Orthopedic Braces & Supports Market Set to Reach $4.44 Billion by 2029

[Redding, California , 14-02-2024] - Meticulous Research®, a premier global market research company, has released its newest report titled "Orthopedic Braces and Supports Market by Product, Type, Application, and Distribution Channel-Global Forecast to 2029." According to this comprehensive analysis, the global orthopedic braces & supports market is poised to achieve a valuation of $4.44 billion by 2029, with a projected Compound Annual Growth Rate (CAGR) of 4.2%.

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The report attributes this growth to several key factors, including the escalation of accidental injuries, the expanding geriatric demographic worldwide, and the increasing incidence of obesity and diabetes. Moreover, the rise in healthcare expenditure and disposable income, particularly in emerging economies like India and China, presents significant opportunities for market expansion.

Future Outlook and Market Segmentation

The global orthopedic braces and supports market is segmented by product, type, application, and distribution channel, providing a granular understanding of the industry landscape. Product segments encompass knee, shoulder, ankle, spine, hand, neck, among others. Types include soft, hinged, and hard braces, while applications range from ligament injuries to preventive care and post-operative rehabilitation. Distribution channels span orthopedic clinics, hospitals, pharmacies, e-commerce platforms, and other avenues.

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Key Findings and Market Trends

Product Insights: Knee braces & supports are anticipated to dominate the market, driven by their widespread usage in post-surgical recovery and sports-related injuries.

Type Analysis: Soft & elastic braces & supports are projected to command the largest market share, owing to their affordability and availability across various retail channels.

Application Trends: Ligament injuries are expected to contribute significantly to market growth, propelled by the prevalence of sports-related incidents and heavy lifting accidents.

Distribution Channel Dynamics: Pharmacies and retailers are forecasted to hold the largest market share, facilitated by their accessibility and over-the-counter availability.

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Geographical Analysis

North America is forecasted to lead the global market in 2022, closely followed by Europe. However, the Asia-Pacific region is expected to exhibit the highest CAGR during the forecast period, driven by evolving healthcare infrastructure and an increasing burden of orthopedic ailments.

Leading Players

Key players in the global orthopedic braces and supports market include Bauerfeind AG, Zimmer Biomet Holdings, Inc., 3M Company, Össur hf., Breg, Inc., Enovis Corporation, Bird & Cronin, LLC, DeRoyal Industries, Inc., Essity Aktiebolag (publ), and Ottobock SE & Co. KGaA.

Conclusion

With an expanding consumer base and advancements in healthcare infrastructure, the orthopedic braces & supports market is poised for substantial growth in the coming years. Meticulous Research® remains committed to providing accurate insights and forecasts to industry stakeholders, empowering informed decision-making and driving innovation.

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