Orthopedic Braces & Supports Market to grow up to USD 7.3 billion by 2031 | DJO Finance LLC, Ossur HF, Breg, Inc., Bauerfeind AG, Essity, 3M

Global Orthopedic Braces & Supports Market was valued at USD 3.7 billion in 2021 and it is anticipated to grow up to USD 7.3 billion by 2031, at a CAGR of 7.0% during the forecast period.

The global orthopedic braces & supports market report from Global Insight Services is the single authoritative source of intelligence on Orthopedic Braces & Supports Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters' and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

Orthopedic braces are primarily medical devices that are designed to address musculoskeletal issues, including properly aligning, correcting the position, and protecting the muscles, joints, and bones while healing from injury or trauma. They are increasingly preferred over other invasive treatments as they are less painful and assist in quick recovery while limiting the incidences of post-surgical complications.

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Market Trends and Drivers

The incidence of orthopedic diseases & disorders is expected to increase further in the coming years with the rising prevalence of obesity and related lifestyle disorders, as obese individuals are at a greater risk of orthopedic & musculoskeletal injuries as well as diabetes. Orthopedic braces and supports offer several benefits, such as better affordability, higher efficacy, greater patient comfort, and ease of use compared to conventional products. Due to these benefits, key players are increasingly developing specialized products for the treatment of various orthopedic diseases as well as to address the unmet market needs. In developed as well as emerging markets, patient preference for orthopedic braces is rising due to their financial affordability and easy market accessibility. Sports and related physical activities often result in musculoskeletal injuries such as sprains, ligament injuries, and fractures. Therefore, the increasing public participation in such activities drives the prevalence of these conditions.

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Global Orthopedic Braces & Supports Market Segmental Overview

The report analyses the global orthopedic braces & supports market based on product, application, end use, and region.

Global Orthopedic Braces & Supports Market by Product

Based on product, it is segmented into upper extremity braces and supports and lower extremity braces and supports. Upper extremity braces and supports further sub-segmented into shoulder braces and supports, elbow braces and supports, hand and wrist braces and supports. While, lower extremity braces and supports sub-segmented into Ankle braces and supports, Knee braces and supports, Foot braces and supports, Back, hip and spine braces and supports. Among these, lower extremity brace and support segment accounted for significant market share in 2021. The rising prevalence of knee, ankle, and upper extremity-related disorders and injuries has led to a huge demand for these products. Knee braces and supports held the largest revenue share in 2021, owing to a rising number of the target population affected by knee joint-related ailments. Knee braces help in pressure relief from knee joints affected by arthritis. These products are majorly used by individuals suffering from arthritis and other joint-related disorders, sports players, and patients who have undergone knee surgery.

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Global Orthopedic Braces & Supports Market by Application

Based on application, it is segmented into preventive care, injury, post-operative rehabilitation, osteoarthritis and others. Among them, injury segment is expected to experience the fastest growth rate during the forecast period. The large share of this segment can be attributed to increasing public participation in sports & athletic activities coupled with the rising incidence of sports-related injuries, the rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries will augment the segmental growth.

Global Orthopedic Braces & Supports Market by End-use

Based on end-use, it is segmented into pharmacies, e-commerce, hospitals, orthopedic clinics and others. The orthopedic clinics segment accounted for significant revenue share in 2021 owing to the orthopedic clinics being the primary point of care for patients suffering from musculoskeletal pain. Hospitals held a significant market share owing to a large number of patients seeking treatment at hospitals, especially in case of traumatic injuries. These may range from spinal injuries, bone fractures, and injuries suffered in road accidents.

Geographical Analysis of Global Orthopedic Braces & Supports Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. North America held the largest share in the market. It held a large share of the North American region due to the presence of key players and technologically equipped hospitals within the U.S. and Canada. Europe held the second-largest share of the market due to an aging population and prevalence of chronic conditions resulting in an increasing number of surgeries. As stated by the Federal Statistical Office almost 17. 2 million surgeries were performed in Germany in 2019. Out of these, intestinal, spinal, endoscopic surgeries, and hip implant surgeries were some of the most common. This is estimated to contribute to the region's share.

Major Players in the Global Orthopedic Braces & Supports Market

The key players in the market are DJO Finance LLC (US), Ossur HF (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), Essity (Sweden), 3M (USA), Ottobock Holding GmbH (Germany), Thuasne Group (France), Zimmer Biomet Holdings, Inc. (US) and ALCARE (Japan), among others.

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