According to the report, the global foot and ankle devices market accounted for USD 4.21 Billion in 2016 and is expected to reach USD 6.46 Billion by 2022, growing at a CAGR of around 7.4 % between 2017 and 2022.
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Zion Market Research has published a new report titled "Foot and Ankle Devices Market by Product (Orthopedic Implants, Prostheses, Bracing and Supporting Devices), by Cause of Injury (Diabetes, Neurological Disorders, Trauma and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016 - 2022". According to the report, the global foot and ankle devices market accounted for USD 4.21 Billion in 2016 and is expected to reach USD 6.46 Billion by 2022, growing at a CAGR of around 7.4 % between 2017 and 2022.
Foot and ankle devices are used for the treatment of various conditions and disorders related to the foot and ankle region with or without the help of surgical procedures. For example, total ankle replacement is an alternative to ankle arthrodesis for the treatment of end-stage ankle osteoarthritis in selected patients with advanced painful arthropathy of all three main etiologies: primary, post-traumatic, and secondary. One of the main advantages of total ankle replacement as compared with ankle arthrodesis is the preservation of a functional range of motion which is sacrificed in ankle fusion. Improved range of motion allows patients to better perform activities of daily living and possibly regain athletic activities. Thus these kinds of devices provide a better patient care. The market for foot and ankle devices is expected to witness a significant growth owing to the increasing number of sports injuries and road accidents.
Browse through 31 Market Tables and 42 Figures spread over 110 Pages and in-depth TOC on "Global Foot and Ankle Devices Market: By Product, Industry Type, Share, Companies and Forecast 2016 – 2022".
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The major drivers for foot and ankle devices market include increasing geriatric population coupled with increasing possibility of bone injuries and increasing road accidents are expected to boost this market in coming five years. In addition, the rising prevalence of diabetes with required surgeries leads to the amputation of foot-ankle with large sores is projected to fuel the demand for these devices. Furthermore, improving healthcare infrastructure, increasing awareness about these kinds of devices and increasing number of sports injuries are also augment the growth in this market. However, excise taxes on medical devices in the U.S. and high cost for some of these kinds of devices are expected to hamper the growth in this market. Despite these restraints, emerging markets in developing regions and introduction of biologics to treat foot and ankle disorders are some of the opportunities in this market.
Based on product, the foot and ankle devices market is segmented into orthopedic implants and devices, prostheses and bracing and supporting devices.
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Orthopedic implants are further categorized into joint implants, fixation devices, and soft-tissue orthopedic devices. Orthopedic implants and devices are expected to dominate this segment and also projected to grow at the fastest rate within the forecast period.
On the basis of the cause of injury the foot and ankle devices market is segmented into trauma, neurological disorders, diabetes and others. This segment is expected to dominate by other types of injuries which includes; osteoporosis, rheumatoid arthritis, osteoarthritis owing to the increasing prevalence of these kinds of injuries coupled with the increasing geriatric population. For example, as per the Rheumatoid Arthritis Support Network, rheumatoid arthritis is affecting over 1.3 million Americans and as much as 1% of the worldwide population. Rheumatoid arthritis generally begins to affect people between the ages of 30 and 60 years old. Trauma is expected to grow at a high CAGR during the forecast period.
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In terms of geography, North America dominated the foot and ankle devices market in 2016. Market growth in this region is attributed to high acceptance for technological advancements and high patients' affordability coupled with well-developed healthcare infrastructure. In addition, a high number of sports injuries is one of the major drivers for the increasing demand for foot and ankle devices in this region.
Europe is expected to capture the second lead in this market in coming five years owing to substantial technological advancements. Foot and ankle devices market in Asia-Pacific is expected to witness the fastest growth rate within the forecast period due to increasing geriatric population coupled with increasing number of podiatrists. In addition, better and improving healthcare infrastructure and increasing healthcare spending are also expected to boost the market growth in this region within the forecast period. Latin America and the Middle East and Africa are also expected to show a healthy growth in coming five years.
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The report presents comprehensive competitive outlook with company profiles of the key players operating in the global market. Key participants profiled in the report include Stryker Corporation, Smith & Nephew PLC., Arthrex, Inc., Zimmer Biomet Holdings, Inc., Integra Lifesciences Holdings Corporation, Wright Medical Technology, Inc., Ossur, Tornier N.V., OrthoHelix and BioPro among others.
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