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(Health-NewsWire.Net, September 24, 2021 ) According to the new market research report “Orthopedic Braces and Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Hard, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Hospital) & Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Orthopedic Braces Market size is estimated to be USD 3.1 billion in 2020 and projected to reach USD 4.1 billion by 2025, at a CAGR of 5.8 %.
Growth Driver: Increasing prevalence of orthopedic diseases and disorders;
Orthopedic braces and supports are increasingly being used during clinical management of various orthopedic diseases and disorders such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures, and carpal tunnel syndrome. These products offer higher clinical efficacy and fast patient recovery compared to alternative therapies such as pain medications.
- As of 2018, around 75 million individuals (aged 50 and over) had osteoporosis across the US, Europe, and Japan (Source: International Osteoporosis Foundation).
- Around 400,000 people in the UK have rheumatoid arthritis, data as of 2018 (Source: Arthritis Research UK).
The incidence of orthopedic diseases and disorders is expected to increase further in the coming years with the increasing prevalence of obesity and related lifestyle disorders, as obese individuals are at a higher risk of orthopedic & musculoskeletal injuries as well as diabetes.
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Geographically; Asia Pacific is estimated to be the fastest-growing market for orthopedic braces and supports during the forecast period. The Asia Pacific market is driven principally by the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment), increasing GDP and healthcare expenditure in APAC countries, and growing public awareness. Furthermore, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries are aiding the market growth.
DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US) are the key players in the global Orthopedic Braces And Supports Market.
DJO Finance LLC (US) dominated the market in 2019. The company offers a broad range of orthopedic braces and supports that are used in various applications, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries, such as the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on the development of technologically innovative products to further strengthen its position in the market. For example, the company launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection On Demand (POD) Ankle Braces, and AirSelect suite in the past three years.
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Demand for knee braces and supports among medical professionals and athletes is expected to result in the segment occupying the majority of the market share
The knee braces and supports market is estimated to have the largest market share by value. Growth of this segment can be attributed to the growing demand for knee braces & supports among medical professionals and athletes and favorable reimbursement scenario for knee braces in developed countries. Moreover, growing geriatric & obese population (which are at a higher risk of developing osteoarthritis and other knee-related conditions), and the increasing number of sports injuries is expected to drive the market growth.
Lower spine braces estimated to be the largest and fastest-growing market
Lower spine braces are estimated to be the largest and fastest-growing segment in the Orthopedic Braces And Supports Market. The growth of this segment can be attributed to the rising incidence of lower spine disorders and the growing number of hip & disc replacement surgeries (which utilize lower spine braces and supports for post-operative rehabilitation).
North America is estimated to be the largest market due to the continuous development and commercialization of novel orthopedic braces & support products, favorable reimbursements & insurance coverage for major orthopedic bracing procedures, supportive government regulations for product commercialization, and significant sports participation.
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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