Market Size of Foot And Ankle Devices Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.65 Billion |
| Market Size (2029) | USD 6.66 Billion |
| CAGR (2024 - 2029) | 7.44 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Foot and Ankle Devices Market Analysis
The Foot And Ankle Devices Market size is estimated at USD 4.65 billion in 2024, and is expected to reach USD 6.66 billion by 2029, growing at a CAGR of 7.44% during the forecast period (2024-2029).
The COVID-19 pandemic significantly impacted the growth of the Foot and Ankle Devices market during the initial phase of the pandemic due to a decline in the number of patient visits to orthopaedic clinics and hospitals. For instance, according to the article published in Cureus Journal in August 2021, the number of orthopaedic surgeries fell by 22.8% during the first year of the pandemic. As per the same source, there was a 64% decline in knee arthroplasty procedures, 44% in knee ligament reconstruction, and 41% in hip arthroplasty procedures during the initial phase of the pandemic.
Therefore, looking at the overall scenario, it was observed that the COVID-19 pandemic had a significant impact on the market studied. However, currently, the market has reached its pre-pandemic nature in terms of the demand for foot and ankle devices. It is expected to witness healthy growth during the forecast period.
Certain factors driving the growth of the market include the increasing number of sports injuries and road accidents, rising incidences of diabetes and foot-related disorders, and technological developments, such as automatic foot and ankle devices. For instance, per the report published by the Ministry of Road Transport and Highways of India (MoRTH) in December 2022, approximately 412,432 road accidents were reported in India in 2021, with injuries to 384,448 persons.
In addition, the increasing prevalence of foot and ankle disorders, such as osteoarthritis, rheumatoid arthritis, diabetic foot ulcers, and sports injuries, is a major driver for the growth of the foot and ankle devices market. These conditions often require medical intervention, including using orthopaedic devices and implants. For instance, according to the review study published by the Journal of Rheumatology in January 2023, the prevalence of inflammatory rheumatic diseases in adults in Germany has increased by 1% compared to previous years. The most common are rheumatoid arthritis and spondyloarthritis. The same source also stated that around 1.5 to 2.1 million people in Germany, or 2.2% to 3.0% of the country's population, have inflammatory rheumatic illnesses. Similarly, according to data gathered by the Global Rheumatoid Arthritis (RA) Network in 2021, around 350 million individuals worldwide had arthritis, which is expected to grow rapidly.
Moreover, the rising number of product launches by prominent players is also projected to drive market growth during the forecast period. For instance, in April 2022, the United States Food and Drug Administration (US-FDA) approved the Calcaneal Fracture Plating System and IM Fibula Implant, which were launched by Medline UNITE Foot & Ankle. With the national release of these two devices, surgeons will have access to a complete titanium foot and ankle trauma system, which will allow them to treat almost all fractures that call for Open reduction and internal fixation (ORIF) with plate and screw fixation.
Thus, the rising number of road accidents, increasing prevalence of foot and ankle disorders, and surging number of product launches by prominent players are anticipated to augment the growth of the market over the analysis period. However, the high cost of the foot and ankle devices and the lack of sufficient reimbursement policies for the surgeries are major restraining factors for the growth of the market.
