Market Trends of Foot And Ankle Devices Industry
Fracture Repair Segment is Expected to Hold Significant Share in the Procedure Segment
Foot and ankle fractures mostly result from trauma or direct injury to the bone. The availability of advanced medical devices and a growing number of ankle and foot fractures are expected to boost the segment's growth.
The rising number of ankle and foot injuries is anticipated to increase the demand for foot and ankle fracture repair devices to effectively manage pain and affected joints. For instance, per the data published in the Annual Review of Workplace Injuries, Illnesses, and Fatalities 2021-2022 report in October 2022, over 8,023 and 8,279 injuries were recorded in workers and non-workers, respectively. Out of these injuries, over 7.5% and 7.4% of ankle injuries were recorded amongst workers and non-workers, respectively, in the United States two years ago.
Furthermore, the number of sports-related injuries is also high worldwide, resulting in foot and ankle injuries, which is expected to drive the demand for foot and ankle fracture repair devices, for instance, as per the data published by the National Safety Council in 2022, over 222.1 million and 144.9 million cases of injuries were reported in Football and Soccer sports, respectively, in the United States two years ago. Thus, with such high numbers of sports injuries, the requirement for surgical intervention with the small bone and joint devices for the ankle and foot is expected to drive the segment's growth.
Moreover, the market players in foot and ankle devices are advancing their technology and launching new products, further fueling the segment's growth. The advent of 3D-printed implants helps physicians customize the implants and fixation systems for accurate fracture fixation. For instance, in January 2022, Paragon 28 received the United States Food and Drug Administration clearance for an ankle fracture and soft tissue stabilization system. The R3ACT system includes a portfolio of products designed for foot and ankle fractures and soft tissue injuries.
Hence, due to the rising number of foot and ankle injuries and the surge in the number of product launches, the fracture repair segment is expected to register healthy growth over the forecast period.
North America Hold Significant share in the Market and is Expected to do the Same in the Forecast Period
The geographical analysis of the foot and ankle devices market shows that North America holds a significant market share in the global market. This is due to the increasing number of road accidents and sports injuries, the rising incidence of rheumatoid arthritis, and technological advancements in foot and ankle surgeries.
For instance, as per the Arthritis Foundation 2022 report, nearly 300 thousand children in the United States currently have juvenile arthritis. As per the same source, 36% of the surveyed children reported having severe discomfort that significantly limited their daily activities. Children with arthritis can experience foot and ankle joint damage and deformities over time due to the inflammation and swelling in their joints. This is expected to boost the market demand during the forecast period.
In addition, the rising number of product launches by prominent players in the region is also projected to drive regional market growth during the forecast period. For instance, in April 2022, the United States Food and Drug Administration 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, allowing them to treat almost all fractures that call for ORIF with plate and screw fixation. Similarly, in January 2022, Paragon 28 received the United States Food and Drug Administration clearance for an ankle fracture and soft tissue stabilization system. The R3ACT system includes a portfolio of products designed for foot and ankle fractures and soft tissue injuries.
Therefore, the rising prevalence of rheumatoid arthritis and the increasing number of product launches by prominent players is projected to drive regional market growth during the forecast period.
