[309 Pages Report] The foot and ankle devices market is predicted to register a CAGR of 5.9% during the forecast period (2022 - 2032). The foot and ankle devices market is to be accounted for US$ 4.4 billion in 2022 and is likely to reach US$ 7.8 billion by 2032.
"The foot and ankle devices market is likely to witness lucrative market opportunities on account of the use of bioresorbable implants and emergence of technological advancements."
The growing number of traffic accidents, sports activities, and the urbanization of emerging markets increases the risk of fractures leading to an uptick in demand for foot and ankle devices. Furthermore, as professional sporting activities have increased, so have sports-related injuries, in turn, fuelling the sales of foot and ankle devices, where sprained feet are the most common injury worldwide.
The introduction of new products creates a conducive environment for foot and ankle devices market key trends & opportunities to thrive and drives the overall market growth. For instance, Integra LifeSciences Holdings Corporation commercialised the Cadence Total Ankle System.
The product has been used successfully in over 200 procedures. The company also plans to conduct post-market clinical studies to further demonstrate the efficacy of the products. The increased disease burden for key risk groups and the emergence of user-centric foot and ankle devices are expected to augment the foot and ankle devices market growth.
| Attributes | Details |
|---|---|
| Foot and Ankle Devices Market CAGR (2022 to 2032) | 5.9% |
| Foot and Ankle Devices Market Value (2022) | US$ 4.4 Billion |
| Foot and Ankle Devices Market Value (2032) | US$ 7.8 Billion |
Moreover, it is also considered that the rising demand for minimally invasive surgical procedures is likely to provide impetus to the foot and ankle devices market in the coming years. Foot and ankle devices have several advantages over conventional products, including lower cost, higher efficacy, greater patient comfort, and ease of use.
In addition, foot and ankle device companies are increasingly focusing on the development of specialized products for the treatment of various foot and ankle disorders and deformities, as well as meeting unmet market needs.
The availability of advanced products & treatment modalities is eliciting significant interest among end users due to the improved treatment outcomes they promise, thereby creating a wide array of foot and ankle device market opportunities.
Every year, millions of people benefit from orthopaedic devices that help them reduce pain, improve their quality of life, and regain mobility. All orthopaedic surgeons are familiar with foot and ankle devices, and medical device design is strictly regulated to ensure patient safety.
These devices can also be used to repair a foot that has been lost due to trauma, amputation, or an accident, encouraging many to opt for the same. Furthermore, the foot and ankle devices market is expected to be fostered by the benefits offered by these devices as they are thought to work by improving the user's balance and gait, reducing the risk of falling.
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As a result of the pandemic, access to customers to sell and implement foot and ankle devices dwindled during March 2020 and throughout the second quarter of 2020, as hospitals became primarily focused on the COVID-19 pandemic. Due to the pandemic, demand for foot and ankle devices has taken a dip significantly.
The pandemic has also had an impact on the orthopaedics field, as doctors are being redeployed to treat COVID-19 patients, making it difficult for them to focus on regular patients. As a result of the lack of hospital staff and operation facilities, performing orthopaedics and trauma surgery has become a significant challenge.
Nevertheless, the foot and ankle device market is expected to recover its losses and to combat the coronavirus outbreak, the pharmaceutical and medical device industries have gone into overdrive. Delays in clinical trials, barriers to rapid digital transformation, lengthy market access procedures, and orthopaedic surgery are all significant roadblocks.
Due to the pandemic, restriction on transporting various raw materials, the global shutdown of manufacturing devices has had a dwindled the foot and ankle device market size. As a result of the COVID-19 outbreak, surgical specialties such as foot and ankle surgery face unique challenges.
Foot and ankle surgeons can only perform emergency surgical procedures. COVID-19 has had a major impact on orthopaedic research, and it can and should now continue research with confidence by restructuring and adapting processes.
On the flip side, positive government policies and increased healthcare budgets have prompted leading companies to invest in foot and ankle devices. Prominent pharmaceutical companies are expected to increase their penetration in order to achieve greater efficacy and lower costs for the treatment of a variety of foot and ankle deformities and disorders.
The introduction of cutting-edge products and treatment modalities is anticipated to improve the foot and ankle devices market outlook to a considerable extent.
The current trend of product commercialization is expected to boost the growth of the global foot and ankle devices market. As the world's population spikes and orthopaedic injuries increase, so do FDA approval and manufacturing of medical devices.
Tyber Medical's Foot and Ankle Plating Systems have been approved by the FDA and are likely to augur well for foot and ankle devices market trends. Tyber Medical, LLC, a leading orthopaedic device manufacturer that provides private-label orthopaedic implants for the trauma and spine markets, has received 510(k) clearance from the United States Food and Drug Administration (FDA) for its latest line of foot and ankle plating systems.
Furthermore, as a result of factors such as chronic diseases, rising populations, developments in the healthcare sector, and rising government initiatives, emerging economies such as China, South Africa, Brazil, and India are becoming more involved in the market for foot and ankle products.
The high cost of certain foot and ankle devices, a scarcity of qualified practitioners to operate the devices, and the possibility of a medical device excise tax all limit the global foot and ankle device market. The production of many foot and ankle products by medical device companies significantly raises the cost of capital.
The first and most serious problem is that the bone plates can loosen and pull away from your broken bone over time, necessitating repair and higher skin pressures as a result of applying forces to a small surface area.
There are several risks associated with the use of orthopaedic implants and devices, such as the discomfort associated with the implant and device insertion. The same can hamper the foot and ankle market growth.
Metal or metal alloys (nickel, chromium, cobalt, and titanium) are used to make most foot and ankle devices. And once implanted, products containing or made of these metals may cause allergies and infections such as urticaria, eczematous dermatitis, and vasculitis, discouraging opting for these devices.
Metal sensitivity can also result in osteolysis, aseptic loosening of implanted metal hardware, and pain. As a result, the risks mentioned above limit the adoption of foot and ankle implants and devices around the globe.
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In terms of application, the trauma & hair line fractures segment is likely to lead the foot and ankle devices market with a CAGR of 5.6% through 2032. The trauma and hair line fractures segment is expected to account for a larger foot and ankle devices market share.
The increasing number of foot and ankle reconstruction procedures related to fractures and the rising prevalence of sports injuries and road accidents are contributing to the segment’s growth. Moreover, other contributing factors include the global ageing population, and the development of advanced foot and ankle products
The hospital segment is likely to be at the forefront of the foot and ankle devices market, based on end user, with a CAGR of 5.4% through 2032. The huge share of this segment can be attributed to the large target patient population base preferring hospitals, the growing procedural volume in hospital settings.
The increasing emphasis on effective and early disease diagnosis in hospitals, and hospitals' high budgets for introducing various technologically advanced foot and ankle device products are enlarging the segment’s share in the market.
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| Regions | CAGR (2022 to 2032) |
|---|---|
| US Market | 6.4% |
| UK Market | 5.9% |
| China Market | 6.2% |
| Japan Market | 5.5% |
| South Korea Market | 4.8% |
The presence of leading companies and the involvement of children and youth in sports is projected to significantly boost the US foot and ankle devices market outlook. The US foot and ankle market is expected to move ahead with a CAGR of 6.4%, accounting for about US$ 3.0 billion by 2032.
Due to newer opportunities in healthcare treatments and rising awareness to adopt novel treatment methods, China foot and ankle devices market is expected to witness a CAGR of 6.2% from 2022 to 2032.
The market for foot and ankle devices is highly competitive, with only a few major players. On account of numerous product launches, companies try to maintain its dominant position in the global foot and ankle devices market.
The foot and ankle devices market share is being expanded by companies with increased investment in its R&D department, shifting their focus on innovations and improving the quality of its products.
Recent Developments in the Foot and Ankle Devices Market:
The foot and ankle devices market is projected to register a CAGR of 5.9% during the forecast period.
The U.S. is expected to lead the foot and ankle devices market with a CAGR of 6.4% through 2032.
The trauma & hair line fractures segment is expected to dominate the foot and ankle devices market over the forecast period.
The foot and ankle devices market is expected to be valued at US$ 7.8 billion by 2032.
The foot and ankle devices market accounted for about US$ 4.1 billion in 2021.
1. Executive Summary 1.1. Global Market Outlook 1.2. Summary of Statistics 1.3. Key Market Characteristics & Attributes 1.4. Analysis and Recommendations 2. Market Overview 2.1. Market Coverage / Taxonomy 2.2. Market Definition / Scope / Limitations 3. Market Risks and Trends Assessment 3.1. Risk Assessment 3.1.1. COVID-19 Crisis and Impact on Demand 3.1.2. COVID-19 Impact Benchmark with Previous Crisis 3.1.3. Impact on Market Value (US$ Mn) 3.1.4. Assessment by Key Countries 3.1.5. Assessment by Key Market Segments 3.1.6. Action Points and Recommendation for Suppliers 3.2. Key Trends Impacting the Market 3.3. Formulation and Product Development Trends 4. Market Background 4.1. Market, by Key Countries 4.2. Market Opportunity Assessment (US$ Mn) 4.2.1. Total Available Market 4.2.2. Serviceable Addressable Market 4.2.3. Serviceable Obtainable Market 4.3. Market Scenario Forecast 4.3.1. Demand in optimistic Scenario 4.3.2. Demand in Likely Scenario 4.3.3. Demand in Conservative Scenario 4.4. Investment Feasibility Analysis 4.4.1. Investment in Established Markets 4.4.1.1. In Short Term 4.4.1.2. In Long Term 4.4.2. Investment in Emerging Markets 4.4.2.1. In Short Term 4.4.2.2. In Long Term 4.5. Forecast Factors - Relevance & Impact 4.5.1. Top Companies Historical Growth 4.5.2. Growth in Automation, By Country 4.5.3. Adoption Rate, By Country 4.6. Market Dynamics 4.6.1. Market Driving Factors and Impact Assessment 4.6.2. Prominent Market Challenges and Impact Assessment 4.6.3. Market Opportunities 4.6.4. Prominent Trends in the Global Market & Their Impact Assessment 5. Key Success Factors 5.1. Manufacturers’ Focus on Low Penetration High Growth Markets 5.2. Banking on with Segments High Incremental Opportunity 5.3. Peer Benchmarking 6. Global Market Demand Analysis 2015-2021 and Forecast, 2022-2032 6.1. Historical Market Analysis, 2015-2021 6.2. Current and Future Market Projections, 2022-2032 6.3. Y-o-Y Growth Trend Analysis 7. Global Market Value Analysis 2015-2021 and Forecast, 2022-2032 7.1. Historical Market Value (US$ Mn) Analysis, 2015-2021 7.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032 7.2.1. Y-o-Y Growth Trend Analysis 7.2.2. Absolute $ Opportunity Analysis 8. Global Market Analysis 2015-2021 and Forecast 2022-2032, By Product 8.1. Introduction / Key Findings 8.2. Historical Market Size (US$ Mn) Analysis By Product, 2015-2021 8.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Product, 2022-2032 8.3.1. Orthopedic Implants and Devices 8.3.1.1. Joint Implants 8.3.1.1.1. Ankle Implants (Ankle Replacement Devices) 8.3.1.1.2. Subtalar Joint Implants/Subtalar Joint Reconstruction Devices 8.3.1.1.3. Phalangeal Implants 8.3.1.2. Fixation Devices 8.3.1.2.1. Internal Fixation Devices 8.3.1.2.1.1. Screws 8.3.1.2.1.2. Plates 8.3.1.2.1.3. Fusion Nails 8.3.1.2.1.4. Wires & Pins 8.3.1.2.2. External Fixation Devices 8.3.1.2.2.1. Ring Ankle Fixators 8.3.1.2.2.2. Unilateral Fixators 8.3.1.2.2.3. Hybrid Fixators 8.3.1.3. Soft Tissue Orthopedic Devices 8.3.1.3.1. Musculoskeletal Reinforcement Devices 8.3.1.3.2. Artificial Tendons & Ligaments 8.3.2. Bracing and Support Devices 8.3.2.1. Soft Bracing & Support Devices 8.3.2.2. Hinged Braces & Suppot Devices 8.3.2.3. Hard Braces & Support Devices 8.3.3. Prostheses 8.3.3.1. Solid Ankle Cushion Heel (SACH) Prostheses 8.3.3.2. Single-Axial Prostheses 8.3.3.3. Multiaxial Prostheses 8.3.3.4. Dynamic Response/Energy-Storing Prostheses 8.3.3.5. Microprocessor-Controlled (Mpc) Prostheses 8.4. Market Attractiveness Analysis By Product 9. Global Market Analysis 2015-2021 and Forecast 2022-2032, By Application 9.1. Introduction / Key Findings 9.2. Historical Market Size (US$ Mn) Analysis By Application, 2015-2021 9.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By Application, 2022-2032 9.3.1. Trauma & Hair line Fractures 9.3.2. Rheumatoid Arthritis & Osteoarthritis 9.3.3. Diabetic Foot Diseases 9.3.4. Ligament Injuries 9.3.5. Neurological Disorders 9.3.6. Hammertoe 9.3.7. Others 9.4. Market Attractiveness Analysis By Application 10. Global Market Analysis 2015-2021 and Forecast 2022-2032, By End User 10.1. Introduction / Key Findings 10.2. Historical Market Size (US$ Mn) Analysis By End User, 2015-2021 10.3. Current and Future Market Size (US$ Mn) Analysis and Forecast By End User, 2022-2032 10.3.1. Hospitals 10.3.2. Ambulatory Surgery Centers 10.3.3. Orthopedic Clinics 10.3.4. Rehabilitation Centers 10.4. Market Attractiveness Analysis By End User 11. Global Market Analysis 2015-2021 and Forecast 2022-2032, By Region 11.1. Introduction 11.2. Historical Market Size (US$ Mn) Analysis By Region, 2015-2021 11.3. Current Market Size (US$ Mn) & Analysis and Forecast By Region, 2022-2032 11.3.1. North America 11.3.2. Latin America 11.3.3. Europe 11.3.4. Asia Pacific 11.3.5. Middle East and Africa (MEA) 11.4. Market Attractiveness Analysis By Region 12. North America Market Analysis 2015-2021 and Forecast 2022-2032 12.1. Introduction 12.2. Pricing Analysis 12.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2015-2021 12.4. Market Size (US$ Mn) & Forecast By Market Taxonomy, 2022-2032 12.4.1. By Country 12.4.1.1. U.S. 12.4.1.2. Canada 12.4.1.3. Rest of North America 12.4.2. By Product 12.4.3. By End User 12.4.4. By Application 12.5. Market Attractiveness Analysis 12.5.1. By Country 12.5.2. By Product 12.5.3. By End User 12.5.4. By Application 13. Latin America Market Analysis 2015-2021 and Forecast 2022-2032 13.1. Introduction 13.2. Pricing Analysis 13.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2015-2021 13.4. Market Size (US$ Mn) & Forecast By Market Taxonomy, 2022-2032 13.4.1. By Country 13.4.1.1. Brazil 13.4.1.2. Mexico 13.4.1.3. Rest of Latin America 13.4.2. By Product 13.4.3. By End User 13.4.4. By Application 13.5. Market Attractiveness Analysis 13.5.1. By Country 13.5.2. By Product 13.5.3. By End User 13.5.4. By Application 14. Europe Market Analysis 2015-2021 and Forecast 2022-2032 14.1. Introduction 14.2. Pricing Analysis 14.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2015-2021 14.4. Market Size (US$ Mn) & Forecast By Market Taxonomy, 2022-2032 14.4.1. By Country 14.4.1.1. Germany 14.4.1.2. France 14.4.1.3. U.K. 14.4.1.4. Italy 14.4.1.5. Benelux 14.4.1.6. Nordic Countries 14.4.1.7. Rest of Europe 14.4.2. By Product 14.4.3. By End User 14.4.4. By Application 14.5. Market Attractiveness Analysis 14.5.1. By Country 14.5.2. By Product 14.5.3. By End User 14.5.4. By Application 15. Asia Pacific Market Analysis 2015-2021 and Forecast 2022-2032 15.1. Introduction 15.2. Pricing Analysis 15.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2015-2021 15.4. Market Size (US$ Mn) & Forecast By Market Taxonomy, 2022-2032 15.4.1. By Country 15.4.1.1. China 15.4.1.2. Japan 15.4.1.3. South Korea 15.4.1.4. Rest of Asia Pacific 15.4.2. By Product 15.4.3. By End User 15.4.4. By Application 15.5. Market Attractiveness Analysis 15.5.1. By Country 15.5.2. By Product 15.5.3. By End User 15.5.4. By Application 16. Middle East and Africa Market Analysis 2015-2021 and Forecast 2022-2032 16.1. Introduction 16.2. Pricing Analysis 16.3. Historical Market Size (US$ Mn) Trend Analysis By Market Taxonomy, 2015-2021 16.4. Market Size (US$ Mn) & Forecast By Market Taxonomy, 2022-2032 16.4.1. By Country 16.4.1.1. GCC Countries 16.4.1.2. South Africa 16.4.1.3. Turkey 16.4.1.4. Rest of Middle East and Africa 16.4.2. By Product 16.4.3. By End User 16.4.4. By Application 16.5. Market Attractiveness Analysis 16.5.1. By Country 16.5.2. By Product 16.5.3. By End User 16.5.4. By Application 17. Key Countries Market Analysis 2015-2021 and Forecast 2022-2032 17.1. Introduction 17.1.1. Market Value Proportion Analysis, By Key Countries 17.1.2. Global Vs. Country Growth Comparison 17.2. US Market Analysis 17.2.1. Value Proportion Analysis by Market Taxonomy 17.2.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.2.2.1. By Product 17.2.2.2. By End User 17.2.2.3. By Application 17.3. Canada Market Analysis 17.3.1. Value Proportion Analysis by Market Taxonomy 17.3.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.3.2.1. By Product 17.3.2.2. By End User 17.3.2.3. By Application 17.4. Mexico Market Analysis 17.4.1. Value Proportion Analysis by Market Taxonomy 17.4.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.4.2.1. By Product 17.4.2.2. By End User 17.4.2.3. By Application 17.5. Brazil Market Analysis 17.5.1. Value Proportion Analysis by Market Taxonomy 17.5.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.5.2.1. By Product 17.5.2.2. By End User 17.5.2.3. By Application 17.6. Germany Market Analysis 17.6.1. Value Proportion Analysis by Market Taxonomy 17.6.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.6.2.1. By Product 17.6.2.2. By End User 17.6.2.3. By Application 17.7. France Market Analysis 17.7.1. Value Proportion Analysis by Market Taxonomy 17.7.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.7.2.1. By Product 17.7.2.2. By End User 17.7.2.3. By Application 17.8. Italy Market Analysis 17.8.1. Value Proportion Analysis by Market Taxonomy 17.8.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.8.2.1. By Product 17.8.2.2. By End User 17.8.2.3. By Application 17.9. BENELUX Market Analysis 17.9.1. Value Proportion Analysis by Market Taxonomy 17.9.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.9.2.1. By Product 17.9.2.2. By End User 17.9.2.3. By Application 17.10. UK Market Analysis 17.10.1. Value Proportion Analysis by Market Taxonomy 17.10.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.10.2.1. By Product 17.10.2.2. By End User 17.10.2.3. By Application 17.11. Nordic Countries Market Analysis 17.11.1. Value Proportion Analysis by Market Taxonomy 17.11.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.11.2.1. By Product 17.11.2.2. By End User 17.11.2.3. By Application 17.12. China Market Analysis 17.12.1. Value Proportion Analysis by Market Taxonomy 17.12.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.12.2.1. By Product 17.12.2.2. By End User 17.12.2.3. By Application 17.13. Japan Market Analysis 17.13.1. Value Proportion Analysis by Market Taxonomy 17.13.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.13.2.1. By Product 17.13.2.2. By End User 17.13.2.3. By Application 17.14. South Korea Market Analysis 17.14.1. Value Proportion Analysis by Market Taxonomy 17.14.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.14.2.1. By Product 17.14.2.2. By End User 17.14.2.3. By Application 17.15. GCC Countries Market Analysis 17.15.1. Value Proportion Analysis by Market Taxonomy 17.15.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.15.2.1. By Product 17.15.2.2. By End User 17.15.2.3. By Application 17.16. South Africa Market Analysis 17.16.1. Value Proportion Analysis by Market Taxonomy 17.16.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.16.2.1. By Product 17.16.2.2. By End User 17.16.2.3. By Application 17.17. Turkey Market Analysis 17.17.1. Value Proportion Analysis by Market Taxonomy 17.17.2. Value & Analysis and Forecast by Market Taxonomy, 2022-2032 17.17.2.1. By Product 17.17.2.2. By End User 17.17.2.3. By Application 17.17.3. Competition Landscape and Player Concentration in the Country 18. Market Structure Analysis 18.1. Market Analysis by Tier of Companies 18.2. Market Concentration 18.3. Market Share Analysis of Top Players 18.4. Market Presence Analysis 18.4.1. By Regional footprint of Players 18.4.2. Product footprint by Players 19. Competition Analysis 19.1. Competition Dashboard 19.2. Competition Benchmarking 19.3. Competition Deep Dive 19.3.1. Stryker Corporation 19.3.1.1. Overview 19.3.1.2. Product Portfolio 19.3.1.3. Sales Footprint 19.3.1.4. Strategy Overview 19.3.2. Zimmer Biomet Holdings, Inc 19.3.2.1. Overview 19.3.2.2. Product Portfolio 19.3.2.3. Sales Footprint 19.3.2.4. Strategy Overview 19.3.3. Smith & Nephew plc 19.3.3.1. Overview 19.3.3.2. Product Portfolio 19.3.3.3. Sales Footprint 19.3.3.4. Strategy Overview 19.3.4. Arthrex Inc 19.3.4.1. Overview 19.3.4.2. Product Portfolio 19.3.4.3. Sales Footprint 19.3.4.4. Strategy Overview 19.3.5. Integra LifeSciences Holdings Corporation 19.3.5.1. Overview 19.3.5.2. Product Portfolio 19.3.5.3. Sales Footprint 19.3.5.4. Strategy Overview 19.3.6. DJO, LLC 19.3.6.1. Overview 19.3.6.2. Product Portfolio 19.3.6.3. Sales Footprint 19.3.6.4. Strategy Overview 19.3.7. CONMED Corporation 19.3.7.1. Overview 19.3.7.2. Product Portfolio 19.3.7.3. Sales Footprint 19.3.7.4. Strategy Overview 19.3.8. Orthofix Medical Inc. 19.3.8.1. Overview 19.3.8.2. Product Portfolio 19.3.8.3. Sales Footprint 19.3.8.4. Strategy Overview 19.3.9. Medartis AG 19.3.9.1. Overview 19.3.9.2. Product Portfolio 19.3.9.3. Sales Footprint 19.3.9.4. Strategy Overview 19.3.10. Acumed LLC 19.3.10.1. Overview 19.3.10.2. Product Portfolio 19.3.10.3. Sales Footprint 19.3.10.4. Strategy Overview 20. Assumptions and Acronyms Used 21. Research Methodology
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Foot And Ankle Devices Market
