Foot and Ankle Devices Market Driving Quickly To Reach USD 6.46 Billion by 2022
Major players active in the global foot and ankle devices market are Smith & Nephew PLC., Stryker Corporation, Zimmer Biomet Holdings, Inc., Arthrex, Inc., Wright Medical Technology, Inc., Integra Lifesciences Holdings Corporation, Tornier N.V., Ossur, BioPro, and OrthoHelix among others.
According to the researchers at Zion Market Research, the global foot and ankle devices market added up for USD 4.21 Billion in 2016 and is likely to cross USD 6.46 Billion by end of 2022, increasing at a CAGR of almost 7.4 % from 2017 to 2022.
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Rising Geriatric Population Paired With Increasing Road Accidents To Boos The Development Of Foot And Ankle Devices Market
The major catalysts for foot and ankle devices market comprise rising geriatric population paired with increasing road accidents and rising likelihood of bone injuries are likely to tower foot and ankle devices market in years to come. Apart from this, the increasing occurrence of diabetes with essential surgeries results in the elimination of foot-ankle with large sores is likely to power the requirement for these devices, thereby boosting the foot and ankle devices market. In addition to this, increasing awareness about these types of machines, increasing healthcare infrastructure, and increasing number of sports accidents are also augmenting the development of foot and ankle devices market. On the other hand, high cost for some of these devices and excise taxes on medical devices in the U.S. are likely to hinder the development of foot and ankle devices market. In spite of these limitations, up-and-coming markets in developing areas and launch of biologics to cure foot and ankle injuries are some of the growth avenues in foot and ankle devices market. Moreover, various mergers and acquisitions are also claimed to foster the foot and ankle devices market growth. For instance, in October 2017, the Codman Neurosurgery was purchased by Integra LifeSciences. Also, in December 2017, Entellus Medical, Inc. was purchased by Stryker Corporation.
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Orthopedic Implants To Dominate The Foot And Ankle Devices Market In The Years To Come
On the basis of product, the foot and ankle devices market is divided into prostheses, orthopedic implants, and bracing & supporting gadgets. Orthopedic implants are additionally bifurcated into fixation devices, joint implants, and soft-tissue orthopedic machines. Orthopedic implants are likely to rule this segment in the foot and ankle devices market and also expected to develop at the quickest rate in the years to come.
Based on the cause of injury, the foot and ankle devices market is divided into neurological disorders, trauma, and others including diabetes. This division is likely to be ruled by other kinds of injuries such as rheumatoid arthritis, osteoporosis, and osteoarthritis due to the rising occurrence of these types of injuries paired with the rising old population.
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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