Market of Foot and Ankle Orthotic Devices Expected to Register $5.41 Billion Value by 2020
Market of foot and ankle orthotic devices such as prosthesis, leg braces and others is expected to reach USD 5.41 Billion by 2020 from USD 3.82 Billion in 2015 at a CAGR of 7.2% during the forecast period of 2015 to 2020. Growth in the number of sports injuries, expected global rise in the prevalence of diabetes, rising prevalence of arthritis in Australia and the U.S., regular entry of new products in the market, and rising geriatric population resulting in the growing incidence of bone injuries are the major factors driving this market.
The statistics are evaluated by the report “Foot and Ankle Devices Market by Product (Orthopedic Implants (External Fixation, Internal Fixation), Prostheses, Bracing), by Cause of Injury (Diabetes, Rheumatoid Arthritis, Osteoporosis, Osteoarthritis, Trauma, Bunions) – Trends & Global Forecasts to 2020”, analyzes and studies the major market drivers, restraint, challenges, and opportunities.
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The global foot and ankle devices market is segmented on the basis of products, applications, and regions. Based on products, the foot and ankle devices market is categorized into orthopedic implants and devices, prostheses, and bracing and support devices. In 2015, the orthopedic implants and devices segment is estimated to account for the major share of the foot and ankle devices market.
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Based on the cause of injury, the market is segmented into trauma, diabetes, neurological disorders, and others (osteoporosis, rheumatoid arthritis, osteoarthritis, hammertoe, and bunions). In 2015, the others segment is estimated to account for the major share of the foot and ankle devices market.
On the basis of regions, the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World (RoW), which comprises Latin America, Africa, and the Middle East. In 2015, North America accounted for the largest share of the foot and ankle devices market, followed by Europe, Asia-Pacific, and the RoW. However, the Asia-Pacific market is slated to grow at the highest CAGR during the forecast period and serves as a revenue pocket for companies offering foot and ankle devices.
On the other hand, the high cost of some foot and ankle devices and excise tax on medical devices in the U.S. and are expected to restrain the growth of the market. In addition to this, a lack of trained professionals is a major challenge for the global foot and ankle devices market. However, the introduction of biologics to treat foot and ankle disorders, coupled with expansion & penetration in Brazil, Russia, India, China, and South Africa, are posing lucrative opportunities for the foot and ankle devices market.
Some major players in the global foot and ankle devices market include Stryker Corporation (U.S.), Arthrex, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), Wright Medical Technology, Inc. (U.S.), Integra LifeSciences Holdings Corporation (U.S.), Tornier N.V. (Netherlands), Össur (Iceland), Acumed, LLC (U.S.), and Extremity Medical, LLC (U.S.).
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