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 %.
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The Increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability & market availability, rising number of sports and accident-related injuries, and growing public awareness related to preventive care are the key factors driving the growth of the orthopedic braces and supports industry.
The Orthopedic Braces And Supports Market includes major Tier I and II suppliers like DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Demand for orthopedic braces and supports from key end-users has significantly declined amidst the global COVID-19 pandemic. Industry experts believe that COVID-19 will have short-term negative growth for the orthopedics and supports market in 2020, but will experience normal growth as the market gradually steadies by the end of 2020.
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.
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Asia Pacific likely to emerge as the largest Orthopedic Braces Market.
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.