Lower Extremity Devices Market Expected to Reach $1,285.57 million by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Lower Extremity Devices Market," The lower extremity devices market was valued at $664.56 million in 2021, and is estimated to reach $1,285.57 million by 2031, growing at a CAGR of 6.8% from 2022 to 2031.

Lower limb orthotics are specialized external devices that can be used to rectify an incorrect alignment in specific lower limb locations. These could be splints, braces, insoles, or other tools. Each lower limb orthotic is uniquely created to match demands of users and podiatrists thorough evaluation and gait analysis are prerequisites. Lower extremity devices are the external devices that are attached or applied to a lower limb to enhance the function by offering support, regulating mobility, easing discomfort, addressing abnormalities, and preventing the deformity progression. Knee orthotic devices are used to treat the ligament damage, multiple sclerosis, jumper’s knee, hyperextension, and instability whereas ankle and foot orthotic devices are used in the treatment of drop foot or dorsiflexion weakness, peroneal nerve injury, diabetes, multiple sclerosis, and osteoarthritis. 

Increase in elderly population and surge in cases of orthopedic disorders is the lower extremity devices market trends. Key drivers of the lower extremity devices market include increase in number of joint disorders such as osteoarthritis and rheumatoid arthritis, coupled with increase in the ageing population and rise in prevalence of diabetes and obesity across the globe, which further contribute to joint disorders. The modern lifestyle, which includes inadequate calcium intake, minimal sun exposure leading to vitamin D deficiency, lack of exercise, and unhealthy behavior such as smoking and alcohol consumption increases the risk of osteoporosis in young people boosting the lower extremity devices market forecast.

High incidences of the road accidents significantly drive the market growth. High prevalence of orthopedic diseases, increase in adoption of extremity devices and strong presence of key players and availability of developed healthcare infrastructure along with technological advanced systems further contributes towards the market growth. Development of advanced and reliable lower extremity device, coupled with the increase in awareness for orthotics care and better healthcare services is expected to propel the lower extremity device market.

Furthermore, innovations, surge in number of sports injuries and rehabilitation services, development of advanced technologies, key strategies adopted by the key players and increasing awareness for lower extremity device fuels the market growth. However, lack of awareness about orthotic devices, which is expected to hinder the market growth. Conversely increasing growth opportunity in emerging markets, rise in health care expenditure is a great opportunity for key players to invest during the forecast period especially in developing economies.

Lower extremity devices market analysis is segmented into product, application, distribution channel and region. By product, the market is segmented into knee orthotics, foot & ankle orthotics, and hip orthotics. The knee orthotics segment dominated the lower extremity devices market size in 2021, and is expected to witness highest CAGR during the forecast period, owing to numerous advantages provided by these goods, including medial and lateral support, reduced knee rotation, limited damage during activity, and protection against possibility of injury following surgery. 

Depending on application, the market is divided into trauma & fracture, and others. The trauma & fracture segment dominated the lower extremity devices market size in 2021, owing to surge in road accidents, which leads to more fractures and traumas. The others segment is expected to witness highest CAGR during the forecast period, owing to rise in cases of osteoporosis and preventative care awareness.

Depending on distribution channel, the hospital & surgical centers segment dominated the lower extremity devices market share in 2021, owing to the fact that more number of patients consult hospitals and surgical centers during trauma and fractures.  The others segment is expected to witness highest CAGR during the forecast period owing to increase in trend of online shopping.

North America accounted for a majority of the global lower extremity devices market share in 2021, and is anticipated to remain dominant during the forecast period. This is attributed to technological advancements in lower extremity device techniques, increase in incidences of road accidents, and presence of key and robust hospital infrastructure in the region. However, Asia-Pacific is anticipated to witness notable growth, owing rise in geriatric population, development of healthcare infrastructure, and increase in investments projects in the region.

Key findings of the study
•    By type, the knee orthotics segment was the highest contributor to the lower extremity devices industry in 2021.
•    By application, the trauma & fractures segment was the highest contributor to the lower extremity devices industry in 2021.
•    Depending on end user, the hospitals and surgical centers segment was highest contributor in 2021, and is expected to continue this trend during the forecast period.
•    Region wise, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.