From $3.10 billion in 2020, the global Orthopedic Braces & Supports market is projected to reach $5.70 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 7.9% from 2020 - 2028 timeframe.
Some of the prominent trends that the market is witnessing include increasing number of strategic alliances, emergence of 3d printing, and rising musculoskeletal disorders amongst the aging population.
Global Orthopedic Braces & Supports Market: Market Dynamics
Given their enhanced clinical effectiveness and quick recovery compared to conservative therapies such as pain medications, orthopedic braces and supports are increasingly gaining traction through clinical management of numerous orthopedic disorders including osteoarthritis (OA), carpal tunnel syndrome, rheumatoid arthritis (RA), and osteoporotic fractures. Manufacturers in the orthopedic industry are increasingly focusing on designing orthopedic braces in line with smart technology. The increasing number of road accidents and sport-related injuries, rising prevalence of orthopedic diseases and disorders, and superior product affordability and market availability are fueling the growth of the orthopedic braces & supports market across the globe. The increased sales of off-the-shelf and online products are one of the key factors contributing to the growth of the market.
For instance, according to the International Osteoporosis Foundation, in 2018, osteoporosis is projected to affect 200 million women crosswise the world, amid which near roughly one-tenth of women are above the age of 60, one-fifth of women aged more than 70, two-fifths of women aged above 80 and two-thirds of women aged more than 90.
On the other hand, the lack of consciousness regarding the new orthopedic braces and support is likely to obstruct the profit boundaries. In addition, the growing occurrence of musculoskeletal state will further boost the orthopedic braces & supports market.
Impact of COVID-19 on Orthopedic Braces & Supports
The outbreak of COVID-19 has a negative impact on the orthopedic braces and supports market, due to the factors such as a sharp refuse in elective surgeries and forbid on organized sports. As per the data provided by the University of Birmingham, published in the British Journal of Surgery in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to COVID-19. In addition, O&P clinics were provisionally closed, and hospital access restricted to non-essential care. Hence, partial access to clinics, social disaffection, the lockdown of the population, which results in fewer trauma and workplace injuries, and slow-down in patient flow and referrals, has also impacted the market growth. By Product
Knee Braces and Supports Segment Dominate the Market in 2018
The knee braces and supports segment was the largest revenue generator in 2018, due to the increasing demand for knee braces & supports among medical professionals and athletes, the favorable recovery scenario for lap braces in emerging countries, and the growing obese population. Knee braces and supports help in stress relief from knee joints affected by arthritis. These products are majorly used by individuals anguish from arthritis and other joint-related disorders, sports players, and patients who have undergone knee surgery. Moreover, the growth of the knee braces and supports segment is accredited to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
North America Region is Leading in the Global Market Place
North America region is likely to have a huge demand in the forecast period, due to the high prevalence of obese and arthritic patients, increasing awareness about bracing devices that assist mobility and avert extra injury, and supportive government product marketing regulations. Moreover, the U.S. population is at high risk of osteoporosis arising due to the high number of obese and geriatric people. Thus, the rising prevalence of orthopedic conditions coupled with the high adoption of advanced products is expected to fuel the regional market growth in the near future.
List of the Key Players Profiled in the Market Include:
• Bauerfeind AG • 3M • Ascent Meditech Ltd • Alcare Company Ltd. • BSN medical, Inc. • Bird and Cronin Inc. • DJO Global Inc. • Medi GmbH & Co. KG • Otto Bock Healthcare • Frank Stubbs Company, Inc. • Zimmer Biomet Holdings Inc • Deroyal Industries Inc. • ALCARE Co.Ltd • Becker Orthopedic • Chase Ergo Inc • FLA Orthopedics Inc
List of the Regions/Countries Profiled in the Market Include:
North America • US • Canada • Mexico Europe • Germany • U.K • Italy • France • Spain • Rest of Europe Asia Pacific • China • Japan • India • Australia • New Zealand • Rest of Asia Pacific Middle East • Saudi Arabia • UAE • Rest of Middle East Latin America • Argentina • Brazil • Rest of Latin America Rest of the World (RoW) • South Africa • Others
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