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Ankle & Knee Braces for Sports & Geriatrics Fuel $7.3 Billion Orthopedic Braces Market | Bauerfeind, DJO Lead as Knee Braces Segment Surges
Orthopedic Braces Market
The Orthopedic Braces Market Size reached USD 4.3 billion in 2022 and is projected to grow from USD 4.5 billion in 2023 to USD 7.3 billion by 2032, with a compound annual growth rate (CAGR) of 6.20% during the forecast period (2023 - 2032).
Key drivers fueling market growth include a growing geriatric population and an increase in the number of sports-related injuries among athletes.
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Market Trends
The orthopedic braces market's compound annual growth rate (CAGR) is being propelled by the increasing incidence of orthopedic injuries. These injuries represent a significant cause of hospitalizations resulting from accidents and various incidents. Specifically, the demand for foot and ankle devices is expected to rise due to the prevalence of sports-related injuries. With the growing popularity of sports activities, athletes engage in fitness pursuits like cycling and jogging, increasing their susceptibility to ligament injuries.
Comparatively, plaster casts offer greater flexibility and a slower setting time than fiberglass alternatives in casting and splinting procedures. This prolonged setting time allows for better molding and reduced patient discomfort, with less risk of burns. Indoor athletes, in particular, face a heightened risk of ligament tears, driving substantial demand for ankle braces. Athletes commonly rely on orthopedic braces to mitigate further injury during sports participation.
According to the American Academy of Orthopedic Surgeons (AAOS), approximately 25% of sports injuries involve the lower extremities, emphasizing the importance of foot and ankle braces. Moreover, the increasing incidence of accidents serves as a pivotal factor contributing to the market's expansion.
Competitive Insights
Key Companies in the orthopedic braces market include:
Bauerfeind (German)
Breg Inc. (US)
DeRoyal Industries Inc. (US
Ottobock (German)
DJO LLC (US)
BS medical (German)
Weber Orthopedic Inc. (US)
Aspen Medical Products (US)
Frank Stubbs Company Inc. (US)
THUASNE SA (France)
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Regional Analysis:
The orthopedic braces market is regionally divided into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
Americas: Expected to be the largest market, driven by increasing prevalence of osteoarthritis and rising per capita healthcare expenditure. Further segmented into North America (US, Canada) and Latin America.
Europe: Divided into Western Europe (Germany, France, UK, Italy, Spain, rest of Western Europe) and Eastern Europe.
Asia-Pacific: Anticipated to be the fastest-growing market, propelled by the rising geriatric population. Segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific.
Middle East & Africa: Divided into the Middle East and Africa.
Segmentation:
The global orthopedic braces market is segmented based on product, type, application, and end user.
Product: Divided into knee braces, foot and ankle braces, upper extremity braces, and others. The knee braces segment is expected to grow the fastest due to providing support, reducing rotation, and protecting against post-surgical risks.
Type: Segmented into soft and elastic braces, hinged braces, and hard braces. The soft and elastic braces segment is anticipated to grow rapidly owing to ease of use, flexibility, and customization.
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Application: Categorized into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, and others. Ligament injury is expected to dominate due to increasing injuries globally, including around 150,000 ACL injuries annually in the US.
End User: Includes orthopedic clinics, hospitals, surgical centers, and others. Orthopedic clinics are projected to hold the largest market share due to the growing number of orthopedic procedures performed in such settings.
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