New York, April 20, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Foot and Ankle Devices Market Size, Share & Industry Trends Analysis Report By Application, By Product, By Regional Outlook and Forecast, 2022 - 2028" - https://www.reportlinker.com/p06449920/?utm_source=GNW
The foot and ankle devices comprise tools for joint replacement, arthrodesis, and internal fixation treatments that aid in ligament repair and restoration.
These devices assist weak muscles and lessen, stop, or restrict foot and lower leg motion to improve movement patterns. They are also used to maintain joint alignment, adapt deformity, and decrease spasticity. In order to protect the leg and foot, these devices are worn with socks and shoes. Such devices come in several shapes and materials, particularly if they are being developed for children and youngsters, they can be modified for use and growth. Since they are composed of thermoformed plastic, tweaks and changes are possible.
Rheumatoid arthritis (RA) affects roughly one percent of people worldwide, with women being affected at least twice as often as males. More than 23 million people are thought to have RA, according to the World Health Organization. Unfortunately, the way that patients with RA are currently receiving healthcare is not equipped to handle the predicted financial burden of the disease in the coming years. By 2030, the number of RA sufferers could double, according to experts. This will be due to the transition of the baby boom generation between age groups, a greater understanding of RA among professionals, and a somewhat increased incidence of RA is present in people over the age of 70.
Additionally, over 200 million people worldwide are thought to have osteoporosis. Recent data from the International Osteoporosis Foundation show that 1 in 3 women over 50 and 1 in 5 men will sustain an osteoporotic fracture during their lifetimes. Moreover, osteoporosis reduces life expectancy, lengthens lifespan after adjusting for disability, and places a significant financial load on the health insurance systems of the nations in charge of providing care for such individuals. The market for foot and ankle devices is therefore anticipated to expand rapidly.
COVID-19 Impact Analysis
Foot and ankle trauma patients decreased significantly during the pandemic. As a result, the need for foot and ankle devices decreased as hospitals turned their attention to the COVID-19 outbreak. As a result of being unable to focus on routine patients, orthopedics professionals suffered. The treatment of COVID-19 patients required the redeployment of medical personnel. The absence of hospital employees and operating infrastructure slowed market expansion. With constrained supply chains hindering the distribution of these devices and the decrease in treatments worldwide, the COVID-19 pandemic severely impacted the foot and ankle devices market.
Market Growth Factors
Rising foot and ankle issues worldwide
Rheumatoid arthritis, osteoarthritis, and posttraumatic arthritis are the three main kinds of arthritis commonly affecting the foot and ankle. Mobility may be increased using a brace, like an ankle-foot orthosis (AFO). Moreover, using orthotics or specially constructed braces helps lessen pain and reduce pressure on the foot. Compared with standard goods, benefits, including increased efficacy, lower cost, more patient comfort, and convenience of use, are anticipated to increase the demand for these devices and thus benefit the foot and ankle devices market.
Increasing incorporation of technology and strategic initiatives
Patient volume, and surgical expertise, nations like China have also demonstrated vital indicators. The sector for 3D printed orthopedic devices is characterized by the inclusion of individualized prosthetics and metallic implants made of cobalt-chromium alloy, stainless steel, and alpha-beta titanium alloy (Ti-6Al-4V). Therefore, the strategic initiatives by key market participants and the higher acceptance of advanced technologies in the manufacturing of devices are propelling the expansion of the market.
Market Restraining Factors
Severe side effects of foot and ankle devices
Long-term usage of a brace can result in muscular atrophy and deconditioning of the ligaments, joints, and surrounding muscles. This is especially true if daily activities to reinforce the area are skipped. A decline in a joint’s functional level, increased pain and discomfort in the joint without the support brace, and greater dependence on the brace for daily activities are all warning indications of wearing a brace for an excessively long time. These could be obstacles to the overall expansion of the foot and ankle devices market.
Product Outlook
Based on product, the foot and ankle devices market is categorized into bracing & support, joint implants, soft tissue orthopedic devices, orthopedic fixation, and prosthetics. The bracing and supporting segment procured a considerable growth rate in the foot and ankle devices market in 2021. The rise of the segment is owed to the benefits of these devices. Devices worn around the foot and ankle, such as braces and supports, help to stabilize the joint by offering support. Injuries, including sprains, fractures, and tendinitis, are frequently treated with them. When a person is at risk of acquiring foot and ankle issues, braces can also be used to avoid injury.
Application Outlook
On the basis of application, the foot and ankle devices market is divided into hammertoe, trauma, osteoarthritis, rheumatoid arthritis, neurological disorders, bunions, and osteoporosis. The osteoporosis segment garnered a remarkable growth rate in the foot and ankle devices market in 2021. Expansion of the segment is owed to the rising demand for support devices in most osteoporosis cases. Osteoporosis could predispose to particular ankle fractures, a mechanically tenable assumption. According to extensive epidemiological research, both men and women with high BMI have lower risks of fragility fractures and greater BMD.
Regional Outlook
Region wise, the foot and ankle devices market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region acquired the highest revenue share in the foot and ankle devices market in 2021. The prevalence of a sizable senior population pool and the high frequency of sports and physical activity-related injuries are the primary causes of this region’s big proportion. Almost 55.6 million adults in the US, or roughly 16.9% of the population, are 65 years of age or older, according to America’s Health Rankings Senior Report.
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; DePuy Synthes (Johnson & Johnson) is the major forerunner in sthe Foot and Ankle Devices Market. Companies such as Enovis Corporation, Stryker Corporation, and Paragon 28, Inc. are some of the key innovators in Foot and Ankle Devices Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Stryker Corporation, DePuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., Smith & Nephew PLC, Ossur Hf., Enovis Corporation, Acumed LLC (Colson Medical, Inc.), Arthrex, Inc., Paragon 28, Inc. and Orthofix Medical, Inc.
Recent strategies deployed in Foot and Ankle Devices Market
Partnerships, Collaborations, and Agreements:
Jul-2022: Zimmer Biomet signed a three-year agreement with the Hospital for Special Surgery (HSS) for opening the HSS/Zimmer Biomet Innovation Center for Artificial Intelligence (AI) in Robotic Joint Replacement. The companies want to create new decision-support systems, powered by machine learning and data collection, for providing data-driven advice for robotic joint surgery, to surgeons. A team of HSS surgeons and ZB data scientists will work together throughout the agreement to create and test hypotheses that employ data-driven insights to address typical clinical difficulties related to joint replacement. The objective is to inform the creation of algorithms for decision support tools using the validated hypotheses.
Apr-2021: Zimmer Biomet signed a distribution agreement with Device Technologies for the distribution of its surgical product portfolio, with trauma and foot & ankle portfolio, and sports medicine in New Zealand and Australia.
Acquisition and Mergers:
Jan-2023: Zimmer Biomet Holdings signed an agreement to acquire Embody, Inc.., a medical device company engaged in soft tissue healing. The acquisition would broaden Zimmer’s portfolio for providing support in the healing of the most difficult orthopedic soft tissue injuries.
Feb-2022: DePuy Synthes completed the acquisition of CrossRoads Extremity Systems, a foot and ankle company that focuses on providing a wide range of procedure-scientific, sterile packed instrumentation and implant systems for lower extremity indications. The acquisition broadened the company’s foot and ankle procedure portfolio.
Jan-2022: Stryker is acquiring Vocera Communications, a company engaged in the development of clinical workflow and communication technologies. The acquisition would strengthen Stryker’s innovative and highly complementary portfolio of tools, for connecting caregivers and disparate data-generating medical devices, with the aim to improve provider workflow and boost patient safety outcomes.
Jan-2022: Paragon 28, Inc. completed the acquisition of Disior Oy, a three-dimensional analytics pre-operative planning software company focused on complex ankle and foot anatomy. The acquisition accelerated the internal research and development efforts of Paragon and delivers unique pre-operative planning capabilities to surgeons.
Dec-2021: DePuy Synthes acquired OrthoSpin, Ltd., a developer and manufacturer of an automated strut system, a first-of-its-kind technology, which is used together with DePuy Synthes MAXFRAME™ Multi-Axial Correction System, an external ring fixation system. The acquisition enabled DePuy to better serve patients and healthcare professionals at the time of the post-complex surgery recovery period.
Jul-2021: Enovis acquired Mathys AG Bettlach, a company engaged in developing, producing, and distributing implants for artificial joint replacement. The acquisition strengthened DJO’s patient-focused portfolio and expanded its reconstructive portfolio.
Jun-2021: Paragon 28 acquired Additive Orthopaedics’ product lines including its FDA-approved, first in the world 3D printed Specific Talus Spacer utilized for the treatment of Avascular Necrosis for Humanitarian use. The acquisition provided customers exclusive access to Paragon the only FDA-approved patient-specific total talus replacement implant.
Jan-2021: Smith & Nephew took over Integra LifeSciences Holdings Corporation’s Extremity Orthopaedics business. The acquisition assists the former company’s strategy of investing in a higher growth strategy and expanding the company’s extremities business.
Product Launches and Product Expansions:
Jan-2023: Enovis Corporation unveiled the DynaClip Quattro and DynaClip Delta bone staples, the new addition to Enovis’ DynaClip family of bone fixation systems. These staples are pre-loaded on disposable inserters that ease quick deployment and correct leg positioning. Additionally, DynaClip Delta staples are created for offering easier and faster first metatarsophalangeal (MTP) fusion procedures without compromising on performance and durability.
Dec-2022: Stryker unveiled a suture anchor system for ankle and foot procedures, Citrefix. This is a disposable suture anchor system that has a resorbable material anchor body, made with Citregen, an elastomeric material made from a citrate polymer specifically made to mimic bone chemistry for controlled resorption without chronic inflammation.
Nov-2022: Enovis released the DynaNail Helix, a new addition to the DynaNail family and the company’s foot and ankle product portfolio. DynaNail Helix is developed for achieving dynamic compression for subtalar fusion with an anatomically, innovative, friendly design, and simple screw-like insertion.
Sep-2022: Stryker introduced the Pulse Intelligent Delivery Platform, a complete circle product, and fulfillment offering developed for high-volume ankle and foot procedures in ambulatory surgery center setups. This platform offers an integrated product delivery and configuration offering for procedures through smart configurations, personalized inventory, and automated services.
Jul-2022: Arthrex unveiled the Arthrex Minimally Invasive Bunionectomy System for providing an alternative solution to traditional bunion surgery. This system is being designed to be an all-inclusive set for facilitating minimally invasive surgical bunion correction. It is clinically proven to get the same or better results as compared to traditional surgery with less swelling, downtime, and pain.
Jun-2022: Enovis announced the release of the Arsenal Ankle Plating System, comprising 37 anatomically designed plates across nine plate families, providing a plating solution for an ankle fracture. The Arsenal Ankle plating System came up with a variable angle locking technology. It allows a cone angulation of 60°, with a multi-lock function, which accepts repeatable lock function and relocking of screw for plate interface. This offers a powerful combination of patented and innovative solutions which would address all fracture personalities.
Apr-2022: Paragon 28, Inc. announced the launch of the R3ACT Stabilization system, a simple solution that helps in multi-stage soft tissue healing after chronic or acute syndesmotic injury to the ankle.
Mar-2022: Acumed launched Ankle Syndesmosis Repair System with Acu-Sinch Knotless technology. Acu-Sinch Knotless Implant allows the dynamic stabilization of laxity or syndesmotic disruptions to the tibiofibular joint. Ankle Syndesmosis Repair System offers the user control to place the medical button subcutaneously without the requirement for direct visualization. Without the necessity for direct visualization, the release mechanism offers the user control to implant the medial button subcutaneously. The Flip Button position may be seen under fluoroscopy because of radiographic indications and the trigger mechanism’s tactile feedback. The Acumed and OsteoMed fibula fracture fixation plates as well as intramedullary nails with 3.5 mm nonlocking screw holes can all be used in conjunction with the Acu-Sinch Knotless buttons, either alone or in addition to a washer.
Scope of the Study
Market Segments covered in the Report:
By Application
• Trauma
• Osteoarthritis
• Rheumatoid Arthritis
• Hammertoe
• Osteoporosis
• Neurological Disorders
• Bunions
By Product
• Orthopedic Fixation
• Joint Implants
• Bracing & Support
• Prosthetics
• Soft Tissue Orthopedic Devices
By Geography
• North America
o US
o Canada
o Mexico
o Rest of North America
• Europe
o Germany
o UK
o France
o Russia
o Spain
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o South Korea
o Singapore
o Malaysia
o Rest of Asia Pacific
• LAMEA
o Brazil
o Argentina
o UAE
o Saudi Arabia
o South Africa
o Nigeria
o Rest of LAMEA
Companies Profiled
• Stryker Corporation
• DePuy Synthes (Johnson & Johnson)
• Zimmer Biomet Holdings, Inc.
• Smith & Nephew PLC
• Ossur Hf.
• Enovis Corporation
• Acumed LLC (Colson Medical, Inc.)
• Arthrex, Inc.
• Paragon 28, Inc.
• Orthofix Medical, Inc.
Unique Offerings
• Exhaustive coverage
• Highest number of market tables and figures
• Subscription based model available
• Guaranteed best price
• Assured post sales research support with 10% customization free
Read the full report: https://www.reportlinker.com/p06449920/?utm_source=GNW
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