Foot and ankle devices offer several benefits such as better affordability, higher efficacy, greater patient comfort, and are easy-to-use as compared to conventional products. Moreover, key players are increasingly focusing on the development of specialized products for the treatment of various foot and ankle disorders and deformaties as well as to address the unmet market needs. The availability of advanced products and treatment modalities is generating significant interest among end users owing to the better treatment outcomes promised by them.
Currently, Foot and Ankle Devices Market is projected to reach USD 5.3 billion by 2025, at a CAGR of 6.4% during the forecast period. The market growth is driven by greater disease burden for key risk groups, emergence of user-centric foot and ankle devices, and rising demand for minimally invasive surgical procedures. However, the risk associated with surgical site infection is expected to limit market growth in the coming years.
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Drivers—
- Rising prevalence of foot and ankle ailments
- Increasing geriatric population
- Technological advancements
- Growing number of sports-related injuries
Restraints—
- High cost of foot and ankle devices
- Lack of awareness among patients
Opportunities—
- Growing number of private-sector players
- Emerging markets
Challenges—
- Stringent regulations
- Complex reimbursement scenario
The competitive landscape includes the analysis of the key growth strategies adopted by major players between 2017–2020 to expand their global presence and increase their market shares in the foot and ankle devices market. The key growth strategies adopted by the top players in the market include product launches and approvals, agreements, expansions, and acquisitions. Acquisitions were the most widely adopted growth strategies by market players in the last three years to garner a larger share of the market. In 2019, the foot and ankle devices market was dominated by DePuy Synthes Companies (US), Stryker corporation (US), Zimmer Biomet Holdings Inc(US), Smith Nephew plc (UK), and Arthrex Inc (US).
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DePuy Synthes Companies (US) has a wide range of product offerings in the foot and ankle devices market, including internal fixation devices, external fixation devices, joint implants and musculoskeletal reinforcement d evices products. The company sustains its key position in the global foot and ankle devices market owing to its multiple product launches. DePuy Synthes has a strong product portfolio, supporting around one million orthopedic and neuro procedures worldwide.The company is focused on innovations and improving the quality of its products with increasing investment in its RD department. DePuy Synthes global footprint allows it to cater to a customer base across 60+ countries such as Germany, the UK, South Korea, France, Australia, and the US.
Stryker corporation (US) is a leader in the global foot and ankle devices market. The company’s products are sold in approximately 100 countries through company-owned sales subsidiaries and branches as well as third-party dealers and distributors. Stryker has a very strong and innovative portfolio of foot and ankle devices products, which is a key factor for the company’s strong position in this market. Its strong brand recognition, extensive product portfolio, and strong geographical presence provide the company an edge over its competitors in the trauma products market. The company mainly focuses on inorganic growth strategies to gain a competitive edge in the market. The acquisition of US -based Wright Medical Group (US) in 2020 are expected to expand the company’s business segments and strengthen its position in the foot and ankle devices market.
Recent Developments
- In September 2020, Stryker Corporation (US) launched the AxSOS 3 Ankle Fusion System, which is an ankle fusion titanium plate system used for the fusion of the tibio-talar joint.
- In March 2020, DePuy Synthes (US) launched the FIBULINK Syndesmosis Repair System in the US for the treatment of traumatic injuries to the syndesmosis.
- In June 2020, DePuy Synthes renewed its agreement with AO Foundation (Switzerland) to continue with the advancement of surgical education.
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