Orthopedic Braces & Supports Market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 5.9% from 2023 to 2029 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include Progress in medical technology and materials used in braces, coupled with rising awareness about injury prevention and rehabilitation, contributing to the expanding demand for orthopedic braces and supports.
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Orthopedic Braces & Supports Market Dynamics:
Drivers:
Increasing prevalence of orthopedic diseases and disorders
Restraints:
Limited patient qualification for bracing-mediated orthopedic treatment
Opportunities:
Increased sales of off-the-shelf and online products
Challenge:
Significant adoption of pain medication
Key Market Players of Orthopedic Braces & Supports Industry:
As of 2022, prominent players in the orthopedic braces and supports market are 3M (US), Essity (Sweden), Ossur HF (Iceland), Thuasne Group (France), Zimmer Biomet (US), and Bird & Cronin Inc. (US)
North America, comprising the US and Canada, accounted for the largest share of the orthopedic braces & supports market in 2022. The faster growth of the orthopedic braces and supports imaging market in North America can be attributed to its technological leadership, robust healthcare infrastructure, high market demand driven by prevalent diseases and an aging population, ample financial resources for advanced medical equipment investment, established regulatory frameworks ensuring safety and quality, active research collaboration, insurance coverage for advanced diagnostics, patient expectations for comprehensive care, and a competitive market environment fostering innovation.
Recent Developments of Orthopedic Braces & Supports Industry:
- In January 2022, Össur announced the launch of the ReLeaf Active knee brace, designed to provide pain relief and support for patients with osteoarthritis. The brace features a unique hinge design that mimics the natural movement of the knee, and it is made from lightweight, breathable materials for comfort.
- In August 2022, DonJoy announced the launch of the Vizor 120 ankle brace, a lightweight and comfortable brace that provides support and stability for patients with ankle sprains. The brace features a unique air-filled pad that conforms to the shape of the ankle, and it is made from breathable materials to keep the foot cool and dry.
