Foot and Ankle Devices Market - Industry-Specific Opportunities and Trends Affecting the Growth

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).

The major players in the foot and ankle devices market are 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.

The foot and ankle devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the foot and ankle devices market in 2019. The increasing R&D to develop patient specific foot and ankle devices, rising prevalence of orthopaedic diseases, technological advancements in foot and ankle devices products and procedures are the key factors supporting market growth in North America.

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.

Based on application, the foot 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.