The new report by Expert Market Research titled, ‘Global Orthopaedic Braces and Supports Market Report and Forecast 2023-2028’, gives an in-depth analysis of the global orthopaedic braces and supports market, assessing the market based on its segments like product, type, application, end user and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 4.35 billion
- Forecast CAGR (2023-2028): 4.10%
- Forecast Market Size (2028): USD 5.56 billion
The market for orthopaedic braces and supports has seen substantial growth due to factors such as growing geriatric population and rising demand for orthopaedic softgoods such as wrist and wrist-thumb support, knee braces and wraps with flexible and rigid support, (tennis) elbow straps, and ankle supports. Also, increased knowledge across different industries offers an enormous market opportunity for key players in the orthopaedic braces and supports market. Braces and aids, as opposed to invasive procedures, tend to reduce the incidences of post-surgical complications and aid in a quick recovery. Furthermore, consumers spend a large portion of their day in front of televisions and computers, resulting in minor and severe musculoskeletal deformities. As a result, demand for braces and aids is that at a steady rate. Increased sales of braces and supports are being driven by the increasing geriatric population around the world. Advances in technology have also resulted in major advances in modelling and material technology, allowing for greater versatility when using light materials. Over the forecast era, the integration of advanced data sensors and synchronisation systems is also anticipated to propel the industry forward.
Industry Definition and Major Segments
Braces and supports are orthopaedic devices that are worn on the outside of the body to hold, balance, correct, and assist specific body parts as they recover from an injury. They’re made of specialised materials and specific designs to provide targeted support for the knee, shoulder, spine, foot, upper elbow, hip, ankle, and other body parts. They also help to protect the joints after operations and give the patients a sense of mobility.
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Based on the type, the industry is divided into:
- Soft and Elastic
- Hinged
- Hard and Rigid
Based on the application, the industry is divided into:
- Ligament Injury
- Preventive Care
- Post-Operative Rehabilitation
- Osteoarthritis
Based on the end user, the industry is divided into:
- Orthopaedic Clinics
- Hospitals and Surgical Centres
- Over the Counter (OTC) Platforms
The regional markets for orthopaedic braces and supports include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Trends
Geographically, in the orthopaedic braces and supports industry, North America is one of the most lucrative areas. Significant factors driving the growth of the orthopaedic braces and supports market in North America include favourable reimbursement and insurance coverage for major orthopaedic bracing procedures, as well as supportive government regulations for product commercialization. Soft and elastic braces and supports dominated the market in 2020, according to type. In 2020, the ligament injury category had the largest market share based on application. In 2020, orthopaedic clinics had the highest market share based on end-users. Orthopedic braces and supports are becoming more widely used in the treatment of a variety of orthopaedic diseases and disorders, including osteoarthritis, rheumatoid arthritis, osteoporotic fractures, and carpal tunnel syndrome. When compared to traditional treatments such as pain killers, these drugs have a higher therapeutic effectiveness and a faster patient recovery. With the prevalence of obesity and associated lifestyle disorders, the incidence of orthopaedic diseases and disorders is projected to rise even further in the coming years, as obese people are at a higher risk of orthopaedic and musculoskeletal accidents, as well as diabetes.
Key Market Players
The major players in the market are BREG, Inc., Össur Corporate., Bauerfeind AG, BSN medical GmbH, DJO Global, Inc., 3M Company, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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