The foot devices market is projected to reach USD 5.3 billion by 2025, at a CAGR of 6.4% during the forecast period. Usage of bioresorbable implants and devices is a key trend in reconstruction, resulting in the elimination for the need for surgery for removal of devices are the key factors supporting the growth of the market.
Opportunity: Marketing, promotion and branding initiatives undertaken by major product manufacturers
Major product manufacturers are undertaking strategic initiatives to increase their brand visibility and product awareness among key end users (such as medical professionals, patients, and physiotherapists) across major healthcare markets worldwide. Company operating in foot devices market are opting for hybrid distribution strategy as per which distribution takes place both by distribution channel and through partnership with global orthopedic companies. Foot and ankle devices company has also adopted consignment model, accoding to which company first places the systems with its customers and sales are made according to the implementation of implants. Such initiatives undertaken by major product manufacturers are expected to increase their brand awareness among target end-users as well as sensitize them about their role in preventive care.
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This study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, industry trends, key players, competitive landscape, fundamental market dynamics, and key player strategies.
Market Size Estimation:
A detailed market estimation approach was followed to estimate and validate the size of the global foot devices market and other dependent submarkets.
- The key players in the global foot devices market were identified through secondary research, and their global market shares were determined through primary and secondary research.
- The research methodology includes the study of the annual and quarterly financial reports of the top market players as well as interviews with industry experts for key insights on the global foot devices market.
- All percentage shares, splits, and breakdowns were determined by using secondary sources and verified through primary sources.
- All the possible parameters that affect the market segments covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
North America is expected to command the largest share of the foot devices market in 2019
The report covers the foot devices market across five major geographies, namely, Europe, North America, Asia Pacific, Latin America, and MEA. North America commanded the largest share of the foot devices market in 2019. The increasing R&D to develop patient specific foot and ankle devices, rising prevalence of orthopaedic diseases, technological advancements in foot and ankle devices products and procedures are the key factors supporting market growth in North America. Moreover, most of the prominent companies in the global market are headquartered in the region or have a strong presence in this market, such as DePuy Synthes Companies, Stryker Corporation, Zimmer Biomet Holdings, Inc and DJO Finance, LLC. Others have focused on expansion to increase their reach and capabilities. This is another key factor attributed to the prominent growth of the market.
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The major players in the foot devices market are DePuy Synthes Companies (US), Stryker Corporation (US), Zimmer Biomet Holdings, Inc (US), Smith & Nephew plc (UK), Arthrex Inc (US), Integra LifeSciences Holdings Corporation (US), DJO Finance, LLC (US), CONMED Corporation (US), Össur HF (Iceland), Orthofix Medical Inc. (US), Medartis AG (Switzerland), Acumed LLC (US), Extremity Medical (US), aap Implantate AG (Germany), Ottobock SE & Co. KGaA (Germany), Ortho Solutions UK Ltd. (UK), Vilex in Tennessee, Inc. (US), Advanced Orthopaedic Solutions (US), Fillauer LLC (US), and Groupe FH Ortho (France), among others.
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