Growth in the orthopedic braces market is primarily driven by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability and market availability, rising number of sports and accident-related injuries, and growing public awareness related to preventive care.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the Global Orthopedic Braces and Supports Market is estimated to reach USD 5.5 billion by the end of 2024. North America to dominate the orthopedic braces and supports market during the forecast period
The knee braces and supports segment accounted for the largest share of the Orthopedic Support System Market, by product, in 2018. The large share of this segment can be attributed 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.
The soft & elastic braces and supports segment is expected to grow at the highest CAGR during the forecast period. Growth in orthopedic braces market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.
What are the opportunistic areas are available for new and existing players in the orthopedic braces and supports market to enhance their market share?
Expansion of off-the-shelf and e-commerce sales channel, greater utilization of target products for preventive care, and increasing demand for compression therapy & in ligament injury treatments are some of the key opportunistic areas available for the emerging as well as established players in the market.
What are the major revenue pockets in the orthopedic braces and supports market currently?
The highest market share of orthopedic braces and supports is estimated to belong to the North America with US garnering ~85% share within the region as of 2018. The market expansion of target products within the region is expected to the driven by their rising demand for osteoarthritis & ACL injury treatment, significant utilization of these products among hospitals & orthopedic clinics and increasing demand for preventive care products.
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What Drives the Market?
The growth of the global market for Orthopedic Braces and Supports is primarily influenced by the following factors:
· Increase Prevalence of Orthopedic Diseases and Disorders
· Continuous Product Commercialization
· Greater Product Affordability and Market Availability
· Greater Product Affordability and Market Availability
· Growing Public Awareness Related to Preventive Care
Geographical growth scenario of Orthopedic Braces and Supports Market
The orthopedic braces and supports market are segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the orthopedic braces and supports market in 2018. Factors such as continuous development and commercialization of novel orthopedic braces & support products and favorable reimbursements & insurance coverage major orthopedic bracing procedures in the region are driving the market for orthopedic braces and supports in North America.
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Leading market players and strategies adopted
The major players operating in the orthopedic braces and supports market are Bauerfeind AG (Germany), Össur Hf (Iceland), DJO Finance LLC (US), Breg, Inc. (US), and DeRoyal Industries, Inc. (US). Other prominent players operating in this market include Bird & Cronin, Inc. (US), medi GmbH & Co. KG (Germany), Ottobock Holding GmbH & Co. KG (Germany), BSN medical (Germany), Zimmer Biomet Holdings, Inc. (US), Oppo Medical, LLC (US), Becker Orthopedic (US), Thuasne Group (France), 3M Company (US), Reh4Mat (Poland), and United Ortho (US).
