(PharmaNewsWire.Com, February 12, 2021 ) Major Growth Boosting Factors: The Growth in the orthopedic braces and supports market is driven primarily 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 related to preventive care.
Revenue Growth Opportunities: 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.
Recent Developments:
# In December 2018, DJO Finance LLC established its new global headquarters in Dallas, US, to develop and market DonJoy Products, which includes braces and supports.
# In November 2018, DJO Finance LLC launched EMPOWR Porous Knee System and EMPOWR Complex Primary Knee System. This helped the company to improve its position in the orthopedic braces and supports market.
# In March 2018, DJO Finance LLC launched X4 Smart Brace with Motion Intelligence.
Growth Driver: Increasing prevalence of orthopedic diseases and disorders;
Orthopedic braces and supports are increasingly being used during clinical management of various orthopedic diseases and disorders such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures, and carpal tunnel syndrome. These products offer higher clinical efficacy and fast patient recovery compared to alternative therapies such as pain medications.
- As of 2018, around 75 million individuals (aged 50 and over) had osteoporosis across the US, Europe, and Japan (Source: International Osteoporosis Foundation).
- Around 400,000 people in the UK have rheumatoid arthritis, data as of 2018 (Source: Arthritis Research UK).
The incidence of orthopedic diseases and disorders is expected to increase further in the coming years with the increasing prevalence of obesity and related lifestyle disorders, as obese individuals are at a higher risk of orthopedic & musculoskeletal injuries as well as diabetes.
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. The favorable reimbursement scenario for knee braces in developed countries, growing geriatric & obese population (which are at a higher risk of developing osteoarthritis and other knee-related conditions), and the increasing number of sports injuries are other factors driving the growth for knee braces and supports.
by distribution channel;
In hospitals & surgical centers, orthopedic bracing and support products are used for the clinical management of orthopedic conditions (such as osteoarthritis, osteoporosis, and fractures), preventive care, post-operative patient rehabilitation, osteoarthritis management, and maxillofacial procedures. The growth of the hospitals & surgical centers segment can 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 increasing availability of insurance coverage for the surgical treatment of orthopedic disorders such as ligament injury, bone deformity, scoliosis, and osteoporosis) across major countries.
Geographical Scenario: 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.
Global Leaders: DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US) are the key players in the global orthopedic braces and supports market.
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