Foot Drop Treatment Devices Market is Estimated to Witness High Growth Owing to Advancements in Electrical Stimulation Technologies
Foot drop is a condition caused by weakness in the muscles and nerves that lift the front part of the foot. It makes the toes drag across the ground when walking. Foot drop treatment devices assist patients with lifting their foot during walking by providing some extra power, usually through electrical stimulation or mechanical means. Electrical stimulation devices apply small electrical currents to stimulate the weakened nerves and muscles in the leg and ankle to help lift the foot. Mechanical ankle foot orthoses are braces worn externally to support and lift the foot.
The foot drop treatment devices market is estimated to be valued at USD 2.59 Bn in 2024 and is expected to reach USD 4.5 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Key Takeaways
Key players operating in the foot drop treatment devices are Ottobock, Hanger Clinic, Boston Orthotics & Prosthetics, DJO Global, and Fillauer LLC.
Growing demand for less invasive treatment options and increasing awareness regarding Foot Drop Treatment Devices Market present profitable growth opportunities.
Technological developments include rechargeable battery-powered devices, wireless system designs, intuitive user interfaces, and devices incorporating neuromuscular electrical stimulation.
Market drivers
The rise in incidence of neurological disorders such as stroke, cerebral palsy, and multiple sclerosis that increase the risks of foot drop presents the primary growth driver. Nearly 800,000 people in the U.S. suffer a stroke each year, out of which around 30% develop foot drop. Increasing research on efficacy of electrical stimulation therapies and growing acceptance of these treatment modalities also propels the market growth.
Current Challenges in Foot Drop Treatment Devices Market
The foot drop treatment devices market is facing certain challenges currently. The major challenge is lack of awareness about foot drop and available treatment options among patients as well as physicians. Foot drop being an uncommon medical condition, the awareness levels are still very low globally. As a result, many patients do not seek timely medical help which reduces chances of full recovery. High cost of some advanced foot drop treatment devices is another challenge restricting adoption rates in developing economies. Insurance coverage is also limited for such devices in many countries posing affordability issues for patients.
SWOT Analysis
Strength: Presence of well-established players with strong R&D and product portfolio.
Weakness: Lack of awareness leading to under diagnosis of foot drop condition. High cost of some devices restricts penetration in low and middle income countries.
Opportunity: Growing geriatric population prone to conditions like stroke and diabetes driving demand. Scope for developing low cost foot drop treatment devices.
Threats: Product recalls affecting brand image and revenues of companies. Stiff competition from cheaper substitutes and alternative treatment therapies.
The United States currently accounts for the largest share in the foot drop treatment devices market, both in terms of value and volume. This is attributed to factors such as growing elderly population, high healthcare spending, presence of major players and strong reimbursement system in the country. Germany, France, UK, Italy are some of the other key European markets. The Asia Pacific region is the fastest growing geographical region for foot drop treatment devices market led by China and India. This can be attributed to rapidly increasing geriatric population, improving healthcare infrastructure and rising medical tourism in these emerging economies.
China is projected to be the fastest growing individual market for foot drop treatment devices over the forecast period. This high growth can be attributed to expanding base of older adults, improving healthcare infrastructure and increasing spending on medical devices in the country.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.