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MarketsandMarkets – Market Research Reports: Stryker Corporation (U.S.) and Arthrex, Inc. (U.S.) to secure leadership position in the Global Foot and Ankle Devices Market
Stryker Corporation (U.S.) and Arthrex, Inc. (U.S.) to secure leadership position in the Global Foot and Ankle Devices Market
The foot and ankle devices market has witnessed various improvements in treatment options in recent years, which can be attributed to market players focusing on the introduction of newer products and treatments for foot and ankle injuries. Through the launch of new products, a number of key players are competing to increase their market shares and expand their existing customer base. Stryker Corporation (U.S.), Arthrex, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), and Wright Medical Technology, Inc. (U.S.) are the top five players of this market. These players accounted for ~67% of the total foot and ankle devices market in 2014.
Stryker Corporation was the leading player in the foot and ankle devices market, with a share of 22.1% in 2014. The company has been in the market for about 71 years and offers a diversified product portfolio that includes VariAx Foot Locking Plate System, Hoffmann II MRI External Fixation System, Asnis Micro Cannulated Screw System, and T2 Ankle Arthrodesis Nailing System. Stryker strategically focuses on innovation, for which it consistently invests in R&D (USD 614 million (6.3% of sales) in 2014). This helps the company to constantly develop innovative products and technologies such as BIO4, a next-generation viable bone matrix. Stryker focuses on inorganic growth strategies to ensure market growth. For example, it acquired certain assets of Small Bone Innovations, Inc. (SBi), (U.S.) for approximately USD 358 million in September 2014 to enhance its product offerings by adding the Scandinavian Total Ankle Replacement System (STAR Ankle) to its Foot & Ankle product portfolio. The company has strengthened its position in the market on account of its diversified product portfolio and constant focus on R&D and inorganic growth strategies.
Arthrex, Inc. held the second-largest share of ~15.6% in 2014. Innovation has helped this company to expand its product portfolio, enter new markets, and build a better network to enhance its customer base. Furthermore, Arthrex focuses on inorganic strategies to ensure market growth. For instance in October 2014, it partnered with Osiris Therapeutics, Inc. (U.S.), a leading cellular and regenerative medicine company, to commercialize and develop Cartiform (Osiris) and receive exclusive commercial distribution rights for the product.
Strategies adopted by players in the foot and ankle devices market include new product launches, agreements, joint ventures, partnerships, acquisitions, and expansion. New product launches was the major growth strategy implemented by companies; it accounted for over 37% of all strategic developments in the market during 2012 to 2015.
Key players that adopted this strategy are Stryker Corporation (U.S.), Arthrex, Inc. (U.S.), Zimmer Biomet Holdings, Inc. (U.S.), Smith & Nephew plc (U.K.), Wright Medical Technology, Inc. (U.S.), Integra LifeSciences Holdings Corporation (U.S.), Tornier N.V. (The Netherlands), Össur (Iceland), Acumed, LLC (U.S.), and Extremity Medical, LLC (U.S.).
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