Advancement in the Orthopedic Devices Is Augmenting the Growth of the Foot and Ankle Devices Market

 

Foot and Ankle Devices Market

An ankle bracelet, foot arch supports or foot supports, are the three types of therapeutic orthotics currently available to patients with lower limb pain, arthritis, or pinched nerves. Ankle Bracelets have been known to significantly alleviate pain related to arthritis, making them very popular for those suffering from foot pain. Ankle Braces are much more than simply bands of stiff plastic or metal, they are devices that are custom-molded to meet the unique needs of each patient. This special material is typically made out of a high-tech polymer, which provides an extremely tight fit to the wearer's foot. The material is also durable and will last years before losing the special properties it is made with.

The increasing prevalence of Osteoporosis which is causing bone density degradation and even fractures is fueling the growth of foot and ankle devices market. In 2017, the number of Canadians affected by osteoporosis had increased to 2 million.  In Canadians of 40 years or older, 1.5 million (10%) reported having been diagnosed with osteoporosis. By the year 2030, the number of hip fractures is expected to quadruple. The growing number of road accidents and sports-related injuries is again propelling the growth of the foot and ankle devices market. According to the World Health Organization, every year the lives of approximately 1.35 million people are cut short as a result of a road traffic crash. Between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as a result of their injury.

North America is projected to gain significant growth over the forecast period and this is attributed to the strong presence of the medical devices and implants industry. According to the International Trade Administration, the United States remains the largest medical device market in the world: $156 billion (40 percent of the global medical device market in 2017). By 2023, it is expected to grow to $208 billion. The U.S. exports of medical devices in key product categories identified by the Department of Commerce exceeded $43 billion in 2018.

Key Developments:

1.     In January 2021, DJO announced that it acquired orthopedic foot and ankle implant maker Trilliant Surgical for an undisclosed amount.

2.     In January 2021, Sacrix launched a compression device for sacroiliac joint fusion.

3.     In March 2019, The Vector Hammertoe Correction System, a bio-implant from Nvision Biomedical Technologies, a medical device, and biologics company, has been cleared by the FDA for use in the US.

4.     In July 2020, Anika Therapeutics, Inc., a global, integrated joint preservation, restoration, and regenerative solutions announced U.S. Food and Drug Administration (FDA) clearance and the planned launch of multiple new products that address the needs of orthopedic and sports medicine

 

 

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