Orthopedic Bracing and Support Devices Market
Number of pages: 100 | Report Format: PDF | Published date: September 30, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 4.3 billion |
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Revenue forecast in 2030 |
US$ 7.38 billion |
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Growth Rate |
CAGR of 6.2% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Application, Distribution Channel, and Region. |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
According to the deep-dive market assessment study conducted by Growth+ Reports, the global orthopedic bracing and support devices market was pegged at US$ 4.3 billion in 2021. The market is expected to witness a CAGR of 6.2 %from 2022 to 2030.
Market Fundamentals
Orthopedic braces are medical devices used to treat musculoskeletal problems. They are used to support, stabilize, correct the position, prevent injuries, and protect specific body components mostly the muscles, joints, and bones during the period of recovery from injuries or trauma. Orthopedic braces are utilized in numerous specialized healthcare domains, such as those that deal with osteoarthritis treatment, post-operative care, injury rehabilitation and prevention, and more.
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Market Dynamics
The rising prevalence of orthopedic disorders and the increased incidence rate of accidental injuries are the major driving factors of the global orthopedic bracing and support devices market. Moreover, the increasing geriatric population and rise in the awareness regarding preventive and rehabilitation care is increasing the demand for orthopedic bracing and supports devices. The rapid commercialization of products, presence of affordable products in market, and increased sales through off-the-shelf and online platforms is also boosting the market growth. Furthermore, the fast-growing sports industry is leading to the rise in the incidence of sports injuries, and the expansion and promotional initiatives by major market players to promote orthopedic bracing is also fueling the growth of the global orthopedic bracing and support devices market. However, bracing is difficult to use in many cases due to the patients' age and physiology. Furthermore, there is a lack of clinical evidence to support the effectiveness of bracing. There are fewer qualified professionals to prescribe appropriate orthopedic bracing in less developed countries, and there is a general lack of awareness about orthopedic braces and support in these countries thus restricting the market growth.
Market Ecosystem
The global orthopedic bracing and support devices market has been analyzed from four perspectives: product, application, distribution channel, and region.
Orthopedic Bracing and Supports Devices Market by Product
Based on product type, the global orthopedic bracing and support devices market is segmented in upper extremity braces and supports, and lower extremity braces and supports. The lower extremity braces and supports segment dominates the market with the highest market share in 2021. The lower extremity braces and supports segment is further divides into, ankle braces and supports, knee braces and supports, foot braces and supports, & back, hip and spine braces and supports. The significant share of the lower extremity braces and supports segment is largely attributed to the rising geriatric population which are more prone to osteoarthritis and the rise in the lower extremity injuries. According to the Global Burden of Disease Study, in 2019, there are more than 500 million people affected by osteoarthritis worldwide which accumulates around 7% of the world’s population. Moreover, the rising obese population is also expected to boost the segment growth.
Orthopedic Bracing and Supports Devices Market by Application
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Based on applications, the global orthopedic bracing and support devices market is segmented into preventive care, injury, post-operative rehabilitation, osteoarthritis, and others. The injury segment dominates the orthopedic bracing and support devices market with the largest market share in 2021. The growth of the segment can primarily be attributed to the rise in the number of road and workplace accidents. According to the WHO, between 20 and 30 million people suffer from non-fatal injuries in road accidents around the world. Moreover, the rise in the injuries related to sports and athletics is also fueling the segment growth.
Orthopedic Bracing and Supports Devices Market by Distribution Channel
Based ondistribution channels, the global orthopedic bracing and support devices market is divided into hospitals, e-commerce, pharmacies, orthopedic clinics, and others. The hospitals segment has the largest share of the global orthopedic bracing and support devices market in 2021. The large share of the hospitals segment is largely attributed to the rise in the surgeries related to orthopedic disorders with the post-surgical rehabilitation. Moreover, the rise in road and workplace accidents, fractures, and sports injuries is increasing the demand for hospitalization.
Orthopedic Bracing and Supports Devices Market by Region
Based on region, the global orthopedic bracing and support devices market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America dominated the global orthopedic bracing and support devices market in 2021, followed by Europe. Asia Pacific is the fastest growing regional market. The large share of North America in the global orthopedic bracing and support devices market can largely be attributed to the rise in the geriatric population and rise in the orthopedic disorders. According to the Centers for Disease Control and Prevention (CDC), approximately 32.5 million people in the U.S. are affected by osteoarthritis. Moreover, the rise in the number of sports injuries and trauma related to road and workplace accidence is also playing a pivotal role in the regional growth. The rise in the obese population and the presence of the top players in the region are also some of the factors boosting the market growth.
Competitive Landscape
Some of the prominent players operating in the orthopedic bracing and support devices market are:
Strategic Developments
The rising prevalence of orthopedic disorders and the increased incidence rate of accidental injuries is the major driving factor. Moreover, the increasing geriatric population and rise in the awareness regarding preventive and rehabilitation care with booming sports industry is increasing the demand for orthopedic bracing and supports.
The use of AI in orthopedic bracing in the new key development in global market.
The application segment has the largest share as there is rise in the numbers of injurie worldwide.
Ossur HF, Ottobock SE & Co. KGaA, DeRoyal Industries Inc., Breg Inc., DJO Global Inc. (Enovis) are the top 5 players in the global market.
The orthopedic bracing and support devices market is estimated to be 4.2 billion in 2021.
*Insights on financial performance is subject to availability of information in public domain