Growing Aging Population Fueling LATAM Orthopedic Garments, Soft Goods, and Braces Market Growth

A number of factors, such as the increasing cases of orthopedic illnesses, surging aging population, growing healthcare expenditure, increasing cases of road accidents and sports injuries, presence of an umpteen number of physiotherapists, cost-effectiveness of knee and hip replacement surgeries, and rising number of products available for musculoskeletal rehabilitation and their affordability, are projected to boost the growth of the Latin American (LATAM) orthopedic garments, soft goods, and braces market during the forecast period (2020–2030).

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According to P&S Intelligence, the LATAM orthopedic garments stood at $223.1 million in 2019, and it is expected to reach $376.3 million by 2030, progressing at a CAGR of 5.2% in the foreseeable period. Furthermore, the LATAM orthopedic soft goods & braces market is projected to have generated revenue of $177.4 million in 2019, and it is likely to grow to $291.1 million in 2030, witnessing a CAGR of 4.9% in the same period.

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The gender segment of the LATAM orthopedic garments, soft goods, and braces market is categorized into men and women. Between the two, the women category held the larger market share in 2019, and it is projected to witness the higher growth rate in the foreseeable period. This can be attributed to the higher usage of socks, long sleeves, garments, thigh support and braces, and other garments for musculoskeletal rehabilitation by females across the region.

The LATAM orthopedic garments market is consolidated with the presence of few major companies like Johnson & Johnson, Ottobock SE & KGaA, Stryker Corporation, Smith & Nephew PLC, DeRoyal Industries Inc., and Essity AB. These players have launched several products to gain a competitive edge over others in recent years. For instance, DeRoyal Industries Inc. launched a sport ankle brace with boa closure system in January 2020. This product, also identified as vulnerable ankle, is designed to manage ankle and foot injuries.

Thus, the surge in the aging population and presence of a large number of physiotherapists are expected to propel the market growth during the forecast period.

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This release was published on openPR.