Knee Braces Market Opportunity Analysis, 2018-2026
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Increasing Knee injuries along with Osteoarthritis contributing to the boost of global knee braces market
The knee braces consumption is mostly driven by patients suffering from osteoarthritis. According to WHO, over 20% of the world’s population aged over 60 that accounts for around 130 million people will suffer from osteoarthritis by the 2050. Additionally, the National Institute of Health reported 6,664,324 knee injuries in the U.S. from 1999 to 2008 and is expecting a significant in increase in this number by 2020. These estimates suggests a drastic boost for the global knee braces market during the forecast period.
North America to hold largest share of the global knee braces market owing to increased osteoarthritis cases
On the basis of regional segmentation, the knee braces market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. North America is the largest shareholder of the global market, followed by Europe. According to Centers for Disease Control and Prevention (CDC), around 30 million adults in the U.S. are affected with osteoarthritis in 2016 suggesting high consumption of knee braces for the treatment of this disease in the U.S. Moreover, developing countries such as China, Japan and India are emerging as potential regional competitors to build a strong market share in the global knee braces industry due to improvement in healthcare infrastructure, government revenue towards developing safety facilities and orthopedic facilities, awareness about importance of maintaining good health among the people and rise in the rates of obesity.
High incidence rates of osteoarthritis and meniscus injuries are responsible for driving the global knee braces market
The prevalence and incidence rate of Osteoarthritis and meniscus injuries among the geriatric population are the primary reasons to drive the global knee braces market. The United Nations suggests that number of people aged over 60 years is projected to grow by 56%, accounting a rise from 901 million to 1.4 billion in the years 2015 to 2030. Moreover, according to the CDC data in 2015, 23.7 million adults in the U.S. have functional limitations in their regular movements due to doctor diagnosed arthritis suggesting strong probabilities of prevalence of osteoarthritis. Other factors that are responsible for driving global knee braces market includes knee injury, meniscus injury, use of knee braces as preventive measures to avoid knee injuries by sport players and athletes and people with genetic effects that have defects in natural collagen production leading to knee pain.
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The key players dominating the global knee braces market includes Alex Orthopedic Inc., Body Sport, Bell Horn, Cho-Pat, DJO Global, Medi-Dyne and Medline. These companies are holding a strong position in the global knee braces market due to high R&D investment costs and long term contract relationship with the customers.
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