Market Research

Orthopedic Braces Market Size Is Estimated to Reach USD 5.8 Billion at a CAGR of 6.1% By 2025

Jul 28, 2020 5:28 PM ET

iCrowd Newswire – Jul 28, 2020

Orthopedic Braces Market Size, Trends and Growth Analysis By Product (Knee Braces, Foot and Ankle Braces, Upper Extremity Braces, Others), By Type (Soft & Elastic Braces, Hinged Braces, Hard Braces), By Application (Ligament Injury, Preventive Care, Osteoarthritis, Others) and By End-User (Orthopedic Clinics, Hospitals & Surgical Centers, Others), Forecast to 2025

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 2019 to 2025. 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 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.

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The increase in the number of orthopedic surgeries is anticipated to fuel the global market’s growth for 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.

Moreover, increased occurrence of sport-related injuries among athletes are anticipated to spur market growth. Athlete focuses on fitness-related sports such as cycling, running, and others. Although they receive health benefits from these activities, they are likely to have injuries that can lead to ligament injuries. Indoor athletes are at high risk of ankle ligament tears. As a result, athletes are expected to drive significant demand for ankle braces in the orthopedic brace market.

However, high patient preference for alternative treatment and stringent government policies may inhibit the market growth over the forecast period.

Orthopedic Braces Market Segmentation

The global market for orthopedic braces has been segmented into product, type, application, and end-user.

By product, the global market for orthopedic braces has been segmented into knee braces, foot and ankle braces, upper extremity braces, and others. Knee Braces is the largest segment. The growing incidence of knee and ankle-related injuries has resulted in a massive demand for knee braces. Sport is the most significant cause of knee injury, with an estimated 2.5 million sports-related knee injuries each year. Knee braces may be used by individuals with arthritis and other joint-related disorders and patients who undergo knee surgery.

Foot and Ankle Braces help avoid the build-up of scar tissue in the foot and ankle. Such braces also reduce recurring pain problems in the foot and ankle. The upper extremity braces segment is further divided into elbow braces, hand and wrist braces, and neck and shoulder braces. Approximately 7.5 million people visited hospitals in 2006 for shoulder injuries, including shoulder and upper arm strains and sprains. Hand and wrist braces immobilize the joints and heat and compress the ligaments and wrist bones. Others include neck braces, back braces, spine braces, and walking boots.

By type, the global market for orthopedic braces has been segmented into soft & elastic braces, hinged braces, and hard braces. Soft & Elastic Braces is the fastest-growing segment. Growth in this market can mainly be attributed to the increasing availability of the soft and elastic type of braces. Hinged Braces has a substantial growth due to reimbursement scenario for hinged braces across the orthopedic braces market. Hard Braces segment is growing due to increasing adoption & patient preference for hard orthopedic braces in post-operative & preventive care, which propels the growth of the market.

By application, the global market for orthopedic braces has been segmented into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, and others. Ligament Injury is the largest segment attributed to the increasing public interest in athletics & sports activities and the increasing availability of medical coverage for ligament injury and the rising number of accidents worldwide. In addition, 70% of anterior cruciate ligament (ACL) injuries happen in athletes in the US. Preventive Care offers low cost to avoid orthopedic injuries before they need emergency room treatment. Post-Operative Rehabilitation is a post-surgical program of re-establishing joint motion and muscle strength around the joints. Osteoarthritis mostly affects the knee, hip, and spine joint due to obesity and other medical conditions resulting in the increasing demand for orthopedic braces. The other segment includes compression therapy and prophylaxis.

By the end-user, the global market for orthopedic braces has been segmented into orthopedic clinics, hospitals & surgical centers, and others. Orthopedic Clinics is the largest segment due to the low preference of visiting hospitals by patients for acute musculoskeletal problems. Hospitals & Surgical Centers have significant market share due to the increase in hospital admissions for the treatment of traumatic and spinal injuries, bone fractures, and injuries occurring during road accidents. The other segment includes over the counter (OTC), trauma centers, sports academies, pharmacies at gym/health clubs, and emergency centers.

Orthopedic Braces Market Regional Analysis

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.

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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.

Orthopedic Braces Market Key Players

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)

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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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