Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Foot and Ankle Device Market– Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, Jan. 27, 2021 (GLOBE NEWSWIRE) — Global Foot and Ankle Device Market is expected to grow at a CAGR of around 6.3% from 2020 to 2027 and reach the market value of over US$ 6,574 Mn by 2027.
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North America is dominating global foot and ankle device regional market from the past and will continue its trend in the forecast period. High prevalence of unintentional injuries and high government involvement for tacking issues related to medical emergencies contribute fullest for the regional growth of foot and ankle device market. Asia Pacific will witness steady growth in foot and ankle device market in the coming years owing to prevalence of diabetes foot ulcers and several government collaborations to minimize the cause of such lifestyle disorders like diabetic foot ulcers. Moreover, innovative techniques by the governing bodies will result in improving surgery techniques ultimately bolster the growth of Asia Pacific regional market for foot and ankle device.
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Market Driver: commercialization of foot and ankle device products
Foot and ankle devices offer several benefits that include affordability, great patient comfort, high efficacy, and easy-to-use as compared to traditional products. Market players are focusing upon manufacturing of specialized product with innovation to treat foot and ankle deformities and to address unmet needs.
Below are the regulatory approvals and product launches in recent years:
In December 2019, Vector Hammertoe Correction System, a bio-implant from Nvision Biomedical Technologies, a medical device and biologics company announced clearance from FDA PEEK-OPTIMA HA Enhanced, a polymer from Invibio Biomaterial Solutions. Also, the product is specialized for first lower extremity (Proximal Interphalangeal Joint Arthrodesis) implant that utilizes structural encoding.
In November 2017, MedShape, Inc. announced FDA clearance for its new product namely, DynaNail XL.
Market opportunities: product branding and promotion strategies adoption by the market players
Major players have undertaken strategic initiatives to spread awareness regarding brand visibility and wide range of their products. Companies operating in foot and ankle device market have opt marketing strategies such as hybrid distribution strategies that involves distribution taking place through distribution channel and partnerships with global players pioneer in orthopedics. In addition, companies have adopted consignment models according to which players primarily placed the systems in front of the customers and sales is generated through implementation of implants. Such innovative strategies enhance the capability of the product manufacturers to raise brand awareness among target end-users.
Market Challenges: adoption of alternative therapies for treatment of foot and ankle deformities
Regenerative medicine has grabbed significant attention in the global market of foot and ankle device. The area of medicine involves utility of orthobiologics. Through implementation it enhances healing of broken bones or injured muscles, ligaments, and tendons. Other methods involve regenerative medicines involving stem cell treatments, prolotherapy, and platelet rich plasma (PRP). Ease of administration and affordability are major factors that support this trend. These are the prominent factors that are considered as a major challenge for the growth of foot and ankle device market globally.
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Segmental Outlook
Foot and ankle device market is segmented based on product and application.
Based on product foot an ankle device market is segmented as bracing and support, joint implants, soft tissue orthopedic devices, prosthetics, and orthopedic fixation. By application, market is segmented into hammertoe, trauma, osteoarthritis, rheumatoid arthritis, neurological disorders, bunions, and osteoporosis.
Competitive Landscape
Some of the leading competitors are DePuy Synthes, Zimmer Biomet, Stryker, Integra LifeSciences Corporation, Wright Medical Technology, Inc., Advanced Orthopedic Solutions, Acumed, Bioretec Ltd., Össur, and others.
Some of the key observations regarding foot and ankle device industry include:
- In September 2019, Zimmer Biomet, announced clearance from FDA for its wide range of new product namely “JuggerStitch meniscal repair device”. The new product is next generation pioneer for meniscus repair technology that received 510 (K) clearance and will be available in US market. The new technology invasive product will improve tissue preservation and enhance surgeons control of the tissue compression at the repair site when compared with implants that use sliding knot to lock the repair.
- In September 2020, Smith+Nephew announced acquisition Integra LifeSciences’ Extremity Orthopaedics business. The acquisition will enhance Integra LifeSciences’ Extremity Orthopaedics business by adding a combination of focused sales channel, complementary shoulder replacement and upper and lower extremities portfolio with new product pipeline.
- In September 2020, Stryker, announced launching of new product AxSOS 3 Ankle Fusion System. an ankle fusion titanium plate system intended for the fusion of the tibio-talar joint. The AxSOS 3 Ankle Fusion System was developed using SOMA that is Stryker proprietary orthopedic design company that applies data over 25,000 CT images of bones across widespread population. Therefore, these plates were designed to fit a range of patients with less customization.
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