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Orthopedic Braces and Supports Market Worth $4.44 Billion by 2029
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According to this latest publication from Meticulous Research®, the global orthopedic braces & supports market is expected to register a CAGR of 4.2% to reach $4.44 billion by 2029. The rise in accidental injuries, the increasing geriatric population worldwide, and the growing prevalence of obesity and diabetes drive market growth. Additionally, rising healthcare expenditure and disposable income in countries such as India and China are expected to offer significant opportunities for the growth of this market.
Orthopedic Braces & Supports Market: Future Outlook
The global orthopedic braces and supports market is segmented by product (knee braces & supports, ankle braces & supports, foot walkers & orthoses, back, hip, and spine braces & supports, neck and cervical braces & supports, shoulder braces & supports, elbow braces & supports, hand and wrist braces & supports, facial braces & supports), by type (soft and elastic braces & supports, hinged braces & supports, hard and rigid braces & supports), by application (ligament injury {anterior cruciate ligament injury, lateral collateral ligament injury}, preventive care, post-operative rehabilitation, osteoarthritis, compression therapy, other applications), by distribution channel (orthopedic clinics, hospitals and surgical centers, pharmacies and retailers, e-commerce platforms, other distribution channels), and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.
Based on product, the knee braces & supports segment is expected to account for the largest share of the global orthopedic braces and supports market in 2022. Knee braces are used as a follow-up treatment after the knee surgery resulting from injuries such as patella tendonitis, sprained medial knee ligament, posterior cruciate ligament (PCL) rupture, knee arthritis, anterior cruciate ligament (ACL) rupture, torn knee cartilage, and runner's knee. The large market share of this segment is mainly attributed to the advantages offered by these products, such as gentle material, comfort and flexibility. Furthermore, high usage of knee braces & supports for healing after a sports injury and during sports or daily exercises boost the growth of this segment.
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Based on type, the soft & elastic braces & supports market segment is expected to account for the largest share of the global orthopedic braces and supports market in 2022. The large market share of this segment is mainly attributed to the increasing preference for soft braces & supports in preventive and post-operative care, low product cost compared to hard braces, and availability of products on e-commerce platforms and retail pharmacies.
Based on application, the ligament injury segment is expected to account for the largest share of the global orthopedic braces and supports market in 2022. Factors such as an increase in the cases of ligament injuries during sports or exercises, ligament tears that occur during lifting heavy objects, and overextension of the knee in sudden movements boost the growth of this segment.
Based on distribution Channel, the pharmacies and retailers segment is expected to account for the largest share of the global orthopedic braces and supports market in 2022. The large market share of this segment is attributed to the easy and quick availability of these products through pharmacies and retailers, easy accessibility to pharmacies, and over-the-counter availability of these products.
Geographic Review
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India and Rest of Asia-Pacific), Latin America (Brazil, Mexico and Rest of Latin America, and Middle East & Africa.
Based on geography, North America is expected to account for the largest share of the global orthopedic braces & supports market in 2022, followed by Europe. However, Asia-Pacific is slated to register the highest CAGR during the forecast period. The growth of this market is primarily driven by changing healthcare infrastructure, the growing prevalence of orthopedic-related diseases, and rising disposable income.
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Key Players
The key players operating in the global orthopedic Braces and Supports market are Bauerfeind AG (Germany), Zimmer Biomet Holdings, Inc. (U.S.), 3M Company (U.S.), Össur hf. (Iceland), Breg, Inc. (U.S.), Enovis Corporation (U.S.), Bird & Cronin, LLC (U.S.), DeRoyal Industries, Inc. (U.S.), Essity Aktiebolag (publ) (Sweden), and Ottobock SE & Co. KGaA (Germany).
Key questions answered in the report-
1. Which are the high-growth market segments in terms of product, type, application, and distribution channel?
2. What was the historical market for orthopedic braces & supports market across the globe?
3. What are the market forecasts and estimates for the period 2022-2029?
4. What are the major drivers, restraints, opportunities, and trends in the global orthopedic braces & supports market?
5. Who are the major players in the global orthopedic braces & supports market?
6. How is the competitive landscape, and who are the market leaders in the global orthopedic braces & supports market?
7. What are the recent developments in the orthopedic braces & supports market?
8. What are the different strategies adopted by the major players in the orthopedic braces & supports market?
9. What are the geographical trends and high growth regions/countries?
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