According to the latest report published by Credence Research, Inc. “Orthopedic Braces and Supports Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global orthopedic braces and supports market was valued at US$ 3,285.5 Mn in 2016, and is expected to reach US$ 5,356.2 Mn by 2025, expanding at a CAGR of 5.4% from 2017 to 2025.
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The global orthopedic braces and supports market is expected to witness steady growth during the forecast period 2017-2025, on the ground of growing incidence of arthritis, osteoporosis and increasing number of road accidents and sports injuries. Arthritis and trauma patients are the major consumers of orthopedic braces. Furthermore, rising population of geriatric individuals and the corresponding risk of musculoskeletal disorders such as osteoarthritis, osteoporosis and related fractures mainly drive the global orthopedic braces and supports market. Increasing sporting activities and respective rise in incidence of sports injuries and trauma also contribute to the growth of this market. Also, use of braces such as elbow and ankle braces by sportsmen as a preventive measure has led to growth in demand for these products in the market.
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The global orthopedic braces and supports market is segmented on the basis of products, usage areas and geography. Knee braces and supports, foot and ankle braces and supports, upper extremity braces and supports, neck and spine braces and supports, and exoskeletons form the major product types of orthopedic braces and supports. Among these, knee braces and supports segment capture the largest revenue share, globally. Huge target population suffering with knee injuries and conditions and higher prevalence of arthritis majorly contribute to the dominance of this segment. Additionally, due to increasing incidence of sports injuries, the market for foot and ankle braces and supports will exhibit lucrative growth during the forecast period. The same factor will also facilitate attractive proposition in the upper extremity braces and supports such as for hand and wrist, shoulder and elbow supports.
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Among the usage areas such as hospitals, specialty clinics, home care and others, orthopedic clinics held the largest revenue share in 2016. The dominance of this segment is mainly due to growing footfall and admissions of patients in orthopedic clinics as against hospitals for treating acute musculoskeletal conditions. The demand from home care is anticipated to be the fastest during the forecast period and the market growth of this segment is attributed to easy availability of almost every type of support products over-the-counter.
Geographically, the global orthopedic braces and supports market is segmented into regional markets of North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Each of these regional markets are further sub-segmented into constituent top country-level markets. Among the considered regions, North America is the largest consumer of orthopedic braces and supports. Vast senescent and obese population, better reimbursements, and greater awareness are the key factors driving the growth of North America market. On the other hand, Asia Pacific is expected to be the fastest growing regional market for orthopedic braces and supports. Huge geriatric population, rapid proliferation of orthopedic goods, and growing disposable incomes has resulted in growth in demand for orthopedic braces and supports in the region.
The major players in the global orthopedic braces and supports market chiefly concentrate on new product development, while maintaining competitive prices with expanding their distribution network. Some of the key players operating in the global orthopedic braces and supports market are Alcare Co., Ltd., Ascent Meditech Ltd., Bauerfeind AG, Breg, Inc., BSN Medical, DeRoyal Industries, Inc., DJO Global, FLA Orthopedics, Inc., Frank Stubbs Co., Inc., McDavid, Inc., Össur Corporate, Otto Bock Healthcare GmbH, OPPO Medical, Inc., ReWalk Robotics, Trulife and others.
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