Foot And Ankle Devices Market Size, Share to Reach A Valuation of USD 7.6 Billion By 2027

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According to Nova one advisor, the global Foot And Ankle Devices market value was estimated at US$ 4.0 billion in 2020 and is projected to reach US$ 7.6 billion by 2027, registering a CAGR of 7.1% from 2020 to 2027. The report contains 150+ pages with detailed analysis.

Overview of Foot And Ankle Devices Market Study

Foot And Ankle Devices market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.

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Growth Factors:

 Usage of bioresorbable implants and devices is a key trend in reconstruction, resulting in the elimination for the need for surgery for removal of devices are the key factors supporting the growth of the market.

Foot and ankle devices offer several benefits such as better affordability, higher efficacy, greater patient comfort, and are easy-to-use as compared to conventional products. Moreover, key players are increasingly focusing on the development of specialized products for the treatment of various foot and ankle disorders and deformaties as well as to address the unmet market needs. The availability of advanced products and treatment modalities is generating significant interest among end users owing to the better treatment outcomes promised by them.

Foot and ankle devices Market Dynamics

Driver:Continuous product commercialization

Foot and ankle devices offer several benefits such as better affordability, higher efficacy, greater patient comfort, and are easy-to-use as compared to conventional products. Moreover, key players are increasingly focusing on the development of specialized products for the treatment of various foot and ankle disorders and deformaties as well as to address the unmet market needs. The availability of advanced products and treatment modalities is generating significant interest among end users owing to the better treatment outcomes promised by them.

Listed below are regulatory approval  and launches in recent years:

  • In October 2020, WishBone Medical, Inc (US) received FDA approval Smart Correction External Fixation System for pediatric patients. It consists of hexapod external fixator hardware and proprietary planning software.
  • In June 2019, Metalogix received FDA 510(k) clearance for the Revolution External Plating System, open ring fixation. Its is all-in-one system intended to be used for treatment of Charcot, foot and ankle, in adult and pediatric subgroups (except newborns).
  • In June 2019, Metalogix received FDA 510(k) clearance for the Revolution External Plating System, open ring fixation. Its is all-in-one system intended to be used for treatment of Charcot, foot and ankle, in adult and pediatric subgroups (except newborns).

Restraint: Metal Sensitivity in patients with foot and ankle implants

There are several risks associated with using orthopedic impants and devices, such as the discomfort associated with the insertion of implants and devices. Surgical site infections are some other major risks. Foot and ankle devices are mostly made of metal or metal alloys (nickel, cobalt, chromium, and/or titanium). Products containing or made of these metals may cause allergies and infections once implanted, such as eczematous dermatitis, urticaria, and vasculitis. Metal sensitivity also causes osteolysis, pain, and the aseptic loosening of implanted metal hardware. Therefore, the above-mentioned risks limit usage of foot and ankle implants and devices

Opportunity: Marketing, promotion and branding initiatives undertaken by major product manufacturers

Major product manufacturers are undertaking strategic initiatives to increase their brand visibility and product awareness among key end users (such as medical professionals, patients, and physiotherapists) across major healthcare markets worldwide. Company operating in foot and ankle devices market are opting for hybrid distribution strategy as per which distribution takes place both by distribution channel and through partnership with global orthopedic companies. Foot and ankle devices company has also adopted consignment model, accoding to which company first places the systems with its customers and sales are made according to the implementation of implants. Such initiatives undertaken by major product manufacturers are expected to increase their brand awareness among target end-users as well as sensitize them about their role in preventive care.

Challenge: Higher adoption of alternative therapies for the treatment of foot and ankle disorders & injuries Increasing pricing pressure on market players

Regenerative medicine plays a major role in the management of foot and ankle injuries. Regenerative medicine treatments are typically used to repair or replace damaged cartilage, tendon, and ligament tissues. This area of medicine involves the use of orthobiologics, which are substances used to improve the healing of broken bones & injured muscles, tendons, and ligaments. Orthobiologics, such as allografts, polymer-based bone substitutes, and viscosupplements, are extensively used to treat foot and ankle injuries or conditions resulting from trauma. The other treatment methodologies in regenerative medicine include stem cell treatments, PRP, and prolotherapy. The adoption of pain medications for such applications is high owing to the low awareness about the benefits of orthopedic braces as well as the unfavorable reimbursement scenario for these products. The ease of administration and greater affordability of pain medications are the other major factors supporting this trend. This is considered a major challenge for the growth of the foot and ankle devices market during the study period

By product, the orthopedic implants and devices products segment dominated the global foot and ankle devices market

Based on the product, the foot and ankle devices market is segmented into orthopedic implants and devices, bracing and support devices, and prostheses. Orthopedic implants and devices products include joint implants, fixation devices, and soft tissue orthopedic devices.  The orthopedic implants and devices segment dominated the foot and ankle devices market in 2019. Rising incidences of diabetes, new product launches, coupled with the rising adoption of branded orthopedic devices and implants because of better quality and lower risk associated with surgical site infection in emerging countries, is expected to drive the segment growth.

By application, the trauma & hair line fractures products segment dominated the global foot and ankle devices market

Based on the application, the foot and ankle devices market is segmented into trauma & hair line fractures, rheumatoid arthritis & osteoarthritis, diabetic foot diseases, ligament injuries, neurological disorders, hammertoe and others. The trauma and hair line fracture segment accounted for a larger share of  in the market in 2019. The increasing prevalence of sport injuries and road accidents, growing number of foot and ankle reconstruction procedures related to fractures, rapid growth in the aging population across the globe, and the development of advanced foot and ankle products are factors expected to drive the growth of this market segment in the coming years.

By end user, the hospital segment accounted for the largest share of the foot and ankle devices market in 2019

Based on application, the foot and ankle devices market has been segmented into the hospitals, ambulatory surgery centers, orthopaedic clinics andrehabilitation centers. Among these, the hospitals segment accounted for the largest share of the market in 2019. The large share of this segment is attributed to the large target patient population base (especially in emerging countries) preferring hospitals, the growing procedural volume in hospital settings, rising emphasis on effective and early disease diagnosis in hospital, and the high budget of hospitals for introducing various technologically advanced foot and ankle devices products.

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COVID-19 Impact on Foot And Ankle Devices Sales

Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Foot And Ankle Devices market.

Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.

Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.

Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Foot And Ankle Devices market 2021 onwards. This trend will however continue through the course of the report’s assessment period

Key Players:

This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Foot And Ankle Devices market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.

Some of the prominent players in the Foot And Ankle Devices market include:

DePuy Synthes Companies (US), Stryker Corporation (US), Zimmer Biomet Holdings, Inc (US), Smith & Nephew plc (UK), Arthrex Inc (US), Integra LifeSciences Holdings Corporation (US), DJO Finance, LLC (US), CONMED Corporation (US), Össur HF (Iceland), Orthofix Medical Inc. (US), Medartis AG (Switzerland), Acumed LLC (US), Extremity Medical (US), aap Implantate AG (Germany), Ottobock SE & Co. KGaA (Germany), Ortho Solutions UK Ltd. (UK), Vilex in Tennessee, Inc. (US), Advanced Orthopaedic Solutions (US), Fillauer LLC (US), and Groupe FH Ortho (France), among others.

Unravelling the Critical Segments

This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:

Global Foot and Ankle devices Market, by Product

  • Orthopedic Implants and Devices
    • Joint Implants
      • Ankle Implants (Ankle Replacement Devices)
      • Subtalar Joint Implants/Subtalar Joint Reconstruction Devices
      • Phalangeal  Implants
    • Fixation Devices
      • Internal Fixation Devices
        • Screws
        • Plates
        • Fusion Nails
        • Wires & Pins
      • External Fixation Devices
        • Ring Ankle Fixators
        • Unilateral Fixators
        • Hybrid Fixators
    • Soft Tissue Orthopedic Devices
      • Musculoskeletal Reinforcement Devices
      • Artificial Tendons & Ligaments
  • Bracing and Support Devices
    • Soft Bracing & Support Devices
    • Hinged Braces & Suppot Devices
    • Hard Braces & Support Devices
  • Prostheses
    • Solid Ankle Cushion Heel (SACH) Prostheses
    • Single-Axial Prostheses
    • Multiaxial Prostheses
    • Dynamic Response/Energy-Storing Prostheses
    • Microprocessor-Controlled (Mpc) Prostheses

Global Foot and ankle devices Market, by Application

  • Trauma & Hair line Fractures
  • Rheumatoid Arthritis & Osteoarthritis
  • Diabetic Foot Diseases
  • Ligament Injuries
  • Neurological Disorders
  • Hammertoe
  • Others

Global Foot and ankle devices Market, by End User

  • Hospitals
  • Ambulatory Surgery Centers
  • Orthopedic Clinics
  • Rehabilitation Centers

Browse Complete Table of Content@ https://www.novaoneadvisor.com/toc/foot-and-ankle-devices-market

Why Buy this Report?

The purpose of Nova one advisor’s Foot And Ankle Devices market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

Download This Full Research Report, Click Here@ https://www.novaoneadvisor.com/report/checkout/4403

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