The global orthopedic braces and supports market was worth US$ 3.8 Billion in 2018. Braces and supports are orthopedic equipment which are used externally for holding, aligning, correcting and supporting certain parts of the body while healing from an injury. They are manufactured using specialized materials with intelligent designs that offer intense targeted support to the knee, spine, foot, ankle, upper elbow, shoulder, hip and other body parts. Braces and supports also aid in safeguarding joints after surgeries and offer a sense of mobility to the patients suffering from musculoskeletal problems. Looking forward, the market value is projected to reach US$ 4.9 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.
Global Orthopedic Braces and Supports Market Drivers:
- In comparison with invasive treatments, braces and supports are less painful, assist in quick recovery and reduce the incidences of post-surgical complications. On account of these factors, orthopedic braces and supports are preferred by patients worldwide.
- Nowadays, consumers spend a significant part of their day in front of PCs, TVs and smart devices which result in the development of minor and major musculoskeletal deformities and dysfunctions. As a result, the demand for braces and supports is proliferating at a healthy rate.
- The geriatric population is at a relatively higher risk of developing spondylitis, osteoarthritis, degenerative disc disease, and other mobility issues. Therefore, the growing elderly population is also contributing to the sales of braces and supports across the globe.
- Manufacturers are developing pliable braces with a simplified user-interface, considering the requirements of consumers. They are also incorporating Velcro instead of laces to enable easy application and pulley systems in lumbar supports to allow easy customization.
- Technological advancements have led to significant improvements in modeling and material technology and increased flexibility, contouring, and utilization of low-weight materials. Innovations have also led to the incorporation of advanced data sensors and synchronization systems.
- Based on the product, the market has been segmented into lower extremity braces and supports; spinal braces and supports; and upper extremity braces and supports.
- Based on the type, the market has been segmented into soft and elastic braces and supports; hinged braces and supports; and hard and rigid braces and supports. Soft and elastic braces and supports currently have the highest share.
- Based on the application, the market has been segmented into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis and others. Ligament injury currently accounts for the highest share.
- Based on the end-user, the market has been segmented into orthopedic clinics; hospitals and surgical centers; over-the-counter (OTC) platforms; and others. Orthopedic clinics currently account for the highest share.
- Region-wise, the market has been segmented into North America, Asia Pacific, Europe, Middle East and Africa, and Latin America. Amongst these, North America is the biggest market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined with some of the key players being Breg, Inc., Össur Hf, Bauerfeind AG, BSN Medical, DJO Finance LLC, 3M Company, Otto Bock Healthcare, Deroyal Industries, Inc., Medi GmbH & Co. KG, Thuasne Group, Alcare Co., Ltd, Zimmer Biomet Holdings, Inc., Trulife, Remington Products Company and Bird & Cronin.
Key Questions Answered in This Report:
- How has the global orthopedic braces and supports market performed so far and how will it perform in the coming years?
- What are the key regional markets in the global orthopedic braces and supports industry?
- What is the breakup of the global orthopedic braces and supports market on the basis of product?
- What is the breakup of the global orthopedic braces and supports market on the basis of type?
- What is the breakup of the global orthopedic braces and supports market on the basis of application?
- What is the breakup of the global orthopedic braces and supports market on the basis of end-user?
- What are the various stages in the value chain of the global orthopedic braces and supports market?
- What are the key driving factors and challenges in the global orthopedic braces and supports market?
- What is the structure of the global orthopedic braces and supports market and who are the key players?
- What is the degree of competition in the global orthopedic braces and supports market?