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(Health-NewsWire.Net, May 26, 2020 ) [279 Pages Report] The Orthopedic Braces and Supports Market is projected to reach USD 5.5 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 5.7% during the forecast period.
Growth in the orthopedic braces and supports market is primarily driven by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability and market availability, rising number of sports and accident-related injuries, and growing public awareness related to preventive care.
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By type, the soft and elastic braces and supports segment accounted for the largest share of the orthopedic braces and supports market in 2018
Soft and elastic braces are the most common bracing & support products in orthopedics. These are easy to use, flexible, provide unrestricted patient mobility, and are highly customizable, as compared to other surgical alternatives. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.
Ligament injury is the largest application segment of the orthopedic braces and supports market
Orthopedic bracing and support products are used for the clinical management of ligament injuries such as anterior cruciate ligament, posterior cruciate ligament, medial collateral ligament, lateral collateral ligament, and coronary ligament injuries. The large share of the ligament injury segment can be attributed to increasing public participation in sports & athletic activities (coupled with the rising incidence of sports-related injuries), rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries.
Recent Developments:
- In December 2018, DJO Finance LLC established its new global headquarters in Dallas, US, to develop and market DonJoy Products, which includes braces and supports.
- In November 2018, DJO Finance LLC launched EMPOWR Porous Knee System and EMPOWR Complex Primary Knee System. This helped the company to improve its position in the orthopedic braces and supports market.
- In March 2018, DJO Finance LLC launched X4 Smart Brace with Motion Intelligence.
- In March 2017, DJO Finance LLC launched TriFit Knee Brace (a DonJoy Product).
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What are the major revenue pockets in the orthopedic braces and supports market currently?
The highest market share of orthopedic braces and supports is estimated to belong to the North America with US garnering ~85% share within the region as of 2018. The market expansion of target products within the region is expected to the driven by their rising demand for osteoarthritis & ACL injury treatment, significant utilization of these products among hospitals & orthopedic clinics and increasing demand for preventive care products.
Key Market Players:
Breg, Inc. (US), DJO Finance LLC (US), Bauerfeind AG (Germany), DeRoyal Industries, Inc. (US) and Össur Hf (Iceland) are the top five players in the global orthopedic braces and supports market. Other prominent players operating in this market include Oppo Medical, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Reh4Mat (Poland), 3M Company (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and United Ortho (US).
MarketsandMarkets™
Mr. Aashish Mehra
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raviraj.tak@marketsandmarkets.com
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