Foot and Ankle Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Foot and Ankle Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Foot and Ankle Devices Market is expected to grow at a significant CAGR of 8.2% during the study period.

The COVID-19 pandemic had significantly impacted the foot and ankle devices market worldwide. The article published in 2022 under the title "Impact of COVID-19 pandemic on foot care services in Ontario, Canada" stated that a reduction in patient volume, an increase in acute foot health issues, and effects on the mental and emotional health of doctors were all results of the COVID-19 pandemic. Moreover, with an increasing number of urgent foot health issues despite seeing a decrease in patient volume, foot care practitioners changed their clinical practice in compliance with governmental criteria, having an adverse impact on the overall foot care services. Furthermore, an article published in the National Library of Medicine under the title "The impact of COVID-19 on foot and ankle surgery in a major trauma centre" in 2021 stated that during the COVID-19 period, the number of trauma cases involving the foot and ankle decreased significantly. A decrease in caseload was managed to minimize the effects of the management shift. Hence, due to the aforementioned factors, COVID-19 had a significant impact on the foot and ankle market amid the pandemic, however, the market is gaining traction as care services have resumed worldwide.

Certain factors that are driving the growth of the market include the increasing number of sports injuries and road accidents; rising incidences of diabetes and foot-related disorders; and technological developments, such as automatic foot and ankle devices.

Injuries to the foot and ankle are frequent in road accidents. The growing burden of road accidents globally is generating the demand for advanced medical devices for treatment and fixation. According to the report published by the World Health Organization in 2022, 93% of the world's fatalities on the road occur in low- and middle-income countries, even though these countries have approximately 60% of the world's vehicles. The number of disability cases is increasing across the world due to the aging population and the increase in chronic health conditions, and this is leading to the adoption of treatments, in turn, boosting the growth of the foot and ankle devices market.

Thus, these aforementioned factors are anticipated to augment the growth of the market over the analysis period. However, the high cost of the foot and ankle devices and the lack of sufficient reimbursement policies for the surgeries are major restraining factors for the growth of the market.

Key Market TrendsFracture Repair Segment is Expected to Hold Significant Share in the Procedure Segment

Foot and ankle fractures mostly result from trauma or direct injury to the bone. The availability of advanced medical devices and a growing number of ankle and foot fractures are expected to boost the segment's growth. According to the Centers for Disease Control and Prevention, National Center for Injury Prevention and Control report, it is estimated that in 2030 the total number of adults will be 73 million, in which the number of falls and fall injuries will increase as the population of older adults grows. As per the same source, 52 million people in the older population will be facing falls and 12 million people will be facing injuries. In the older population, falls and injuries may lead to fractures. Thus, these statistics depict that the fracture repair segment will witness growth over the studied period.

Furthermore, the market players in foot and ankle devices are advancing their device technologies and launching new products, further fueling the segment's growth. The advent of 3D printed implants helps physicians customize the implants and fixation systems for accurate fracture fixation.

Moreover, in January 2022, Paragon 28 received the United States Food and Drug Administration clearance for ankle fracture, and soft tissue stabilization system. The R3ACT system includes a portfolio of products designed for foot and ankle fractures and soft tissue injuries.

Hence, due to the above-mentioned factors, the fracture repair segment will have healthy growth over the forecast period.

North America Dominates the Market and is Expected to do the Same in the Forecast Period

The North American region is expected to contribute significantly to the market growth during the study period. Factors such as the increasing number of road accidents and sports injuries are driving the growth of the market in this region. Furthermore, the United States is a major contributor to regional growth owing to factors such as the rising incidence of diabetes, foot-related disorders, and technological advancements in foot and ankle surgeries.

As per the 2022 report from John Hopkins Medicine, in the United States, more than 3.5 million children aged 14 and younger get hurt annually playing sports or participating in recreational activities. Every year, over 775,000 children, 14 and under, receive treatment for sports-related injuries in hospital emergency rooms. Most accidents during disorganized or informal sports activities involve falls, being hit by an object, collisions, and overexertion. Hence, much significance is attributed to the proper functioning of ankles, feet, legs, and elbows. Furthermore, as per the 2022 report from the International Diabetic Federation (IDF), 537 million people have diabetes in the world and more than 51 million people in the NAC Region; by 2045, this will rise to 63 million. The diabetic population is high in the United States, which ultimately results in a higher number of diabetic foot ulcers.

Additionally, the presence of major companies and strategic initiatives by these players, such as mergers and acquisitions, and new product launches, boost the market's growth. For instance, the Colorado-based Paragon 28 company has launched the R3ACT Stabilization System for ankle injuries. The launched product considers the complexity of ankle injuries and mimics both the dynamic environment and transitions in the stabilization function to best fit the soft tissue healing phases.

Thus, due to the factors mentioned above, North America will witness healthy growth over the forecast period.

Competitive Landscape

The foot and ankle devices market is highly competitive and consists of a few major players. In terms of market share, a few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new products at lower prices. The market consists of a few major players, like Acumed, Arthrex Inc, Johnson & Johnson, Smith & Nephew, and Stryker, among others, who hold substantial shares in the foot and ankle devices market.

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