LONDON--(BUSINESS WIRE)--#Healthcare--Technavio analysts forecast the global foot and ankle devices market to grow at a CAGR of more than 9% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global foot and ankle devices market for 2017-2021. The market is segmented based on the product (orthopedic implants and devices, prostheses, and braces and support devices) and end-user (hospitals, and ASCs). The market is further segmented into key geographies, including the Americas, EMEA, and APAC.
The global foot and ankle devices market is expected to reach a revenue of USD 4,156.35 million by 2021. The rise in demand for orthopedic implants and the increasing social acceptance of these devices are contributing to the market’s growth. The market will continue to grow during the forecast period due to the rise in per capita income and health awareness, especially in emerging countries.
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Technavio healthcare and life science research analysts highlight the following three factors that are contributing to the growth of the global foot and ankle devices market:
- Rising prevalence of degenerative bone diseases
- Expansion and penetration in developing countries
- Growing number of sports injuries and accident cases
Rising prevalence of degenerative bone diseases
The population aged 60 years and above will increase by 2 billion by 2050. As the age of the person increases, the bone’s strength decreases. At this age, people use small assistive devices such as orthotics, shoes with cushioned heel to improve movement, and lace-up ankle braces to relieve the pain of surgical procedures. Arthritic people are prone to disabilities, falls, and accidental injuries that further increases the need for foot and ankle devices.
Neha Noopur, a lead orthopedic and medical devices research analyst at Technavio, says, “A rise in the number of older population and changes in lifestyle has rapidly increased the degenerative bone diseases. The increase in older population leads to multiple joint problems such as arthritis, joint pain, fractures, and bunions.”
Expansion and penetration in developing countries
“The Americas account for the largest share of the market, followed by EMEA. However, the market in APAC is expected to grow rapidly. The rising incidence of diabetes and chronic diseases in the increasing older population in countries like China, Japan, and India, is primarily driving the market. With the people in APAC getting increasingly health conscious, the governments are focusing on their healthcare reforms and investments. To explore the rapidly emerging market of APAC, the majority of players are planning their business strategies to enter the market,” says Neha.
Growing number of sports injuries and accident cases
A rapid increase in sports-related injuries has been observed due to higher interest in sports activities. The major factors for sports injuries are wrong training sessions, highly intense, and repetitive training. According to CDC, in the US, 3.2 million children, age group of 5-14 years, report sports and recreational related injuries. Among them, over 15% are contributed by the ankle injuries.
The most common sports injuries that affect the ankle and foot are Achilles tendon tear and stress fracture. They are followed by ankle sprains and tendonitis. Ligament tears and fractures contribute to a major share of the foot and ankle injuries, which is 20% of the total sports injury market.
- DePuy Synthes
- Wright Medical
- Zimmer Biomet
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