Foot and Ankle Devices Regional Insights
Foot and Ankle Devices Market: Regional Share
Foot and Ankle Devices North America Market
North America accounted for largest market share in the foot and ankle devices market in 2022. This is due to rising prevalence of conditions, such as osteoarthritis, rheumatoid arthritis, diabetic foot disorders, and sports injuries among individuals in countries including the U.S. and Canada. In addition, rising strategic initiatives taken by major companies are also expected to drive market revenue growth of this region during the forecast period.
For instance, on 24 January 2023, Restor3d, a leading manufacturer of 3D printed implants and devices, announced the successful implantation of Kinos Axiom Total Ankle System with TIDAL Technology. The r3id Personalized Surgery platform offers a mobile companion app. According to the firm, Kinos Axiom Total Ankle system is a ‘revolutionary' advance in total ankle arthroplasty.
Similarly, on 1 September 2020, Stryker's Trauma & Extremities business announced the launch of its AxSOS 3 Ankle Fusion device, a titanium plate ankle fusion device intended for tibio-talar joint fusion. SOMA, Stryker's proprietary orthopedic design and development system, was used to create the AxSOS 3 Ankle Fusion System, which incorporates data from over 25,000 CT images of bones from various populations, As a result, these plates were developed to fit a wide spectrum of patients while requiring less customization.
Foot and Ankle Devices Asia Pacific Market
Asia Pacific is expected to register fastest market growth rate in the global foot and ankle devices market over the forecast period due to increasing aging population in countries such as India and China. In addition, rising prevalence of chronic diseases, such as diabetes, has led to foot complications, which is also expected to drive market revenue growth of this region during the forecast period. For instance, according to World Health Organization (WHO), around 77 million people above the age of 18 years are suffering from diabetes (type 2), In India.
Foot and Ankle Devices Europe Market
Europe is expected to account for considerably large market share in the global foot and ankle devices market due to rising awareness among individuals regarding the importance of maintaining foot health. In addition, increasing foot and ankle injuries owing to sports and accidents is another factor driving market revenue growth. Moreover, rising strategic initiatives taken by market players is also expected to drive market revenue growth of this region during the forecast period.
For instance, on 11 April 2023, Enovis Corporation, a medical technology business focused on innovation, announced the release of Enofix with Constrictor Technology, the latest addition to Enovis' increasing portfolio of foot and ankle solutions. Enofix with Constrictor Technology provides foot and ankle surgeons with a syndesmotic repair solution featuring a knotless adjustable and low-profile button.
Foot and Ankle Devices Market Segment Insights
Foot and Ankle Devices Application Insights
Based on application, the global 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.
Dominance of Trauma & Hair Line Fractures Segment:
The trauma & hair line fractures segment accounted for largest revenue share in the global foot and ankle devices market in 2022. This is due to rising demand for foot and ankle devices since these devices play an important role in the management of trauma and hairline fractures, providing support, stability, and facilitating the healing process. Ankle braces provide support and stability to the ankle joint, restricting movement to prevent further injury, which are essential in trauma situations to prevent further injury.
For instance, orthopedic Boots immobilize the foot and ankle, providing support and stability during the healing process. For example, on 22 October 2020, The Johnson & Johnson Medical Devices Companies announced that DePuy Synthes launched the FIBULINK Syndesmosis Repair System in the U.S. for the treatment of traumatic injuries to syndesmosis.
The FIBULINK System is expected to provide accurate, anatomic syndesmotic fixation to aid in the restoration of normal ankle motion following a severe injury. It is the first device to provide a brief high-strength suture bridge, removing the danger of complications caused by broken syndesmotic screws.
Foot and Ankle Devices End-Use Insights
Foot and Ankle Devices Market: End-Use Dynamics (USD Billion)
Based on end-use, the global foot and ankle devices market is segmented into hospitals, Ambulatory Surgery Centers (ASCs), orthopedic clinics, and rehabilitation centers.
Dominance of Ambulatory Surgery Centers (ASCs) Segment:
The Ambulatory Surgery Centers (ASCs) segment is expected to register steadily fast revenue growth rate in the global foot and ankle devices market during the forecast period. In addition, rising demand for foot and ankle surgeries, owing to increasing prevalence of injuries and conditions, such as osteoarthritis, is also expected to drive revenue growth of this segment during the forecast period.
For instance, on 14 September 2022, Stryker launched its Pulse Intelligent Delivery Platform, which has been optimized to cater to high-volume foot and ankle procedures in Ambulatory Surgery Centers (ASC). This comprehensive product and delivery solution introduced at the 2022 American Orthopedic Foot & Ankle Society Annual Meeting in Quebec City, Canada.
