Foot & Ankle Devices Market Growth Insights to 2027 - Smith & Nephew, Wright Medicalgroup N.V, Stryker, Anthrex

Publisher: The Insight Partners

Joint Implants segment is expected to grow the market for foot & ankle devices over the forecast period by product segment.

According to The Insight Partners market research study titled Foot & Ankle Devices Market to 2027 – Global Analysis and Forecasts by Product, Application and Geography. The global foot & ankle devices market is expected to reach US$ 4,084.97 Mn in 2027 from US$ 2,038.24 Mn in 2018. The market is estimated to grow with a CAGR of 8.1% from 2019-2027. The report highlights the trends prevalent in the global foot & ankle market and the factors driving the market along with those that act as challenges to its growth.

Global foot & ankle devices market was segmented by product and application. On the basis of the product the market is segmented as joint implants, prostheses, braces & support, and fixation devices. Based on the application the market is segmented into trauma, osteoarthritis, osteoporosis, rheumatoid arthritis (RA), and hammertoe.

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Market Insights

Increasing Incidences of Sports Injuries

The rise in the incidences of the sports injuries can be attributed to increasing in the number of weekend sports players, youngster, and professional athletes. Most of the sports injuries are orthopedic, which include fractures, sprain, strain, ligament breaks, swelling, pain, and others. These injuries are classified as acute and chronic, based on the level of damage caused.

The injuries occur due to sports such as water soccer (football), water sports, cricket, rugby, basketball, athletic games, and others. For instance, as per the data by the Federation Internationale de Football Association (FIFA), a large number of sports injuries that are caused by soccer. The data stated that ankle sprain is the most widely experienced injuries caused in the football players across the world. In the US, approximately 240,000 injuries were treated in the emergency department, and among them, about 48,810 cases of fractures and near 79,400 cases were for strain and sprains and also there were 5,000 cases for the dislocations.

Similarly, in cricket, the bowlers are more prone to get injured from the repetitive motion of their shoulders, elbow, and legs. The common injuries that are being observed are rotator cuff tears, impingement syndromes, ankle sprains, as well as medial ligament injuries to the elbow. Therefore, on average, nearly 10% of cricketers may suffer from injuries at any point of time on the field, and the fast bowlers contribute approximately 15% of the incidences.

Also, according to a report published in 2017 by BMJ Publishing Group Ltd, stated that in the Rio de Janeiro 2016 Olympic Summer Games nearly 8% of the athletes incurred with one injury during the Olympic Games. Moreover, according to the Stanford Children’s Health data published in 2018, the United States has nearly 3.5 million children and teen (14 years and below) are suffering from injuries. It also stated that the highest rates of injuries occurred in the sports that involve contact and collisions, severe injuries happened during the individual sports and recreational activities. Additionally, approximately 62% of sports-related injuries happened during the practice sessions.

Moreover, according to the Stanford Children’s Health, some instances were given, which stated that near 170,000 children in between the age group of 5 to 14years were treated in hospital emergency rooms for basketball-related injuries. Likewise, approximately 47,000 children were treated in hospital emergency rooms for in-line skating-related injuries. Similarly, around 65,000 children were treated in hospital emergency rooms for trampoline-related injuries. Hence, considering the factors mentioned above, the demand for foot and ankle devices is deemed to witness growth at a considerable rate during the forecast period

The market for foot & ankle devices is expected to grow significantly due to factors such as increasing incidences of sports injuries, growing incidents of road accidents and rising the number of orthopedic surgeries. However, factor such as lack of reimbursement for orthopedic procedures is the major restraining factors for the growth of the market.

The major players operating in the foot & ankle devices market include, Smith & Nephew, Wright Medicalgroup N.V, Stryker Corporation, Anthrex Inc., Zimmer Biomet, Ossur, Integra Lifesciences Corporation, J&J (Depuy Synthes), Acumed, LLC, Extremity Medical, LLC among the others. The market has carried out various organic and inorganic growth strategies in the market which has assisted in strengthening their product offering in the market.

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