The Asia Pacific Foot And Ankle Devices Market would witness market growth of 8.0% CAGR during the forecast period (2022-2028).
Minimally invasive procedures are becoming more popular since they need less anesthesia, hospitalization, and pain. Instrument makers that want to use this procedure when creating orthopedic equipment have been enlightened by the enhanced accuracy rate of these surgeries. In addition, precision and patient outcomes are being improved through cutting-edge procedures like robotics and 3D printing. The high demand for such surgical techniques and cutting-edge technology is reflected in the shifting production trends in the orthopedic device industry.
Foot and ankle devices that can lessen the impact and increase precision when cutting through any size of bone are constantly needed in the orthopedic supply chain. A growing geriatric population, an urgent need for user-centric foot and ankle devices, a rise in the popularity of minimally invasive surgical procedures, an increase in the use of cutting-edge technologies, and the prevalence of target diseases all contribute to the market's growth opportunities. Also, automobile accidents and injuries are increasing, driving up product demand.
India now imports about 70 to 80% of its medical device requirements, so a sizable supply and demand imbalance exists. India's tremendous underdevelopment of medical devices as a business presents a large potential opportunity for many medical device companies, both domestic and international. Over the past decade, India's healthcare and medical device sectors have grown significantly. To enhance the Indian medical device business, the government has created a wide range of initiatives and regulations. In addition, the government chose it as a target sector for the Make in India project in 2014. These factors would help the market for foot and ankle devices, as it is anticipated that more businesses will invest in the Asia Pacific region in the coming years.
The China market dominated the Asia Pacific Foot And Ankle Devices Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $393.4 million by 2028. The Japan market is estimated to grow a CAGR of 7.4% during (2022 - 2028). Additionally, The India market would experience a CAGR of 8.7% during (2022 - 2028).
Based on Application, the market is segmented into Trauma, Osteoarthritis, Rheumatoid Arthritis, Hammertoe, Osteoporosis, Neurological Disorders and Bunions. Based on Product, the market is segmented into Orthopedic Fixation, Joint Implants, Bracing & Support, Prosthetics and Soft Tissue Orthopedic Devices. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Foot and Ankle Devices Market is Projected to reach USD 6.1 Billion by 2028, at a CAGR of 7.1%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Stryker Corporation, DePuy Synthes (Johnson & Johnson), Zimmer Biomet Holdings, Inc., Smith & Nephew PLC, Ossur Hf., Enovis Corporation, Acumed LLC (Colson Medical, Inc.), Arthrex, Inc., Paragon 28, Inc. and Orthofix Medical, Inc.
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