The global foot drop implants market was valued around $406 million in 2015 and is expected to surpass $641 million by 2020, says Technavio.
Technavio’s orthopedics and general medical devices portfolio has announced its latest market research report on foot drop implants for the forecast period, 2016-2020. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the global foot drop implants market during the forecast period. Some of the top vendors listed in this industry analysis include Arthrex, Bioness, Finetech Medical Ottobock Stryker, and Wright Medical.
The Americas is expected to dominate the global foot drop implants market, contributing to around $361 million by 2020. North America is the primary revenue generator in this region. The growing incidence of neurological disorders in the region have increased the demand for foot drop implants market.
“The foot drop implants market is expected to witness massive growth due to the recent technological advances such as the introduction of STIMuSTEP and ActiGait systems. STIMuSTEP system is an effective implanted system with electrodes entrenched into the epineurium of peroneal nerve’s profound and superficial branches. ActiGait system uses a wireless control unit which allows the individuals to adjust the intensity of the stimulation. Other launches in the foot drop implants market are Trulife’s WalkAide and Bioness’ L300,” says Barath Palada, a lead analyst at Technavio for research on orthopedics and general medical devices.
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The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing nerve injuries leading to foot drop implants
The foot drop implant is witnessing growth due to the increase in the incidence of nerve injuries. For example, World Federation of Societies to Anesthesiologists, ulnar nerve injuries account for over 28% of the total nerve injuries, followed by brachial plexus, lumbosacral root, and spinal injury. Another factor fueling growth in the foot drop implants market is the rising paralysis condition. The main reason of paralysis is a stroke, followed by spinal injury and multiple sclerosis. According to CDC, stroke conditions are the fifth leading cause of death in the US. The occurrence of such disorders leads to peripheral neuropathy, also known as foot drop, which increases to 8 per every 100 individuals for people aged 55 or above and around 2% of the world population is affected by these disorders. These statistics depicts that the growing nerve injuries are propelling the foot drop implants market.
Growing incidence of diabetic neuropathy fueling the demand for foot drop implants
Foot drop can also be caused due to the nerve damage linked to diabetes, known as a diabetic neuropathy, which is related to the blood sugar levels in the body. In this condition, the high blood sugar levels in the body lead to nerve fibers injury throughout the body. This explains that a diabetic patient is at higher risk of getting diabetic neuropathy. Approximately 50% of individuals with type 1 and type 2 diabetes have diabetic neuropathy and over 26% of individuals with type 2 diabetes have witnessed a nerve damage during the analysis. Distal symmetrical neuropathy accounts for around 75% of diabetic neuropathy cases. According to CDC 2014 statistics, approximately 29 million individuals in the US have diabetes. Such high occurrences of diabetic neuropathy in the US and across the globe have augmented the demand for foot drop implants.
Growing hip and knee replacement surgeries fueling the demand for foot drop implants
The damage of sciatic nerves is the major cause of hip and knee replacement surgeries in an individual. This is because the peroneal nerve passes down the back of the knee and surrounds the top of the fibula, so any complication in hip and knee replacement surgeries lead to foot drop. According to CDC, the total number of knee replacement surgeries performed annually is around 710,000 in the US, while a number of hip replacement surgeries stood at 330,000. There are many instances wherein the people who have undergone hip or knee replacement surgeries complained of a foot drop. All these incidences show that the growing cases of hip and knee replacement will increase the requirement for foot drop implants.
Some of the other prominent vendors identified in this report are aap Implantate, Acumed, Agent Medical, BioMedical Enterprises, Biomet, BioPro, Cayenne Medical, DePuy Orthopaedics, DT MedTech, Flower Orthopedics, Instratek, Integra LifeSciences, Lima Corporate, Merete Technologies, Mondeal Medical Systems, MẌ Orthopedics, Nextremity Solutions, Ortosintese, PONTiS Orthopaedics, Shanghai MicroPort Orthopedics, Smith & Nephew, Surgival, Synergie Ingénierie Médicale, Tornier, Vilex, and Zimmer-Biomet.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Foot Drop Implants Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Spinal Implants Market 2016-2020
- Global Knee Implant market 2015-2019
- Global Penile Implants Market 2016-2020
- Global Dental Implants Market 2016-2020
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