According to Market Research Future (MRFR), the global orthopedic braces market is estimated to cross USD 5.8 Billion at a CAGR of 6.1% from the forecast period. The study provides for a thorough analysis of the effect of COVID-19 on current / future market situations. The study also focuses on key market factors that will impact this sector’s growth, such as market share, the top region, and major producers.
Orthopedic braces market are mainly used in injury prevention, injury rehabilitation, post-operative treatment, and osteoarthritis. These are also used to support, protect, and strengthen the joints and muscles and are used by athletes to avoid injury.
The increase in the number of orthopedic surgeries is anticipated to fuel the global market’s growth for types of orthopedic braces. In 2017, it was projected that almost 78 million U.S. adults over 18 years of age would be diagnosed with osteoarthritis by 2040. An increased geriatric population is expected to propel the market growth. The number of Americans aged 65 and older is estimated to nearly double from 52 million in 2018 to 95 million by 2060. Bones and connective tissues, such as ligaments and cartilage, are gradually damaged by increasing age. This poses a high risk of muscle injury, particularly in the knees and shoulders. This increases the need for braces to boost mobility.
Some of the leading participants identified by MRFR in this market are Bauerfeind (Germany), Aspen Medical Products (US), Breg, Inc. (US), DeRoyal Industries, Inc. (US), Ottobock (Germany), Weber Orthopedic Inc. (US), DJO LLC (US), BSN medical (Germany), Frank Stubbs Company Inc. (US), THUASNE SA (France).
The global market for orthopedic braces has been segmented into product, type, application, and end-user.
- By Product, the global report on the orthopedic braces has been segmented into foot and ankle braces, upper extremity braces, knee braces, and others. The knee braces segment has the scope to surpass others in terms of CAGR during the forecast period. The process will gain more from the ability to provide medial and lateral support, limit injury during motion, reduce rotation of the knee, and protect from diverse post-surgical risk of injuries.
- By Type, the global market has been segmented into hinged braces, soft and elastic braces, and Hard Braces. The soft and elastic braces segment are customizable and flexible owing to which chances of earning better CAGR is higher for the segment.
- By Application, the global market includes segments like preventive care, osteoarthritis, post-operative rehabilitation, ligament injury, and others. Ligament injury may record the largest market share as several countries have reports of a rising number of such incidents.
- By End user, the global market has been segmented into hospitals and surgical centers, orthopedic clinics, and others. The orthopedic clinics segment has the largest market share owing to their specific contribution in taking the global market ahead.
Regionally, the global market for orthopedic braces has been segmented into the Americas, Europe, Asia Pacific, and the Middle East and Africa.
The Americas is the largest market in the world. Favorable reimbursement of major orthopedic bracing procedures and favorable government regulations for the marketing of products are significant factors propelling the growth of the orthopedic braces market in this region. The involvement of highly developed European countries in the medical sector will fuel the market’s growth for orthopedic braces in Europe.
The Asia Pacific is the fastest-growing orthopedic brace market in the world. The growing geriatric population and the increasing number of cases of sports-related injuries are expected to augment the growth of the market in this area.
Rising healthcare spending and growing public awareness of orthopedic braces will boost demand for the orthopedic braces market in the Middle East and Africa.
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