Portland, OR, Nov. 15, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global lower extremity devices market was pegged at $664.6 million in 2021, and is projected to reach $1.28 billion by 2031, growing at a CAGR of 6.8% from 2022 to 2031.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $664.6 million |
| Market Size in 2031 | $1.28 billion |
| CAGR | 6.8% |
| No. of Pages in Report | 240 |
| Segments covered | Product, Application, Distribution Channel, and Region |
| Drivers | Rise in number of patients with bone degenerative diseases |
| Adoption of modern lifestyle that can increase the risk of trauma & fracture | |
| Opportunities | Developing economies of Asia-Pacific and LAMEA |
| Restrains | Low awareness regarding extremity devices |
| Unfavorable reimbursement scenario |
Covid-19 Scenario:
The Covid-19 pandemic negatively affected the growth of the global lower extremity device market. Compared to other surgeries, most of the orthopedic procedures are elective and thus, were postponed. Such cancellation of surgeries affected the market.
The global lower extremity devices market is segmented on the basis of product, application, distribution channel, and region. Based on mode of product, the knee orthotics segment is projected to portray the highest CAGR of 7.1% during the forecast period. In addition, the segment held the lion’s share in 2021, accounting for nearly three-fifths of the market.
Based on application, the others segment is anticipated to register the highest CAGR of 7.2% during the forecast period. However, the trauma and fractures segment dominated the market in 2021, contributing to around three-fifths of the market.
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On the basis of distribution channel, the hospitals and surgical centers segment held the largest share in 2021, accounting for more than two-fifths of the market. However, the others segment is projected to register the highest CAGR of 7.5% from 2022 to 2031.
The global lower extremity devices market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific is estimated to manifest the highest CAGR of 7.6% during the forecast period. However, the market across North America held the largest share in 2021, contributing to more than two-fifths of the market.
The global lower extremity devices market report includes an in-depth analysis of the major market players such as 3M, Bauerfeind AG, Enovis Corporation, Essity AB, DeRoyal Industries, Inc, Orthofix Medical Inc., (Breg Inc), Össur, Otto Bock HealthCare GmbH, Thuasne group and Trulife.
The report analyzes these key players in the global lower extremity devices market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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“We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.”
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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