(PharmaNewsWire.Com, April 30, 2021 ) The report “Foot and Ankle Devices Market by Product (Implants, Plates, Screw, Wires, Internal Fixators, Braces, Prosthesis (SACH, Single/Multi-Axial)), Application (Rheumatoid Arthritis, Osteoporosis, Hammertoe), Enduser (Hospital, ASCs) – Global Forecasts to 2025“, the ankle devices market is projected to reach USD 5.3 billion by 2025 from USD 3.9 billion in 2020, at a CAGR of 6.4% during the forecast period.
The growth of Foot and Ankle Devices Market is mainly driven by the growing number of hospitals across major markets, increasing awareness about complication related to foot and ankle related to osteoarthritis and diabetes coupled with the increasing adoption of bracing and support devices devices. Moreover, rising R&D investments by the key players operating in the market to develop advanced foot and ankle devices coupled with growing funding & grants for commercialization and development of foot and ankle devices are other important factors to drive the market growth in the near future.
COVID-19 Impact on the global Foot and Ankle Devices market;
As a result of the pandemic, during March 2020 and throughout the second quarter of 2020, access to customers to sell and implement the foot and ankle devices diminished as hospitals became primarily focused on the COVID-19 pandemic. The pandemic has led to a significant decreae in the demand for foot and ankle solutions. The pandemic has also affected the orthopedics field since doctors are not adequately able to concentrate on regular patients since they are being redeployed for treating COVID-19 patients. Therefore, performing orthopedics and trauma surgery has become a significant challenge with the non-availability of hospital staff and operation facilities. Furthermore, the market for foot and and ankle devices is expecting to recover the losses by the fourth quarter of 2020.
The hospital segment is expected to register the highest growth rate during the forecast period
Based on end user, the foot and ankle devices market has been segmented into the hospitals, ambulatory surgery centers, orthopedic clinics and rehabilitation centers. Significant market growth and large share of hospital segment can primarily be attributed to the presence of advanced surgical wards and emergency wards in hospitals and the increasing number of surgical procedures.
North America, comprising the US and Canada, accounted for the largest share of the foot and ankle devices market in 2019. Increasing number of clinical trials validating foot and ankle devices and a growing number of approvals forfoot and ankle devices are the major factors driving market growth in North America. Customers in North America are moving towards ambulator surgical centers, which is increasing de,mand for foot and ankle devices. This trend will have a positive impact on the ankle devices market.
Global Key Leaders:
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 are some of the major players operating in the global foot and ankle devices market.
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