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The foot and ankle allograft market size is expected to reach USD 211.19 Million in 2030 and register a revenue CAGR of 6.6% during the forecast period, according to latest report by Reports and Data. Technological advancements and new product launches are expected to boost market revenue growth during the forecast period, as development of technologically advanced solutions is expected to generate significant growth opportunities in the market. in June 2019, for instance, Metalogix received the Food and Drug Administration (FDA) 510(k) clearance for the Revolution External Plating System, open ring fixation. It is an all-in-one system intended to be used for treatment of charcot, and foot and ankle deformities in adult and pediatric subgroups (except newborns).
Moreover, increasing Research & Development (R&D) activities to develop more advanced products is expected to drive market revenue growth. In May 2020, Amniox Medical, Inc. (Amniox), a TissueTech, Inc. company and a pioneer in the clinical application of human birth tissue-based products, announced the results of a prospective, single-center, pilot study to see if adjunctive use of cryopreserved human Umbilical Cord (cUC) allograft (CLARIX CORD 1K) could improve clinical and functional outcomes after arthroscopic repair of a talar Osteochondritis Dissecans (OCD). A talar is an injury to the talus (dome-shaped top of the ankle bone) cartilage and underlying bone within the ankle joint. Such initiatives undertaken by major product manufacturers are expected to provide a major boost to market revenue growth during the forecast period.
Increasing geriatric population is another factor expected to drive revenue growth of the market during the forecast period. Population ageing is the most important demographic trend of the twenty-first century, and due to falling fertility and longer lifespan, the share of elderly in the global population is increasing. The peculiar phenomenon of population ageing brings with it massive changes, such as increase in various chronic diseases, financial concerns, and so on, and therefore, increasing aging population is likely to drive the foot and ankle allograft market.
The world population is aging rapidly, especially in some developed economies, such as the U.S. and Japan. According to the World Health Organization (WHO), every country in the globe is witnessing an increase in the number of older people and their proportion in population. In 2019, the population of people aged 65 and above totaled 703 million, and in 2050, this figure is expected to become 1.5 billion. The proportion of people aged 65 years and above in the global population increased from 6% in 1990 to 9% in 2019, and in 2050, this percentage is expected to increase to 16%, implying that one in every six individuals on the planet will be 65 years or older in 2050.
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Some Key Highlights From the Report
For this report, Reports and Data has segmented the foot and ankle allograft market based on product type, application, surgery type, end user, and region:
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