 By End User: Hospitals, Ambulatory Surgery Centers, Orthopedic Clinics, Rehabilitation Centers, Other End Users.
Regional Insights:
In 2023, North America emerged as the largest regional player in the foot and ankle devices market. Asia-Pacific is anticipated to be the fastest-growing region throughout the forecast period. The foot and ankle devices market report features regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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