Ankle Replacement System Market: Introduction
- Ankle replacement surgery is a replacement of the damaged ankle joint with an artificial implant.
- People who are affected by severe pain from arthritis can undergo two options of treatment: ankle fusion and ankle replacement
- Ankle replacement system consist of two or three components. Earlier designs required cement to hold them but new versions do not need cement. These components include tibial plate and talar component, both of which consist of material Cobalt-Chromium-Molybdenum alloy with titanium plasma spray coating, and mobile bearing, which consist of polyethylene (UHMWPe) with stainless steel radiographic marker wires.
- The implanted device replaces the damaged articulating surfaces of the shin (tibia) and ankle (talus) bones in a painful arthritic ankle joint
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Key Drivers and Restraints of Global Ankle Replacement System Market
- Growth in aging population and increase in prevalence of rheumatoid and osteoarthritis, which cause severe pain, are some of the major factors driving the global ankle replacement system market
- According to the United Nations World Population Prospects data, in 2019, around 9% of the global population is over the age of 65 years, which is estimated to grow up to 16% of the total world population by 2050
- As per the Arthritis Foundation stats, in 2002, 10.5 million people in the U.S. were suffering from severe joint pain caused by arthritis. This number reached 14.6 million in 2014.
- Increase in sports injuries and number of approved products with advance features are some of the factors responsible for the growth of the global ankle replacement system market
Active or Prior Deep Infections in Ankle Joint or Adjacent Bone to Hamper Market
- Ankle replacement surgery is successful in most cases; however, sometimes, it bears some risks in terms of infection, nearby nerve damage, bleeding, blood clot, and misalignment of bone, which can cause complications
- Smokers and people with low-density levels and diabetes also experience increased levels of complications. Due to these associated risks, the market for ankle replacement system may be affected.
- Failure of surgery or system needs revision surgery. This failure and unfavorable scenario in developing countries is restraining the growth of global ankle replacement system market
Mobile-bearing Device Type Segment to be Promising
- Based on device type, the global ankle replacement system market can be bifurcated into fixed-bearing and mobile-bearing
- Mobile-bearing segment, which consists of three component systems, is likely to be most lucrative during the forecast period
- Mobile component allows rotation translation and can reduce the stress at junction of the implant and bone interface. These features of mobile-bearing system are expected to drive the segment.
Ease in Movement Offered by Alloy Material to Drive Segment
- In terms of material, the global ankle replacement system can be divided into metal, alloy, and resins
- Cobalt chromium alloy materials are used mostly for three-component design. They enable ease of movement. Thus, this factor is expected to drive the segment during the forecast period.
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Hospital End-user Segment to Dominate Global Market
- Based on end-user, the global ankle replacement system market can be categorized into hospitals and ambulatory surgery centers
- Hospitals segment is anticipated to dominate the global ankle replacement system market during the forecast period
- Rise in the number of admissions of patients in hospitals for ankle replacement and availability of better facilities at hospitals are some of the major factors responsible for the growth of this segment
North America to Lead Global Market for Ankle Replacement System
- In terms of region, the global ankle replacement system market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global ankle replacement system market in 2018 due to high prevalence of rheumatoid & osteoarthritis, favorable reimbursement scenario, and increasing U.S. FDA approvals of advanced products
- Ankle replacement system market in Asia Pacific is projected to grow at a rapid CAGR during the forecast period. Growth in aging population with large patient pool of osteoarthritis, rise in cases of trauma & accidents, and increase in health care expenditure are some of the major factors that are estimated to propel the ankle replacement system market in the region.
Key Manufacturers Operating in Global Market
Key manufacturers operating in the global ankle replacement system market are:
- Stryker Corporation
- Integra LifeSciences Corporation
- DePuy Synthes
- Wright Medical Group Inc.
- Zimmer Biomet
- MatOrtho Limited
- Exactech, Inc.
- DT MedTech, LLC
- Corin Group
Global Ankle Replacement System Market: Research Scope
Global Ankle Replacement System Market, by Device Type
Global Ankle Replacement System Market, by Material
Global Ankle Replacement System Market, by End-user
- Ambulatory Surgery Centers
Global Ankle Replacement System Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.