(PharmaNewsWire.Com, April 24, 2021 ) The report "Orthopedic Braces and Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Hard, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Hospital) & Region - Global Forecast to 2025", the global orthopedic braces market size is estimated to be USD 3.1 billion in 2020 and projected to reach USD 4.1 billion by 2025, at a CAGR of 5.8 %.
The orthopedic braces and supports market includes major Tier I and II suppliers like DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US). These suppliers have their manufacturing facilities spread across regions such as North America and Europe. COVID-19 has impacted their businesses as well. Demand for orthopedic braces and supports from key end-users has significantly declined amidst the global COVID-19 pandemic. Industry experts believe that COVID-19 will have short-term negative growth for the orthopedics and supports market in 2020, but will experience normal growth as the market gradually steadies by the end of 2020.
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.
Orthopedic bracing and support products are used for the clinical management of ligament injuries such as anterior cruciate ligament, posterior cruciate ligament, medial collateral ligament, lateral collateral ligament, and coronary ligament injuries. The large share of the ligament injury segment can be attributed to increasing public participation in sports & athletic activities (coupled with the rising incidence of sports-related injuries), rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries.
Geographical View in-detailed:
Asia Pacific is estimated to be the fastest-growing market for orthopedic braces and supports during the forecast period. The Asia Pacific market is driven principally by the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment), increasing GDP and healthcare expenditure in APAC countries, and growing public awareness. Furthermore, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries are aiding the market growth.
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.
DJO Finance LLC (US) dominated the market in 2019. The company offers a broad range of orthopedic braces and supports that are used in various applications, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries, such as the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on the development of technologically innovative products to further strengthen its position in the market. For example, the company launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection On Demand (POD) Ankle Braces, and AirSelect suite in the past three years.
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