Foot and Ankle Devices Market: Zimmer Biomet Makes $1.2B Move

The medtech industry is off to a fast start in 2025, with Zimmer Biomet making a major acquisition that is set to reshape its position in the foot and ankle devices market. This week, the orthopedic giant announced its decision to acquire Paragon 28 for $1.2 billion, marking a significant shift in Zimmer Biomet’s strategic focus.

In this blog, we’ll break down how this deal strengthens Zimmer Biomet’s foothold in the foot and ankle space, examine the growing potential of the foot and ankle devices market, and explore the numbers highlighting why this market is becoming increasingly important for companies like Zimmer Biomet.

A Strong Move in Foot and Ankle Devices

Founded in 2010, Paragon 28 has positioned itself as a leader in the foot and ankle space, focusing on developing and commercializing surgical implants for various foot and ankle conditions. This includes addressing deformities, fractures, joint replacements, and trauma. Paragon 28’s business model is built around a portfolio of specialized products aimed at treating complex issues in this part of the body, which has become an increasingly vital niche within the broader orthopedic space.

Between 2022 and 2023, Paragon 28 reported impressive growth, with revenue jumping by 19%, totaling $216.4 million. Their success is clearly reflected in their year-over-year revenue, and this growth trajectory made Paragon 28 an attractive target for Zimmer Biomet.

Zimmer Biomet’s CEO, Ivan Tornos, commented on the acquisition, noting that it would enhance its position in one of the highest-growth specialized segments within musculoskeletal care. This acquisition is expected to not only consolidate Zimmer Biomet’s presence in the foot and ankle market but also create new opportunities in ambulatory surgery centers (ASCs), a rapidly growing space in healthcare.

Key Numbers Behind Foot and Ankle Device Growth

The decision to acquire Paragon 28 fits into Zimmer Biomet’s larger strategy to dominate the foot and ankle devices market. According to LSI’s Global Procedure Volumes (SPV) database, the global market for foot and ankle arthroplasties (joint replacements) is expected to grow at a compound annual growth rate (CAGR) of 5.7%, with the number of procedures set to exceed 120,000 by 2029.

Interestingly, foot and ankle arthroplasties are on track to grow faster than hip replacement procedures, which are forecast to grow at a CAGR of 5.5% during the same period. This reflects the increasing recognition of the importance of the foot and ankle segment, not only in the context of joint replacements but also in treating trauma and fractures.

Fracture and trauma procedures are another area where Paragon 28 excels. With 6.22 million procedures performed worldwide in 2024, the fracture repair market continues to grow at a solid pace, with a projected CAGR of 4.4% from 2024 to 2029.

The foot and ankle devices market stands to benefit from both arthroplasties and fracture repairs, as many patients with foot and ankle fractures require complex surgical devices to address their conditions. These devices can include plates, screws, and joint replacement components—further driving the market’s growth.

Consolidation and Strategic Acquisitions

In the world of joint replacements, consolidation has played a significant role in shaping the competitive landscape. By acquiring companies like Paragon 28, Zimmer Biomet gains access to an established customer base and strengthens its position in a fast-growing market segment.

This consolidation strategy is similar to what we’ve seen with other industry giants like Stryker and Johnson & Johnson. For Zimmer Biomet, consolidating the foot and ankle devices market through strategic acquisitions helps them increase their market share and solidify long-term relationships with healthcare providers, making it harder for competitors to break in.

The U.S. market is a prime example of how consolidation and the ASC trend are showing results. With more foot and ankle procedures being performed in ASCs, medtech companies can now reach a broader customer base while reducing the overall cost of procedures. This shift has made acquisitions like Zimmer Biomet’s even more impactful.

Looking Ahead: The Growth of the Foot and Ankle Devices Market

Zimmer Biomet’s acquisition of Paragon 28 positions the company to capitalize on the significant growth expected in the foot and ankle devices market. As the demand for joint replacement procedures and trauma management grows, especially among aging populations and active adults, Zimmer Biomet’s expanded portfolio will allow it to offer a broader range of solutions for both routine and complex conditions.

Looking at the broader industry, we see an increasing focus on innovations in implant technology, which will drive market expansion. Companies that can offer high-quality, durable, and affordable products in the foot and ankle space will continue to gain traction, particularly with the growing shift toward outpatient surgeries.

Additionally, the rising awareness of foot and ankle health—especially among athletes and older individuals—is expected to fuel further demand for advanced foot and ankle devices. With a well-established portfolio and new products from Paragon 28, Zimmer Biomet is poised to lead the charge.

The Future of Foot and Ankle Devices: Opportunities and Challenges

While the future looks bright for the foot and ankle devices market, challenges remain. As with any highly specialized sector, maintaining competitive advantage requires continual innovation. Companies must invest in R&D to develop next-generation solutions that meet the evolving needs of patients and surgeons alike. Zimmer Biomet’s acquisition of Paragon 28 is a step in the right direction, but staying ahead of competitors will require ongoing investment in technology and product development.

Moreover, expanding access to foot and ankle surgeries, particularly in underserved regions, will be key to ensuring that growth in the market is sustainable. As global healthcare systems evolve, companies like Zimmer Biomet will need to adapt their strategies to meet the needs of a more diverse patient population.

Conclusion

Zimmer Biomet’s acquisition of Paragon 28 highlights the growing importance of the foot and ankle devices market within the broader orthopedic sector. With an increasing number of procedures, a strong focus on innovation, and expanding access to treatment, the market is poised for continued growth in the years to come.

By acquiring Paragon 28, Zimmer Biomet strengthens its position as a leader in this space, allowing it to better meet the needs of patients and healthcare providers. As the market evolves, Zimmer Biomet’s focus on providing innovative solutions for foot and ankle conditions will continue to play a key role in shaping the future of orthopedic care.

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