Foot and Ankle Plating System Market
Number of pages: 100 | Report Format: PDF | Published date: April 05, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 175.0 million |
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Revenue Forecast in 2031 |
US$ 273.8 million |
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Growth Rate |
5.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023-2031 |
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Historical Year |
2021 |
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Segments Covered |
Application, Material, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Foot and Ankle Plating System Market Report Overview
According to the deep-dive market assessment study by Growth Plus Reports, the global foot and ankle plating system market was valued at US$ 175.0 million in 2022 and is expected to register a revenue CAGR of 5.1% to reach US$ 273.8 million by 2031.
Foot and Ankle Plating System Market Fundamentals
The foot and ankle plating systems are medical devices used in orthopedic surgery to treat fractures and other injuries to the foot and ankle bones. The system includes a set of specially designed metal plates and screws that stabilize and align the bones during the healing process. These plates are typically made of titanium or stainless steel and are contoured to fit the shape of the bones they are being attached to. The screws secure the plates to the bone, creating a stable platform that allows the bone to heal properly. The foot and ankle plating system is commonly used in surgeries to treat complex fractures, deformities, and other injuries to the foot and ankle.
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Foot and Ankle Plating System Market Dynamics
The foot and ankle plating system market revenue is driven by the rising prevalence of foot and ankle disorders, such as osteoarthritis, rheumatoid arthritis, and fractures. According to the Global Burden of Disease Study 2019, more than 500 million people worldwide are affected by osteoarthritis, accounting for around 7% of the world's population. There has been a significant increase in the use of advanced technology in foot and ankle surgery, such as minimally invasive surgery, computer-assisted surgery, and 3D printing. These advancements enable surgeons to perform complex surgeries with greater precision and efficiency. Moreover, the developing sports industry is leading the rise of sports injuries, increasing the demand for foot and ankle plating systems. The growing geriatric population and rising active lifestyle have increased the cases of ankle fractures. According to the National Center for Biotechnology Information, approximately 187 per 100,000 adults sustain ankle fractures yearly.
The growth of the foot and ankle plating system market can be ascribed to several factors, including an increase in the frequency of foot and ankle injuries, the rising prevalence of osteoarthritis, an increase in sports injuries, and the increased adoption of minimally invasive surgeries. Furthermore, the market for foot and ankle plating systems is expected to rise due to technological developments, including creation of biodegradable plates and screws.
Based on region, North America dominates the market with the largest revenue share due to the high prevalence of orthopedic injuries and the presence of advanced healthcare infrastructure. However, the Asia Pacific region is expected to experience the fastest revenue growth during the forecast period due to rising awareness of orthopedic surgery and increased investments in healthcare infrastructure.
There is a growing demand for customized solutions tailored to individual patients' needs. This has led to the development of patient-specific implants and other customized solutions. Biodegradable implants are gaining popularity as they eliminate the need for implant removal surgery, often required with traditional metal implants. This is expected to drive the revenue growth of the foot and ankle plating system market as more patients and surgeons become aware of the benefits of biodegradable implants. Additionally, the rise in healthcare expenditure and increasing investment by the major market players are also expected to boost the revenue growth of the foot and ankle plating system market.
However, the high cost related to the foot and ankle plating system and the procedures restrict the market revenue growth of the foot and ankle plating system. Certain risks are associated with foot and ankle plating systems, such as infection, implant failure, and nerve damage, which also hinder the revenue growth of the foot and ankle plating system market.
Foot and Ankle Plating System Market Ecosystem
The global foot and ankle plating system market is analyzed from four perspectives: application, material, end user, and region.
Foot and Ankle Plating System Market by Application
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Based on the application, the global foot and ankle plating system market is segmented into ankle fusion, forefoot & midfoot fusion, subtalar fusion, and others.
The ankle fusion segment accounted for the prominent revenue share of the foot and ankle plating system market in 2022. The rising prevalence of ankle osteoarthritis globally increases the demand for ankle fusion. Ankle fusion is a commonly used surgical intervention for this condition. According to the National Center for Biotechnology Information, ankle osteoarthritis affects an estimated 1% of the world's population, with an incidence rate of 30 cases per 100,000 inhabitants, and it also accounts for 2 and 4% of all patients with general osteoarthritis. Ankle fusion is an effective procedure for reducing pain and improving function in patients with ankle arthritis. Foot and ankle plating systems are effective in achieving successful fusions. Foot and ankle plating systems have improved significantly in recent years, with newer systems offering improved fixation and patient outcomes, increasing their use in ankle fusion. Ankle fusion has been shown to have good long-term outcomes, with many patients experiencing pain relief and improved function for many years after surgery. Surgeons specializing in foot and ankle surgery prefer ankle fusion using a plating system over other treatments due to its effectiveness and long-term outcomes, thus boosting segment revenue growth.
Foot and Ankle Plating System Market by Material
Based on the material, the global foot and ankle plating system market is segmented into stainless steel plates, titanium plates, composite plates, and others.
The titanium plates segment dominated the foot and ankle plating system market with the largest market revenue share in 2022. Titanium is a biocompatible material well-tolerated by the human body and does not typically cause adverse reactions. This is important for medical implants, which must integrate with the surrounding tissue without causing inflammation or rejection. Titanium is a strong and durable material, which is important for implants subjected to significant loads and stress. Titanium has a high strength-to-weight ratio, which is strong but lightweight, which can be an advantage for implantable devices. Titanium is radiopaque; thus, it can be easily seen on X-rays and other imaging studies. This makes it easier for doctors to monitor the healing process and ensure the implant functions properly. Titanium is highly resistant to corrosion and is not affected by exposure to bodily fluids or other corrosive environments.
The stainless steel plates segment also accounted for a considerable revenue share of the foot and ankle plating system market. Stainless steel is a widely available material, which makes it a cost-effective option for foot and ankle plating systems. This also makes it easier for manufacturers to produce these systems in large quantities, which can help to reduce costs. Stainless steel is easy to sterilize, which is important for medical implants. This ensures that the implants are free from bacteria and other pathogens, which can cause infections. Stainless steel is compatible with other materials, such as bone screws and pins commonly used in foot and ankle surgeries. Stainless steel is a durable material that can withstand the stresses and strains of foot and ankle surgeries.
Foot and Ankle Plating System Market by End User
Based on the end user, the global foot and ankle plating system market is segmented into hospitals, orthopedic centers, and others.
The hospital segment accounts for a significant revenue share of the foot and ankle plating system market. Hospitals are the primary healthcare institutions where patients receive medical treatment for foot and ankle injuries and conditions. Hospitals have advanced healthcare facilities and equipment required to perform complex foot and ankle surgeries. Hospitals increasingly adopt minimally invasive surgeries requiring specialized foot and ankle plating systems. These systems are designed to reduce the size of the incision, minimize tissue damage, and reduce recovery time. Hospitals have higher purchasing power than other healthcare facilities, which allows them to invest in expensive foot and ankle plating systems, thus propelling segmental revenue growth.
Foot and Ankle Plating System Market by Region
Based on region, the global foot and ankle plating system market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America dominates the foot and ankle plating system market with the highest revenue share. The resining prevalence of foot and ankle injuries and disorders increases the demand for foot and ankle plating systems in the region. North America has a highly developed healthcare infrastructure with advanced medical facilities and technology. This includes the availability of advanced diagnostic tools, imaging technologies, and surgical equipment necessary for foot and ankle surgeries. Moreover, the growing number of sports injuries is due to the developing sports industry in North America. According to the Centers for Disease Control and Prevention in the U.S., around 7 million sports-related injuries are reported each year. North America has a high healthcare expenditure, with a large medical device and equipment budget. This has resulted in a higher adoption rate of foot and ankle plating systems, as hospitals and healthcare facilities can afford to invest in these devices. North America is home to several key market players that manufacture foot and ankle plating systems. These companies have a strong presence in the region and established distribution networks, resulting in higher availability of these devices.
Competitive Landscape of the Global Foot and Ankle Plating System Market
The prominent players operating in the global foot and ankle plating system market are:
Strategic Developments in the Foot and Ankle Plating System Market
The foot and ankle plating systems are medical devices used in orthopedic surgery to treat fractures and other injuries to the foot and ankle bones.
The expected size of the global foot and ankle plating system market in 2031 is US$ 273.8 million.
The prominent players operating in the global foot and ankle plating system market are DePuy Synthes (Johnson & Johnson), Stryker Corporation, Zimmer Biomet, Acumed LLC, Smith & Nephew Plc, and Medartis AG.
In 2022 the global foot and ankle plating system market was valued at US$ 175.0 million.
Based on region, North America accounts for the largest market revenue share, followed by Europe; and Asia Pacific is the fastest-growing regional market for foot and ankle plating systems.
*Insights on financial performance are subject to the availability of information in the public domain