(PharmaNewsWire.Com, November 20, 2020 ) The study involved four major activities to estimate the current size of the orthopedic braces and supports market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.
According MarketsandMarkets Research - The Global Orthopedic Braces and Supports Market size is projected to reach USD 4.1 billion by 2025 from USD 3.1 billion in 2020, at a CAGR of 5.8% during the forecast period.
The Key Factors Who will Drives the Market Growth?
- Increasing prevalence of orthopedic diseases and disorders - Continuous product commercialization - Greater product affordability and market availability - Rising number of sports and accident-related injuries - Growing public awareness related to preventive care
Growth Opportunity: Increased sales of off-the-shelf and online products;
Specific orthopedic braces can only be used under the supervision of medical practitioners or orthopedic technicians as they require customization or product alternation according to patient features. However, some braces (such as ankle braces, wrist/hand braces, shoulder braces, elbow braces, and facial braces) are increasingly being sold through retailers (off-the-shelf), and e-commerce websites since their use do not require an authorization from medical professionals. Patients regularly use such products as preventive measures to avoid injuries. BraceAbility (US), Amazon.com (US), and Alibaba.com (China) are common e-commerce websites selling orthopedic products.
Governments and insurance bodies across major countries increasingly recognize the effective patient care offered by such products and are thus supportive of online sales, higher reimbursement, and insurance coverage. Therefore, increasing sales of orthopedic braces through e-commerce websites and off-the-shelf channels, as well as the greater availability of reimbursement for such products across mature markets, are expected to offer significant growth opportunities for manufacturers of orthopedic braces and supports.
Knee braces are utilized as a follow-up treatment post knee surgery associated with injuries such as anterior cruciate ligament (ACL) rupture, sprained medial knee ligament, patella tendonitis, torn knee cartilage, posterior cruciate ligament (PCL) rupture, knee arthritis, and runner’s knee. The growth of the knee braces and supports segment is attributed 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 and elastic braces are the most common bracing & support products in orthopedics. These are easy to use, flexible, provide unrestricted patient mobility, and are highly customizable, as compared to other surgical alternatives. 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.
Breg, Inc. (US), DJO Finance LLC (US), Bauerfeind AG (Germany), DeRoyal Industries, Inc. (US), and Össur Hf (Iceland) are the top five players in the global orthopedic braces and supports market. Other prominent players operating in this market include Oppo Medical, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Remington Products Company (US), 3M Company (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and Trulife (Ireland).
Geographical Regions Mapped in Report:
North America is one of the major revenue-generating regions in the orthopedic braces and supports market. The favorable reimbursement & insurance coverage for major orthopedic bracing procedures and supportive government regulations for product commercialization are the major factors driving the growth of the orthopedic braces market in North America.
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