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Extensive research carried out by the analysts at Technavio has shown that the global foot drop implants market will witness fast-paced growth and will post a staggering CAGR of more than 9% over the forecast period. One of the major factors fuelling the demand for foot drop implants is the growing incidence of diabetic neuropathy. The high blood sugar levels damage the nerve fibers throughout the body, which will lead to an augmented demand for foot drop implants. According to CDC 2014 statistics, nearly 29 million individuals in the US have diabetes, of which 26% of individuals with type 2 diabetes have witnessed a nerve damage during diagnosis.
The growing popularity of hammertoe implants is one of the recent trends gaining significant traction in the market. An estimated 500,000 surgical procedures are performed for the treatment of hammertoes each year. Hammertoe implants help in the fixation of bones in osteotomies and reconstruction of lesser toes. Several hammertoe implants are currently available in the market, such as Nextra Hammertoe Correction system offered by Nextremity Solutions consisting RevLock precision locking system that provides adjustability and versatility.
Moreover, in December 2015, Instratek launched the ToeTac single-use kit for the operative repair of hammertoe deformities. The ToeTac implant includes two threaded ends that fit into the bone. The first end is a common bone thread and the second end is interrupted by slots that enable the implant to flex in response to insertion forces. This implant is designed to fit a range of anatomies, leading to its increased adoption over the estimated period.
The global foot drop implants market is highly fragmented with the presence of several large, medium, and small-sized companies. The advances in technology and new product launches will increase the competition among the existing vendors.
During 2015, the internal fixation devices segment led the market and accounted for over 85% of the market shares in terms of revenue. Internal fixation devices are designed to restore function to the foot drops by replacing or reinforcing the damaged portion and include fixation devices, joint implants, or soft tissue devices. Joint implants used for internal fixation and are made from stainless steel and titanium, which makes them highly durable, leading to their increased demand.
In terms of geography, the Americas dominated the global foot drop market and held more than 56% of the revenue market shares. North America is the major revenue contributor to the region. The rising incidence of neurological disorders and the emergence of non-invasive stimulator devices is expected to drive this market’s growth in the region. Moreover, the growing incidence of sports-related injuries has led to increased demand for foot drop implants. With considerable advancements in technology, this market is anticipated to have a positive outlook in the region over the next four years.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by product
PART 07: Geographical segmentation
PART 08: Market drivers
PART 09: Impact of drivers
PART 10: Market challenges
PART 11: Impact of drivers and challenges
PART 12: Market trends
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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