The global foot and ankle devices market is growing due to technological advancement of ankle and foot devices, and increasing number of free trade agreements. These devices are becoming lighter, stronger, and limits additional amount of energy applied by the organ, thus leading to increased demand for these device. The orthopedic implants and devices segment dominates the market, and is expected to grow with the fastest rate in the coming years. Based on cause of injury, the trauma segment is expected to grow with the fastest rate during the forecast period. The massive unexplored market in the foot and ankle devices industry of the developing economies is creating abundant opportunities for the global foot and ankle devices surgery market.
Moreover, the introduction of biologics to treat foot and ankle disorders is also creating growth opportunity for the market. The foot and ankle devices are used to restore function of the ankle and foot, and for the treatment of various conditions, such as diabetic foot, hammertoes, and arthritis. These devices are also used in case of amputation, trauma, and congenital conditions. These devices are used in various procedures, such as fracture reduction, ligament repair, diabetic foot amputation, ankle fusion, and total ankle replacement.
Some of the factors driving the growth of the global foot and ankle devices market are increasing number of sports injuries, growing geriatric population leading to bone injuries, increasing prevalence of arthritis, increasing prevalence of diabetes, and regular entry of new and innovative products in the market. However, the high cost of ankle and foot devices, excise tax on medical devices in the U.S., and lack of trained professional are some of the factors, restraining the growth of the global foot and ankle devices market.
Geographically, North America is expected dominate the global foot and ankle devices market in the coming years, due to increasing prevalence of diabetes, arthritis and foot related disorders, increasing investment by government, and increasing incidence of sports injuries. Asia-Pacific is expected to be the fastest growing region in the global foot and ankle devices market, due to presence of huge pool of patients, increasing geriatric population in the region. In addition, the Asia-Pacific foot and ankle devices market is growing, due to increasing healthcare expenditure, increasing awareness of healthcare through conferences and courses, and refining healthcare infrastructure in the emerging countries, such as India and China.
Some of the companies operating in the global foot and ankle devices market are Stryker Corporation, Extremity Medical LLC., Arthrex Inc., Smith & Nephew PLC, Wright Medical TechnologyInc., Zimmer Biomet Holdings Inc., Össur, Wright Medical Technology Inc., Acumed LLC, Integra Lifesciences Holdings Corporation, and Tornier N.V.