Foot And Ankle Devices Market

Global Foot and Ankle Devices Market Size (2024 to 2029)

The global foot and ankle devices market is predicted to grow to USD 9.47 billion by 2029 from USD 6.60 billion in 2024. This market is growing at a CAGR of 7.5% from 2024 to 2029. 

Foot and ankle devices act as a support to people who have injuries or are physically handicapped. These products are used primarily to gain stability and protection for the foot and ankle. People suffering from injuries such as fractures, sprains, strains, plantar fasciitis, flat feet, and arthritis are most likely to use these devices. Ankle braces, foot orthotics, walking boots, compression socks, and night splints are some examples of foot and ankle devices. These devices play a vital role in treating and managing foot and ankle diseases and offer patients benefits, such as reducing pain, improving mobility, and preventing further injury.

MARKET DRIVERS

The growing number of accident-related road traffic injuries worldwide is primarily anticipated to drive the global foot and ankle devices market growth.

According to the WHO, approximately 5.8 million people die from injuries each year. Every year, approximately 1.36 million people are killed in traffic accidents. Non-fatal injuries affect between 20 and 50 million more people, with many suffering disabilities resulting from their injuries. According to the WHO, an estimated 180,000 deaths result from burns yearly, with the vast majority dying in low- and middle-income countries. When people have accidents, it results in several injuries along with death in some cases. In the majority of cases, injuries to feet and ankles, such as fractures, dislocations, and soft tissue injuries, are more likely to be seen in road accidents. Healthcare providers use a wide range of foot and ankle devices, such as braces, supports, and orthopedic implants, to treat such injuries. Likewise, the growing number of accident-related road traffic injuries worldwide is resulting in an increasing demand for foot and ankle devices.

The growing aging population worldwide is expected to boost the growth rate of the global foot and ankle devices market.

With growing age, people are more likely to suffer from various foot and ankle diseases such as arthritis, plantar fasciitis, Achilles tendonitis, and others. WHO says 1 in every six people is expected to be aged 60 years or more by 2030, and an estimated 1.4 billion people are predicted to be aged 60 or more by 2030. Bones, muscles, and tissues weaken in the feet and ankles with the growing age of people, which results in a growing risk of injuries and diseases. Such factors are expected to boost the demand levels for foot and ankle devices and result in market growth.

The growing number of people suffering from chronic diseases such as arthritis, diabetes, and osteoporosis is promoting the foot and ankle devices market growth.

People who have diabetes also experience issues in the foot and ankles. As per the data published by the IDF Diabetes Atlas, an estimated 537 million people worldwide had diabetes in 2021. The prevalence of diabetes is high among underdeveloped and developing countries compared to developed countries. An estimated 1.6 million people died of diabetes in 2016. WHO says an estimated 9.6% of men aged above 60 years and 18% of women aged above 60 years have symptomatic osteoarthritis. Out of them, 80% of the people have movement issues, and 25% agreed that they could not perform their daily activities. An estimated 8.9 million fractures are caused by osteoporosis worldwide every year. According to a report by the International Osteoporosis of Foundation (IOF), an estimated 75 million people have osteoporosis in the United States, Europe, and Japan, and the prevalence of the disease and the number of people suffering is expected to continue growing in the coming years. People suffering from these diseases are much more likely to experience issues with foot and ankle health and use foot and ankle devices to regain mobility, reduce pain and improve quality of life.

In addition, the growing number of product approvals by the FDA and increasing manufacturing of these devices by market participants are expected to drive the foot and ankle devices market growth. For instance, The USFDA gave clearance to Tyber Medical's Foot and Ankle Plating Systems. Tyber Medical, LLC, a leading orthopedic device manufacturer that provides private-label orthopedic implants for the trauma, extremity, and spine markets, received 510(k) clearance from the Food and Drug Administration (FDA) in the United States with its latest line of foot and ankle plating systems. Furthermore, factors such as the growing population worldwide, increasing developments in the healthcare system in various countries, increasing number of favorable initiatives by various governments, and untapped market potential in emerging economies such as India, China, Brazil, and South Africa are anticipated to propel the foot and ankle devices market growth.

MARKET RESTRAINTS

The high costs associated with some of the foot and ankle devices and the shortage of qualified healthcare professionals restrict the growth of the global foot and ankle devices market.

In addition, unfavorable reimbursement policies for foot and ankle procedures and devices are expected to have a negative impact on the market growth. The presence of a stringent regulatory environment for foot and ankle devices is another notable factor impeding the market growth. Furthermore, poor awareness among people regarding the advantages and availability of foot and ankle devices in some countries, technical limitations, and inadequate research on the development of foot and ankle devices hinder the market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Foot and Ankle Devices Market Analysis By Product

The orthopedic implants and devices segment is expected to hold the largest share of the global foot and ankle devices market during the forecast period. The segment's growth is majorly driven by the growing number of people suffering from orthopedic diseases requiring surgical intervention. In addition, orthopedic implants and devices are being used in several applications, including fractures and reconstructive surgeries. Furthermore, factors such as the rapid adoption of technological developments to manufacture innovative and effective orthopedic implants and orthopedic devices and the rising prevalence of arthritis are anticipated to boost the segment's growth rate.

The prostheses segment is anticipated to witness the highest CAGR during the forecast period. Prosthetic devices are to witness lucrative growth during the forecast period due to technological advancements and the introduction of more efficient devices.

Global Foot and Ankle Devices Market Analysis By Injury

The trauma segment is the leading segment in the global foot and ankle devices market and is expected to register a healthy CAGR in the coming years. The growing incidence of traumatic injuries contributes to the segment's growth. In addition, factors such as increasing preference for minimally invasive surgeries and growing adoption of technological developments are boosting the segment’s growth rate.

The Hammertoe segment is estimated to register a healthy CAGR during the forecast period.

Other segments, such as diabetes, neurological disorders, and rheumatoid arthritis, are anticipated to witness healthy growth and hold a considerable share of the worldwide market during the forecast period.

REGIONAL ANALYSIS

The North American market had the major share of the worldwide market in 2023, and the region’s dominance is likely to continue during the forecast period. The growth of the North American market is majorly driven by the higher acceptance rate, patient affordability, and growing incidence of sports injuries. In addition, the growing adoption of technological developments, the increasing aging population, and the rising adoption of minimally invasive surgeries are anticipated to contribute to the foot and ankle devices market growth in the North American region. Developing nations in North America, such as the United States and Canada, are promising markets for foot and ankle devices. The U.S. market held the major share of the North American market in 2023, followed by Canada.

The European foot and ankle devices market accounted for the second-largest share of the global market in 2023 and is estimated to grow promisingly during the forecast period. The growing patient population suffering from foot and ankle diseases, increasing healthcare expenditure, and the presence of a favorable regulatory environment for foot and ankle devices in European countries are propelling regional market growth. As a result, countries such as the UK and Germany are predicted to capture the major share of the European market during the forecast period.

The APAC market is predicted to register the highest CAGR during the forecast period owing to the growing aging population and rising prevalence of sports injuries. In addition, the population suffering from orthopedic diseases is gradually growing in the APAC countries and is expected to boost the APAC foot and ankle devices market.

The Latin American market is expected to hold a considerable share of the worldwide market during the forecast period. The growing patient population suffering from osteoarthritis, rheumatoid arthritis, and trauma-related injuries promotes the demand for foot and ankle devices and drives regional market growth. In addition, factors such as increasing healthcare spending and the growing adoption of technologically well-advanced medical devices are expected to fuel the market’s growth rate in Latin America.

The MEA market is predicted to showcase a steady CAGR during the forecast period.

KEY PLAYERS IN THE GLOBAL FOOT AND ANKLE DEVICES MARKET

Notable companies leading the global foot and ankle devices market profiled in the report are Stryker Corporation, Arthrex, Inc., Zimmer Biomet Holdings, Inc., Smith & Nephew plc, Wright Medical Technology, Inc., Integra LifeSciences Holdings Corporation, Tornier N.V., Össur, Acumed, and Extremity Medical, LLC.

RECENT HAPPENINGS IN THE MARKET

• In August 2018, Wright Medical Group acquired Cartiva, Inc to extend the companies portfolio. These companies mainly focus on developing private orthopedic medical for the treatment of osteoarthritis.

DETAILED SEGMENTATION OF THE GLOBAL FOOT AND ANKLE DEVICES MARKET INCLUDED IN THIS REPORT

This research report on the global foot and ankle devices market has been segmented and sub-segmented based on the product, injury, and region.

By Product

• Orthopedic Implants and Devices
• Prostheses
• Bracing
• Supporting Devices

By Injury

• Trauma
• Diabetes
• Neurological Disorders
• Osteoporosis
• Rheumatoid Arthritis
• Osteoarthritis
• Hammertoe
• Bunions

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa