Global Foot and Ankle Devices Market by product (bracing & support devices, joint implants, soft tissue orthopedic devices, orthopedic fixation, and prosthetics.), by cause of injury (trauma, diabetes, neurological disorders, and others.), and by region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) is expected to reach us$ 3.46 Bn by 2026, at a CAGR of 10.29% during a forecast period.
The major driving factors of foot and ankle devices market are growing aging population, and increasing occurrence rate of joint problems includes fractures, foot ulcer, arthritis, and bunion. An increasing rate of sports-related injuries, increasing incidence of diabetes & foot related disorders, and technological developments boosting the growth of foot & ankle devices market.
Huge cost & reimbursement of devices, an excise tax on medical devices, and lack of skilled personnel to handle foot and ankle equipment are restraining the market growth.
The rising senior populace across the globe indicates the key opportunity for foot and ankle devices as age can considerably decrease bone strength and increase the risk of fracture.
Increasing Number of Sports Injuries & Road Accidents is increasing annually and is leading to a high incidence of foot and ankle injuries.
The sports injuries & road accidents contain lateral ankle ligament sprains, syndesmotic sprains, medial ankle ligament sprains, mid-foot injuries, and first metatarsophalangeal joint injuries. Ankle disorder is one of the major injuries, and it is observed that around 83% of such disorders require surgeries. This increasing rate of sports-related injuries& road accidents acts as a major factor for increased usage of foot and ankle related devices. Other factors include the increasing incidence of diabetes and foot related disorders and technological developments, such as automatic foot and ankle devices.
North America is expected to dominate the global foot and ankle devices market during the forecast period.
Geographically, North America is expected to dominate the global foot and ankle devices market during the forecast period, due to an increasing prevalence of diabetes, arthritis, and foot-related disorders, increasing investment by government and increasing the incidence of sports injuries. Asia-Pacific is expected to be the fastest growing region in the global foot and ankle devises market, due to presence of huge pool of patients, increasing geriatric population, increasing healthcare expenditure, increasing awareness of healthcare through conferences and courses, and refining healthcare infrastructure in the emerging countries, such as India and China in the region.
The key player operating in global foot & ankle devices market are Acumed Llc, Arthrex Inc., Integra Life sciences Corporation, Depuy Synthes, Orthofix International, Ossur Hf, Smith & Nephew Plc., Stryker Corporation, and Wright Medical Group Inc.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the global foot & ankle devices market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking in product strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global foot & ankle devices market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global foot & ankle devices market positioning of competitors.
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