September 09, 2022 08:00 ET | Source: FACT.MR FACT.MR
United States, Rockville MD, Sept. 09, 2022 (GLOBE NEWSWIRE) -- As per the latest industry analysis by Fact.MR, a market research and competitive intelligence provider, the global foot and ankle braces market is currently valued at US$ 844.7 million and is predicted to expand at a high-value CAGR of 7% from 2022 to 2027.
Acute ankle sprains/injuries are one of the most frequent musculoskeletal disorders and require careful management therapy to heal properly.
Since the middle of the 20th century, this rate has sharply increased in many affluent countries, most likely as a result of an increase in the number of athletes and an ageing population. Sports-related injuries have increased significantly in parallel with professional athletic events around the world.
This will increase the demand for foot and ankle braces globally. Also, rising cases of road accidents worldwide have also increased the use of orthopedic support and braces.
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Key Takeaways from Market Study
“Rise in prevalence of bone degenerative diseases, increased in demand for orthopedic braces among the elderly, and affordable product prices are contributing to market expansion,” says a Fact.MR analyst.
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Presence of many leading manufacturers makes the market for foot and ankle braces moderately competitive. Major foot and ankle brace manufacturers are focusing on new product launches as well as mergers and acquisitions that will aid their global expansion plans.
Foot and ankle braces market expansion is anticipated to be aided by mergers and acquisitions. Companies are working together with producers and marketing companies to make better devices that are more reasonably priced.
The very first foot and ankle implant/prosthesis made with PEEK-OPTIMA HA Enhanced, a polymer from Invibio Biomaterial Solutions, was introduced by Nvision in December 2019. It is the first lower extremity device/implant to use structural encoding to allow the Unique Device Identification (UDI) mandated by the FDA for proximal interphalangeal joint arthrodesis.
By releasing technologically improved foot and ankle supports, established companies are bolstering their position in the market.
Foot and Ankle Braces Industry Research Segmentation
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the foot and ankle braces market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2027.
The study divulges essential insights on the market on the basis of product (bracing & support devices, joint implants, soft tissue orthopedic devices, orthopedic fixation devices, prosthetics), application (hammertoe, trauma, osteoarthritis, rheumatoid arthritis, neurological disorders, bunions, osteoporosis, others), and end user (hospitals, ambulatory surgery centers, orthopedic clinics, rehabilitation centers, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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