Orthopedic Braces and Supports Market worth $4.6 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 23, 2022 /PRNewswire/ -- According to the new market research report "Orthopedic Braces and Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Rigid, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Pharmacies) & Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Orthopedic Braces and Supports Market is estimated to reach USD 4.6 billion by 2027 from USD 3.4 billion in 2022, at a CAGR of 5.8% during the forecast period.
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The Growth in the orthopedic braces and supports Market is mainly driven by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability and market availability, rising number of sports and accident-related injuries, and growing public awareness of preventive care. Increased sales of off-the-shelf and online products, and the expansion and promotion initiatives undertaken by major product manufacturers are also expected to provide a wide range of growth opportunities for players in the Market. On the other hand, the limited patient qualification for bracing-mediated orthopedic treatment, limited clinical evidence to support the therapeutic efficacy of orthopedic braces, and the high adoption of pain medications are the major factors expected to limit market growth to a certain extent in the coming years.
The knee braces and supports segment accounted for the largest share of the orthopedic braces and supports Market, by product, in 2021
Based on product, the orthopedic braces Market is segmented into knee braces and supports; ankle braces and supports; back, hip, & spine braces and supports; foot walkers and orthoses; hand & wrist braces and supports; shoulder braces and supports; elbow braces and supports; and facial braces and supports. The knee braces and supports segment is expected to witness the highest growth during the forecast period primarily due to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
Soft & Elastic Braces and Supports segment accounted for the largest market share in the global orthopedic braces and supports Market in 2021, by type.
Based on type, the orthopedic braces Market is segmented into soft & elastic braces and supports, hard braces and supports, and hinged braces and supports. The soft & elastic braces and supports segment is expected to register the highest growth rate during the forecast period. Growth in this Market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.
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The ligament injury segment to dominate the orthopedic braces and supports Market, by application, during the forecast period
Based on the application, the orthopedic supports Market is segmented into preventive care, ligament injury, post-operative rehabilitation, osteoarthritis, compression therapy, and other applications. The ligament injury segment is expected to command the largest share of the Market in 2022. 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.
The hospitals and surgical centres segment accounted for the largest market share in the global orthopedic braces and supports Market
Based on the distribution channel, the orthopedic supports Market is classified into orthopedic clinics, hospitals & surgical centers, pharmacies & retailers, e-commerce platforms, and other end users. Hospitals & surgical centers are expected to be the largest distribution channel segment in the market in 2022. Market growth can largely be attributed to the growing number of orthopedic surgical procedures that require post-operative patient rehabilitation and the favorable reimbursement for customized braces and supports (coupled with the growing availability of insurance coverage for the surgical treatment of orthopedic disorders such as ligament injury, bone deformity, scoliosis, and osteoporosis) across major countries.
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North America to dominate the orthopedic braces and supports Market during the forecast period
North America accounted for the largest share of the global orthopedic braces Market in 2021. The large share of the Market in North America is attributed to factors such as as the continuous development and commercialization of novel orthopedic braces & support products and favorable reimbursements & insurance coverage of major orthopedic bracing procedures in the region drive the Market for orthopedic braces and supports in North America.
The top players who dominated the orthopedic braces Market include DJO Finance LLC (US), Ossur HF (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and Essity (Sweden) were the top five players in the global orthopedic braces and supports Market. Other prominent players operating in this Market include 3M (USA), Ottobock Holding GmbH (Germany), Thuasne Group (France), Zimmer Biomet Holdings, Inc. (US), ALCARE (Japan), Bird & Cronin, Inc. (US), Nippon and Sigmax (Japan), and Becker Orthopedic (US), among others.
The major players are focused on expanding their presence in emerging markets such as Latin America, the Middle East, and the Asia Pacific. In the Asia Pacific region, the Market in China is expected to grow at the highest CAGR due to the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment) and increasing healthcare expenditure.
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