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Global Foot and Ankle Devices Market Report 2023: Increasing Incorporation of Technology and Strategic Initiatives Fuel the Sector
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Dublin, April 28, 2023 (GLOBE NEWSWIRE) -- The "Global Foot and Ankle Devices Market Size, Share & Industry Trends Analysis Report by Application, Product, Regional Outlook and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The Global Foot And Ankle Devices Market size is expected to reach $6.1 billion by 2028, rising at a market growth of 7.1% CAGR during the forecast period.
Key Market Players
List of Companies Profiled in the Report:
Stryker Corporation
DePuy Synthes (Johnson & Johnson)
Zimmer Biomet Holdings, Inc.
Smith & Nephew PLC
Ossur Hf.
Enovis Corporation
Acumed LLC (Colson Medical, Inc.)
Arthrex, Inc.
Paragon 28, Inc.
Orthofix Medical, Inc.
Many foot and ankle fractures brought on by ailments, including arthritis, diabetes, hammertoes, bunions, and other orthopedic illnesses, can be treated with foot and ankle devices.
These medical tools can also replace an amputated or lost foot due to an accident, trauma, congenital abnormality, or any other reason. The foot and ankle devices comprise tools for joint replacement, arthrodesis, and internal fixation treatments that aid in ligament repair and restoration.
These devices assist weak muscles and lessen, stop, or restrict foot and lower leg motion to improve movement patterns. They are also used to maintain joint alignment, adapt deformity, and decrease spasticity. In order to protect the leg and foot, these devices are worn with socks and shoes.
Such devices come in several shapes and materials, particularly if they are being developed for children and youngsters, they can be modified for use and growth. Since they are composed of thermoformed plastic, tweaks and changes are possible.
Rheumatoid arthritis (RA) affects roughly one percent of people worldwide, with women being affected at least twice as often as males. More than 23 million people are thought to have RA, according to the World Health Organization.
Unfortunately, the way that patients with RA are currently receiving healthcare is not equipped to handle the predicted financial burden of the disease in the coming years. By 2030, the number of RA sufferers could double, according to experts. This will be due to the transition of the baby boom generation between age groups, a greater understanding of RA among professionals, and a somewhat increased incidence of RA is present in people over the age of 70.
Additionally, over 200 million people worldwide are thought to have osteoporosis. Recent data from the International Osteoporosis Foundation show that 1 in 3 women over 50 and 1 in 5 men will sustain an osteoporotic fracture during their lifetimes.
Moreover, osteoporosis reduces life expectancy, lengthens lifespan after adjusting for disability, and places a significant financial load on the health insurance systems of the nations in charge of providing care for such individuals. The market for foot and ankle devices is therefore anticipated to expand rapidly.
Market Growth Factors
Rising foot and ankle issues worldwide
Rheumatoid arthritis, osteoarthritis, and posttraumatic arthritis are the three main kinds of arthritis commonly affecting the foot and ankle. Mobility may be increased using a brace, like an ankle-foot orthosis (AFO). Moreover, using orthotics or specially constructed braces helps lessen pain and reduce pressure on the foot.
Compared with standard goods, benefits, including increased efficacy, lower cost, more patient comfort, and convenience of use, are anticipated to increase the demand for these devices and thus benefit the foot and ankle devices market.
Increasing incorporation of technology and strategic initiatives
Patient volume, and surgical expertise, nations like China have also demonstrated vital indicators. The sector for 3D printed orthopedic devices is characterized by the inclusion of individualized prosthetics and metallic implants made of cobalt-chromium alloy, stainless steel, and alpha-beta titanium alloy (Ti-6Al-4V).
Therefore, the strategic initiatives by key market participants and the higher acceptance of advanced technologies in the manufacturing of devices are propelling the expansion of the market.
Market Restraining Factors
Severe side effects of foot and ankle devices
Long-term usage of a brace can result in muscular atrophy and deconditioning of the ligaments, joints, and surrounding muscles. This is especially true if daily activities to reinforce the area are skipped.
A decline in a joint's functional level, increased pain and discomfort in the joint without the support brace, and greater dependence on the brace for daily activities are all warning indications of wearing a brace for an excessively long time. These could be obstacles to the overall expansion of the foot and ankle devices market.
Scope of the Study
By Application
Trauma
Osteoarthritis
Rheumatoid Arthritis
Hammertoe
Osteoporosis
Neurological Disorders
Bunions
By Product
Orthopedic Fixation
Joint Implants
Bracing & Support
Prosthetics
Soft Tissue Orthopedic Devices
For more information about this report visit https://www.researchandmarkets.com/r/jrlthb
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