Global Lower Extremity Devices Market 2023-2030

Global Lower Extremity Devices Market 2023-2030

Global Lower Extremity Devices Market Size, Share &Trends Analysis Report by Product (Knee Orthotics, Foot and Ankle Orthotics, and Hip Orthotics), by Application (Trauma and Fractures, Podiatry and Foot Care, and Others) and by End-User (Hospitals, and Specialty Centre), Forecast Period (2023-2030)

The global lower extremity devices market is anticipated to grow at a considerable CAGR of 5.0% during the forecast period (2023-2030). The market’s growth is attributed to the rising demand for non-invasive treatments and surgeries. Patients and doctors are seeking for non-invasive or minimally invasive therapy solutions. VR-based therapy is consistent with this trend, and it has the potential to drive the adoption of lower extremity devices that provide non-invasive rehabilitation solutions. For instance, in November 2022, Penumbra introduced new full-body VR-based REAL y-Series rehab platform. Upper and lower body sensors are included with the REAL y-Series device. It enables physicians to track full-body movement and improvement in real time via customized exercises and activities. The REAL y-Series product line is designed to help patients undergoing physical or occupational therapy enhance their physical, cognitive, and mental well-being. Such innovative product launches are further aiding to the market growth.

Segmental Outlook

The global lower extremity devices market is segmented on the product, application, and end-user. Based on the product, the market is sub-segmented into knee orthotics, foot and ankle orthotics, and hip orthotics. Based on the application, the market is sub-segmented into trauma and fractures, podiatry and foot care, and others. Furthermore, on the basis of end-user, the market is sub-segmented into hospitals, and specialty center. The trauma and fractures subcategory is expected to capture a significant portion of the market share within the application segment. The growth can be attributed to an increase in road accidents that leads to more fractures and injuries that creates demand for different surgeries for their treatment.

The Foot and Ankle Orthotics Sub-Segment is Anticipated to Hold a Considerable Share of the Global Lower Extremity Devices Market

Among the product, the foot and ankle orthotics sub-segment holds a considerable share of the global lower extremity devices market. The high share of the segment is attributed to the increased demand for these devices in treatment of neurological disorders. Stroke, cerebral palsy, and spinal cord injuries are on the rise globally. The need for orthotic devices such as AFOs is expected to expand in response to these conditions' rehabilitation and management. According to the National institute of Government (gov.) in August 2021, ankle-foot orthosis (AFO) is a common orthosis for patients with ankle dorsiflexor or plantarflexor muscle weakness owing to disorders such as, stroke, cerebral palsy, spinal cord injury, and peripheral nerve injury. It helps maintain ankle and foot alignment, prevents deformities, and maintains a stable posture. This study reviews conventional AFOs and introduces recently developed ones, comparing advantages and disadvantages and providing basic data for prescribing AFOs in clinical practice.

Regional Outlook

The global lower extremity devices market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Asia-Pacific is anticipated to exhibit fastest growth during the forecast period. The rise in elderly individuals, enhancement of healthcare infrastructure and increase in investments projects in the region are key contributors to the regional market growth.

The North America Holds Considerable Share in the Global Lower Extremity Devices Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the personalized prosthetic solutions across the region. Individualizing prosthetic devices to satisfy individual needs and lifestyles helps to boost utilization. Customization and improved fitting devices can encourage more amputees to utilize their prostheses on a regular basis. According to the National Institute of Government (gov.), in July 2023, limb amputation is a common issue in orthopedic practice, with nearly 2 million individuals in the US living with limb loss as of 2005. Lower extremity amputations are also common, with 110,000 individual subject to major amputations annually. 70.0% of these are owing to disease, while the remaining are due to trauma, congenital abnormality, or tumor. Only 5.0% of amputees use their prosthesis for more than half of their daily walking.

Market Players Outlook

The major companies serving the lower extremity devices market includes BREG, Inc., DARCO International, Inc, Drewshoe, Inc., Enovis, Essity AB., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, in February 2022, DePuySynthes acquired CrossRoads Extremity Systems, a Tennessee-based foot and ankle company that provides a broad range of procedure-specific, sterile-packed implants and instrumentation systems cleared for lower extremity indications. HealthpointCapital, a private equity firm, invested in CrossRoads, a foot and ankle growth leader, demonstrating DePuySynthes' commitment to orthopedic, podiatric, and MedTech advancements through internal and external innovation.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global lower extremity devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.