Global Foot and Ankle Devices Market: Overview
Foot and ankle devices are used to heal injuries and disorders in the foot and ankle region with or without the help of surgical procedures. Injuries in the foot and ankle region are usually caused by accidents and fall. On other hand, arthritis, bunions, hammer-toes, and diabetic foot are some of the disorders which may call for surgical procedures with subsequent use of foot and ankle devices. Foot-ankle extremities are a key revenue contributor to the global foot and ankle devices market. The foot and ankle device market includes devices that help in ligament repair and reconstruction procedures such as arthrodesis, joint replacement and internal fixation.
The rising cases of injuries and diabetics cases where surgeries are required are paving way for a healthy growth in the market for foot and ankle devices. Geographically, North America accounts for the largest demand of foot and ankle devices while Asia Pacific is showing the fastest growth rate.
Global Foot and Ankle Devices Market: Trends and Opportunities
The growth of the foot and ankle device market is primarily driven by rising sports injuries and road accidents but above all, the growing cases of diabetes where surgeries are required are leading to amputation of foot-ankle with large sores are propelling the market for these devices. The rising geriatric population across the globe augurs well for the future of market for foot and ankle devices as age can considerably decrease bone strength and increase risk of fracture.
Additionally, new foot and ankle device technologies are being introduced with additional shock absorption and greater battery life, which will augment demand. Joint implants are replacing the need for fusing a broken ankle as they provide better mobility and biomechanical motion. Better understanding of mechanical function of prosthetic feet will also improve prescriptions for prosthetic feet to patients with lower limb amputation.
The demand for foot and ankle prosthetics is consistently expanding due to the introduction of several advanced devices such as hydraulic and pneumatic feet and materials such as carbon fiber. Furthermore, the introduction of microprocessor controlled prosthetic feet has increased the comfort level of patients and are thus gaining popularity.
Conversely, the high cost of some of foot and ankle devices and implied excise tax on medical devices are a few of the primary restraints on the future growth of the market.
Global Foot and Ankle Devices Market: Region-wise Outlook
The foot and ankle devices market is geographically segmented into four prominent regions: North America, Europe, Asia-Pacific and Rest of the World. North American countries such as the U.S. and Canada are the largest markets for the foot and ankle devices. This is because of greater financial standing of patients, higher acceptance rate for advanced technologies, and significantly large number of sports injuries. However, due to rising cases of road accidents in the Asia-Pacific region, the demand for foot and ankle devices is expected to rise rapidly.
Companies Mentioned in the Research Report
Some of the major players in the foot and ankle devices market include Wright Medical Technology, Inc., Arthrex, Inc., OrthoHelix Surgical Designs, Inc., Integra Life Sciences Corporation, Smith & Nephew plc, Stryker Corporation, Acumed, LLC, Zimmer Holdings Inc., De Puy Synthes, Biomet, Inc., BioPro, Inc., Orthofix Holdings Inc., and Mondeal Medical Systems GmbH.
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.
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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?
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