Published Date : 20 Nov 2023
The global foot and ankle devices market size surpassed USD 4.42 billion in 2022 and it is expected to rake around USD 8.76 billion by 2032, poised to grow at a CAGR of 7.08% from 2023 to 2032.
foot and ankle devices are used for the diagnosis, treatment, and management of foot and ankle-related diseases. These devices help in supporting, protecting, and replacing damaged or diseased tissue and structuring it. Foot and ankle devices are majorly utilized by medical professionals such as orthopedic surgeons, podiatrists, and physical therapists for the treatment of musculoskeletal issues and disorders affecting the lower extremities. Rise in geriatric population in multiple geographic areas is observed to contribute positively to the market’s growth.
Increasing awareness of foot and ankle health, sports injuries, increasing technological advancements for devices and increasing prevalence of chronic disease are driving the growth of the foot and ankle devices market. In addition, the increasing trend in cosmetic surgeries along with the improvements in healthcare infrastructure is supplementing the market’s growth.
Minimal surgeries are gaining popularity, especially for the treatment of foot and ankle disorders. Minimal surgeries are beneficial as compared to the traditional due to shorter recovery time, less pain, and reduced complications risks. Increasing cases of road accidents and sports injuries are attributed to the growth of the foot and ankle devices market.
North America dominated the foot and ankle devices market with the largest market size in 2022. The growth of the market in the region is expected to boost due to the technological advancements in the healthcare sector. The increasing popularity of minimally invasive surgeries in countries like the United States, and Canada is driving the growth of the foot and ankle devices market. Increasing road accidents is one of the prominent reasons for the development of the foot and ankle devices market. Additionally, the rising cases of rheumatoid arthritis and other foot related diseases are promoting the growth of the market at a robust pace for North America.
In the United States, deadly accidents have increased significantly with a 16% rate in which there were 36,835 car crashes in 2018 to 42,795 fatal car crashes in 2022. U.S. companies often allocate significant resources to research and development activities. This investment allows them to stay at the forefront of technological advancements, ensuring a continuous stream of new and improved foot and ankle devices. Many U.S. companies have a global presence, exporting foot and ankle devices to various countries. The international reputation of U.S. products, coupled with established global distribution networks, further strengthens the country's dominance in the market.
|Market Revenue in 2023||USD 4.73 Billion|
|Projected Forecast Revenue by 2032||USD 8.76 Billion|
|Growth Rate from 2023 to 2032||CAGR of 7.08%|
|Largest Market||North America|
|Forecast Period||2023 to 2032|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Increasing sports injuries
Sports injuries and road accidents mostly require surgeries that include the requirement for devices. Such injuries may cause traumatic injuries in the lower extremities of the body like the foot and ankle which need a specialized treatment device for the treatment. Sports injuries include sprains, ligament tears, fractures, etc. These conditions need to be cured by the proper treatment to recover and resume the players to their activities. Foot and ankle devices such as brace and implants play a crucial role in healing, and restoring mobility which makes them important in the medical field. Thus increasing sports injuries in the athletes are driving the demand growth of the foot and ankle devices market.
Rise in road accidents
The increasing cases of road accidents due to the increased traffic conditions and immature driving in the younger generation is driving the growth of the foot and ankle devices market. Increasing cases of road accidents such as car crashes and motorcycle accidents may cause a range of lower extremity injuries like fractures, containing disclosures, and soft tissue damages. The higher demand for the treatment due to road accidents is driving the growth of the foot and ankle devices market.
Foot and ankle devices often involve cutting-edge technologies, and these technologies can be costly. The expense of incorporating the latest innovations into devices can make them more expensive, limiting their accessibility. For healthcare providers, obtaining reimbursement for certain devices can be a complex process. If reimbursement rates are low or if there are delays in reimbursement, it may affect the financial viability of offering certain devices. Intense competition in the medical device market can sometimes drive-up costs. Manufacturers may invest heavily in research and development, and those costs may be passed on to healthcare providers and, ultimately, patients.
Technological advancements in the healthcare sector led to the rise of revolutionary foot and ankle devices that are further effective, affordable, and accessible for patients. Advancements in the technologies such as digital imaging, and 3D printing are observed to open multiple opportunities for the growth of the foot and ankle devices market. Additionally, robotics surgeries are one of the major examples of technological advancement in the treatment of foot and ankle devices market. The technology decreases the recovery time, enhances the possibilities of treatable conditions, and eases the patient's trauma.
Participation of the key manufacturer
The growth of the foot and ankle devices market is anticipated owing to the rising participation from key manufacturers in the industry as they introduce strategic initiatives to increase awareness of the brand vision and product in the end-user of the healthcare industry. The major market players in the foot and ankle devices market have initiated hybrid distribution model, thus it distributes via channels and collaboration with orthopedic firms. Thus, the initiative by the major market players for brand awareness and measuring preventing care are driving the new opportunities in the foot and ankle devices market.
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