Industry Background:
The incidence rates of orthopedic disorders as well as growth in the ageing population will help to boost global foot device market. Foot devices are used to treat foot injuries caused by different disorders including arthritis, bunions, hammertoes, diabetic foot and other orthopedic injuries. Foot devices are also used for treatment of lost foot due to trauma, congenital deformity, amputation or any other accident. The foot devices must qualify the regulatory necessities of the country where they are to be marketed. The manufacturers have to go through a long process to get approvals for a devices. Foot devices are stronger, becoming lighter and limits additional amount of energy applied by the organ, hence leading to upsurge demand for foot device.
According to AMA Research, the market for Foot Devices is expected to register a CAGR of 8.3% during the forecast period to 2027. This growth is primarily driven by Increasing Incidences of Arthritis
.
Attributes | Details |
---|
Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Units |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Medical Devices sector in the North America region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Players, such as Stryker Corporation (United States), Acumed LLC (United States), Arthrex Inc. (United States), Integra LifeSciences Corporation (United States), Zimmer Biomet Holdings, Inc. (United States), Smith & Nephew plc (United Kingdom), Johnson & Johnson (United States), Orthofix International (United States), Ossur HF (Iceland) and Tornier N.V. (Netherlands), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 14th March 2019, Stryker has acquired OrthoSpace, Ltd., a privately held company founded in 2009 and headquartered in Caesarea, Israel. The deal is established, in an all cash transaction for an upfront payment of 110 million dollars. and On 25th February 2018, Stryker has acquired Arrinex, Inc., a medical device company headquartered in Menlo Park, California, that has developed ClariFix®, a novel cryoablation technology for the treatment of chronic rhinitis.
The major key players are applying several approaches such as mergers & acquisitions, new product development, joint ventures, partnerships and others. Medical technology and healthcare companies are setting standards by manufacturing foot devices with the help of various technological advancements.
Regulatory Insights:
FDA's Center for Devices and Radiological Health (CDRH) is responsible for regulating firms who manufacture, repackage, relabel, and/or import medical devices sold in the United States. In addition, CDRH regulates radiation-emitting electronic products (medical and non-medical) such as lasers, x-ray systems, ultrasound equipment, microwave ovens and color televisions. According to Quality System (QS) Regulation, “Manufacturers must establish and follow quality systems to help ensure that their products consistently meet applicable requirements and specifications. The quality systems for FDA-regulated products (food, drugs, biologics, and devices) are known as current good manufacturing practices (CGMP’s).”
Foot Devices Market Dynamics:
Attributes | Details |
---|
Growth Drivers | - Increasing Incidences of Arthritis
- Upsurging Number of Sports Injuries
- Estimated Global Upsurge in Prevalence of Diabetes
|
Influencing Trends | - Rise in Popularity of Minimally Invasive Surgical Procedures
- Growing Geriatric Population Resulting in A Increasing Incidence of Bone Injuries
- Increasing Awareness of Healthcare through Conferences and Courses
|
Restraints | - Huge Charge As Well As Reimbursement of Devices
- Dearth of Skilled Professionals to Handle Equipment
|
Road Blocks / Challenges | - Strict Government Regulations
- Excise Tax on Medical Devices in Some Regions
|
Gaps & Opportunities | - Huge Opportunity Due To Introduction of Biologics to Treat Foot
- Refining Healthcare Infrastructure in the Developing Nations
- Fueling Number of Free Trade Agreements
|
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Foot Devices Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Foot Devices Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Foot Devices players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Foot Devices Study Sheds Light on
The Foot Devices Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Foot Devices industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Foot Devices industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.