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

Report Overview

The global foot and ankle devices market size was valued at USD 4.2 billion in 2022 and is expected to register a compound annual growth rate (CAGR) of 6.9% from 2023 to 2030. The market is anticipated to offer lucrative development opportunities owing to the growing geriatric population, the emergency need for user-centric foot & ankle devices, the rising demand for minimally invasive surgical procedures, the increasing use of advanced technologies such as AI and robotics, and the prevalence of target diseases such as osteoporosis. Moreover, rising road accidents and sports-related injuries are propelling product demand. The COVID-19 pandemic disrupted the industry.

To stop the spread of the virus, residents were encouraged to stay at home during the pandemic. Individuals’ participation in physical activity was impacted by legally enforced constraints on their freedom of movement, with a reported increase in obesity cases and a decrease in the number of foot and ankle surgeries. According to an article published by the National Institute of Health (NIH) in January 2021, it was determined that COVID-19 had a significant impact on orthopedic surgeries. Only 230 (13.8%) of the 1661 trauma cases that were conducted during the 33 weeks under study involved foot and ankle injuries. These injuries made up 15.2% (147 out of 967) of all injuries before the lockdown, 8.8% (17 out of 193) during the lockdown, and 13.2% (66 out of 501) after.

Thus, during the pandemic, there was a significant decline in the number of foot and ankle trauma cases. The product demand is further fueled by an increase in traffic accidents and sports-related injuries. Globally, an ankle sprain is the most frequent injury. Around 628,000 sprains happen annually and 40% of sprain and strain injuries are caused by playing football. The rising prevalence of target diseases such as osteoporosis causes fractures by causing a decrease in bone density; this increases product demand. According to the International Osteoporosis Foundation, every 3 seconds, a fracture occurs due to osteoporosis, which accounts for more than 8.9 million fractures annually worldwide.

Throughout the world, the disease affects 6.3% of males over 50 years of age and 21.2% of women over the same age range. This implies that roughly 500 million women and men across the globe may be affected. Market expansion is supported by the introduction of new products that are using new technologies, such as 3D printing, in the production of implants simulating anatomical structures. In addition, key players are contributing to extensive R&D and seeking approval from regulatory bodies for manufacturing safe and effective devices. For instance, in February 2021, Additive Orthopaedics announced the approval of its Patient-Specific Talus Spacer by the U.S. Food and Drug Administration (FDA) for the treatment of avascular necrosis of the talus.

Product Insights

The orthopedic fixation products segment accounted for the largest revenue share of 33.1% in 2022. The need for orthopedic fixation is growing due to the rising incidence of ankle fractures. It is the most frequent form of lower extremity fracture in adults, accounting for 3.9-10.2% of fractures. In addition, the rising adoption of branded orthopedic devices due to their superior quality and lower risk of Surgical Site Infection (SSI) in developing nations, combined with the increasing number of new product launches, is anticipated to fuel segment development. For instance, in July 2022, Paragon 28, Inc. announced the launch of its Gorilla Central Column Plating System, which offers plates and equipment that can be used separately for Charcot instances or acute or chronic midfoot applications.

The soft tissue orthopedic devices segment will register the fastest CAGR over the forecast period. The primary cause of soft tissue or muscle damage is sports injuries. Athletes tend to injure their Anterior Cruciate Ligament (ACL) during sports or any sort of physical activity, such as workouts & training. Thus, the rising prevalence of sports-related injuries is expected to drive the segment. According to Statistics Canada, an average of 35% of injuries occur while a person is participating in a sport or fitness activity. Also, there are various products focused on orthopedic tissue repair available in the market. For instance, in May 2022, Paragon 28, Inc. launched TenoTac 2.0TM Soft Tissue Fixation System. The new product achieves optimum fixation of soft tissue to the bone to reduce pain and stiffness of the minor toes by using a titanium-threaded implant and a straightforward insertion technique.

Application Insights

The trauma segment accounted for the largest share of 35.5% of the overall revenue in 2022. Strains or tears in the muscles or tendons may result in foot and ankle trauma. Quick twists, slips, and falls cause bone fractures or breaks. Foot- and ankle-related traumas are also caused by vehicle accidents. Advancing age can make elderly people more susceptible to these types of injuries. In addition, improper sports training is another significant contributing factor in such instances. According to an article published by the National Institute of Health (NIH), in 2020, around 40 to 50 million major surgeries in trauma will be performed annually in the USA and 20 million in Europe, for a startling total of 310 million worldwide.

The Osteoarthritis (OA) segment is anticipated to register the fastest CAGR during the forecast period. Osteoarthritis is one of the most common chronic long-term joint disorders. Globally, the growing aging population, rising cases of lifestyle diseases, and a rise in OA cases are all expected to fuel the segment expansion. According to the Centers for Disease Control and Prevention (CDC), 54.4 million U.S. adults, or 1 in 4, have some type of arthritis; by 2040, this number is expected to rise to 78 million. Although there are more than 100 different types of arthritis, OA, which affects 32.5 million U.S. adults, is the most widespread variety.

Regional Insights

North America dominated the global industry in 2022 and accounted for the maximum share of more than 48.75% of the overall revenue. The main factors responsible for this region’s significant share are the high incidence of injuries related to sports & physical activities and the presence of a large geriatric population pool. According to America’s Health Rankings Senior Report, in the U.S., more than 56 million adults, or roughly 16.9% of the total population, are aged 65 years and older. By 2050, this number is projected to rise to 85.7 million, or roughly 22% of the country’s total population.

In addition, the rising number of trauma centers established by the government that is equipped to deal with emergencies are factors contributing to the dominance of this region. Asia Pacific, on the other hand, is anticipated to register the fastest growth rate during the forecast period. The rapidly developing healthcare infrastructure in major countries, such as India, China, and Japan, and the rapidly expanding medical tourism industry are propelling the demand for ankle & foot devices in the region. The number of foot & ankle implantations performed in the region is increasing on account of the improved diagnostic tools as well as the rising incidence of chronic orthopedic ailments.

Key Companies & Market Share Insights

Key players are adopting various strategic initiatives, such as collaborations, signing of new partnership agreements, mergers & acquisitions, and geographic expansions, to strengthen their services and gain a competitive advantage over other companies. For instance, in February 2022, Johnson & Johnson subsidiary DePuy Synthes acquired CrossRoads Extremity Systems. By releasing technologically advanced goods, established companies are also bolstering their positions. Regulatory organizations like the U.S. FDA and the European CE mark are authorizing technologies that satisfy all requirements for clinical data and other safety standards. For instance, in December 2022, Enovis Corp. received FDA approval for STAR Patient Specific Instrumentation for use with the company’s STAR total ankle replacement device. Some of the prominent players in the global foot and ankle devices market are:

• Stryker Corp.

• Johnson & Johnson (De PuySynthes)

• Zimmer Biomet Holdings, Inc.

• Smith & Nephew plc

• Össur

• Enovis

• Acumed, LLC

• Arthrex, Inc.

• Paragon 28

• Orthofix

Foot And Ankle Devices Market Report Scope

Global Foot And Ankle Devices Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global foot and ankle devices market report on the basis of product, application, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Bracing and Support

  • Joint Implants

  • Soft Tissue Orthopedic Devices

  • Orthopedic Fixation

  • Prosthetics

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Hammertoe

  • Trauma

  • Osteoarthritis

  • Rheumatoid Arthritis

  • Neurological Disorders

  • Bunions

  • Osteoporosis

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Denmark

    • Sweden

    • Norway

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • Thailand

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

    • Colombia

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE

    • Kuwait