Foot And Ankle Devices Market Size, Share & Trends Analysis Report By Product (Soft Tissue Orthopedic Devices, Orthopedic Fixation), By Application (Trauma, Osteoarthritis), By Region, And Segment Forecasts, 2023 - 2030

Foot And Ankle Devices Market Size, Share & Trends Analysis Report By Product (Soft Tissue Orthopedic Devices, Orthopedic Fixation), By Application (Trauma, Osteoarthritis), By Region, And Segment Forecasts, 2023 - 2030

Foot And Ankle Devices Market Growth & Trends

The global foot and ankle devices market size is expected to reach USD 7.1 billion by 2030, registering a CAGR of 6.9% over the forecast period, according to a new report by Grand View Research, Inc. This is due to the rapidly developing healthcare infrastructure, the increasing number of foot & ankle surgical procedures, the increased incidence of obesity & diabetes, and the growing use of patient-specific solutions. Moreover, innovation and product development due to expenditure on R&D by major companies are some of the factors propelling the growth of the industry. After the SARS-CoV-2 (COVID-19) crisis in Wuhan in December 2019, it spread quickly around the world and affected both developed and developing countries’ healthcare systems, in terms of health and non-health issues.

The spread of the COVID-19 infection was slowed down by mobility restrictions and stay-at-home directives. However, this created an obstacle in foot and ankle devices intended for the effective treatment of orthopedic disorders. The key industry players have seen a decline in net sales during the pandemic. This was mainly due to a decreased number of surgeries related to the foot and ankle. However, the market started recovering as major players started focusing on strategic initiatives, such as new product launches, mergers, acquisitions, and collaborations with other companies. Also, COVID-19 has dramatically improved the role of digital healthcare in foot and ankle surgeries. At the American Academy of Orthopedic Surgeons (AAOS) Conference 2021, many orthopedic athletes showcased their dedication to digital orthopedic treatment.

Johnson & Johnson demonstrated their VELYS Digital Surgical Platform, which uses robotics, data insights, and digital technology to enhance patient care. Mymobility with Apple Watch, a remote care management tool created to assist healthcare providers in remotely supporting & guiding patients as they get ready for and recuperate from orthopedic surgeries, was shown by Zimmer Biomet with promising results. The rising geriatric population is leading to market growth. Foot injury cases are increasing in the elderly due to the growing requirement for higher physical activity to maintain fitness. Trauma and injuries, eyesight problems, and falls due to poor balance and coordination may lead to ankle and foot injuries. According to the WHO, globally, one in six individuals will be 60 years or older by 2030. This number will double by 2050. (2.1 billion).

Foot And Ankle Devices Market Report Highlights

• The orthopedic fixation segment dominated the industry in 2022 due to the high number of ankle fractures that require surgeries.
• In terms of application, the trauma segment dominated the global industry in 2022
• Asia Pacific is anticipated to register the fastest CAGR over the forecast period due to the rising cases of foot & ankle fractures as a result of the high incidence of sports accidents.
• Key companies are focusing on various strategic initiatives to strengthen their services and gain a competitive advantage over others.
• For instance, in June 2022, Enovis Corp. announced its subsidiary DJO, LLC launched a new MaxTrax 2.0 Air and ProCare MaxTrax 2.0 Walking Boots.
• The MaxTrax 2.0 is designed for tailored healing with dependable support, personalized fit, and improved comfort. It expands upon the company’s market-leading MaxTrax walking boot.

Please note The report will be delivered in 3-8 business days upon order notification.