Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Foot and Ankle Devices Market Analysis & Forecast 2024-2034" report has been added to ResearchAndMarkets.com's offering.
This comprehensive analysis of the global foot and ankle devices market forecasts significant growth from 2023 to 2034. The extensive market research provides insights into the current trends, growth drivers, and key segments influencing the market dynamics over the coming decade.
The report estimates the global foot and ankle devices market size to achieve an impressive CAGR of 6.94% during the forecast period, with the market value anticipated to double from USD 4.58 billion in 2023 to USD 9.58 billion by 2034. This notable expansion is ascribed to several pivotal factors, including a rise in the geriatric population, the advent of user-centric device designs, and a shift towards minimally invasive surgical procedures. By scrutinizing the specific sectors within the market, the analysis highlights orthopedic fixation as the leading revenue contributor in 2023, which can be attributed to a higher incidence of ankle fractures and ongoing advancements in product developments.
The integration of advanced technologies like artificial intelligence (AI) and robotics is also playing a critical role in steering the market forward. The report presents a detailed evaluation of various applications, pinpointing trauma as the dominant segment due to an uptick in accidents and sports injuries. Similarly, the surge in FDA approvals further catalyzes the market growth within this sector. In parallel, the market is witnessing promising advancements in treating Osteoarthritis (OA), projected to flourish at the fastest CAGR during the forecast period.
The assessment further segregates the market based on end-users, where hospitals are dominating revenue generation, followed by the burgeoning growth of orthopedic clinics. The launch of novel products tailored to orthopedic conditions is set to enhance the clinic segment's growth rate. Geographically, North America holds the reins of the market, but the Asia-Pacific is expected to outpace all other regions in terms of growth rate. This rapid growth can be credited to expanding healthcare infrastructure, medical tourism, and a rise in the prevalence of orthopedic diseases.
The report's findings also cover several other key facets such as:
- Soft Tissue Orthopedic Devices
- Bracing and Support Systems
- Joint Implants and Prosthetics
- Market analysis for neurologic and rheumatoid conditions
- Comprehensive data across different regions including Europe, Latin America, and Middle East & Africa
Key Segments Driving Global Foot and Ankle Devices Market Growth
Industry professionals and stakeholders can gain invaluable insights from the presented segmentation analysis, which encapsulates lucrative prospects across various product types, applications, end-users, and key geographic regions. The multifaceted approach of this report holds substantial value in understanding the competitive landscape and tapping into potential growth opportunities within the global foot and ankle devices market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 200 |
| Forecast Period | 2023-2034 |
| Estimated Market Value (USD) in 2023 | $4.58 Billion |
| Forecasted Market Value (USD) by 2034 | $9.58 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
Companies Mentioned
- Enovis
- Smith & Nephew plc
- Paragon 28
- Stryker Corp.
- Acumed LLC
- Orthofix
- Zimmer Biomet Holdings Inc.
- Arthrex Inc.
- Össur
- Johnson & Johnson (De PuySynthes)
For more information about this report visit https://www.researchandmarkets.com/r/s21k5i
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