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HEALTHCARE & PHARMACEUTICAL

Orthopedic Braces and Support Market Analysis by Product{Knee, Ankle, Shoulder, Neck & Cervical, Hand & Wrist and Others (Upper Extremity, Lower Spine Bracesand Others)}; by Type (Soft & Elastic, Hinged and Hard); by Application (Preventive Care, Ligament Injury and Others); and by End User [Orthopedic Clinics, Hospitals, ASCs, Over the Counter (OTC) and Others] – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • February, 2021: Breg Inc.:Two new lines of spinal orthoses Pinnacle and Ascend, have been launched by Breg Inc.
  • June, 2020: DJO Global Inc., Thenew DonJoy X-ROM Post-Op Knee Brace. Featuring DonJoy’s most advanced range of motion (ROM) protection and improved user-friendly design has been launched by DJO Global Inc. It facilitates faster and easier application and adjustment for patients recovering from ACL repair and surgeries.

Global Orthopedic Braces and Support Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Orthopedic-Braces-and-Support-Market-CAGR

The global orthopedic braces and support market is estimated to garner a revenue of ~USD 5billion by the end of 2031 by growing at a CAGR of ~6% over the forecast period, i.e., 2022 – 2031. Further, the market generated a revenue of ~USD 3billion in the year 2021. The market is estimated to grow on the back of increasing prevalence of orthopedic diseases and disorders. According to the statistics, in 2019, there were around 1.71 billion people suffering from musculoskeletal condition globally, of which around 440 million people had fractures and about 222 million people suffered from neck pain.

Orthopedic-Braces-and-Support-Market

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The global orthopedic braces and support market is also estimated to witness growth on account of rising number of sports injuries.According to recent statistics, approximately 3 million sports injuries occur each year in the United States. In addition, each year, approximately 770,000 children aged 14 and younger are treated for sports-related surgeries in hospital emergency rooms.Moreover, increasing public awareness about preventive care as well as greater affordability and increasing commercialization of products are some of the other contributing factors which are anticipated to drive the growth of global orthopedic braces and support market during the forecast period.

Global Orthopedic Braces and Support Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Level of Geriatric Population – The elderly population is estimated to be the largest contributor to the demand for orthopedic braces and support. As the elderly population is more prone to musculoskeletal conditions, which further lead to the weakening of ligaments and cartilage owing to age-related factors.According to the World Health Organization (WHO) data, the global population aged 60 years and above stood at around 1 billion in 2020, which is projected to reach 1.4 billion by the end of 2030.

  • Increased Research & Development Expenditure – As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Increasing Prevalence of ArthritisAs per data by the Centers for Disease Control and Prevention, around 78 million US citizens are estimated to suffer from arthritis by the 2040.
  • Growth of Obesity RatesAccording to data from the Centers for Disease Control and Prevention, during 2017–2020, the prevalence of obesity among children and adolescents aged 2–19 years was approximately 19.7%, corresponding to around 14.7 million children and adolescents in the United States.
  • Rising Osteoporosis Globally – According to estimates, by 2025, osteoporosis will result in approximately 3 million fractures and will cost around USD 24 billion.

Challenges

  • Lack of Awareness among Consumers about Benefits of Orthopedic Braces and Support
  • Less Number of Patients are Eligible for Bracing-mediated Orthopedic Treatment
  • Limited option to Customize Orthopedic Braces and Support

The global orthopedic braces and support market is segmented and analyzed for demand and supply by end-user into orthopedic clinics, hospitals, ASCs, over the counter (OTC) and home care setting. Out of these segments, hospital segment is estimated to garner the largest market share by the end of 2031, owing to the increasing number of hospitals globally and rising growth of healthcare industry. According to statistics, in 2020, there were about 8200 hospitals in Japan, in addition, the number of hospitals in the United States was about 6000 in the same year.Hence such factors are anticipated to boost segment growth in the coming years.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.

Global Orthopedic Braces and Support Market Regional Synopsis

Regionally, the global orthopedic braces and support market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited to the rising cases of osteoporosis in the region. According to statistics, in 2018, around 52 million Americans either suffered from osteoporosis or were at a higher risk to suffer from the disease owing to low bone mass.Moreover, the presence of major players and manufacturers is also expected to fuel the growth of the market in the region during the forecast period.

Further, the market in Asia Pacific estimated to gain the highest growth during the forecast period, owing to the increasing level of geriatric population. According to World Health Organization (WHO) data, in 2019, China had a population of about 254 million people aged 60 years and above, of whom 176 million were 65 years of age and older. By 2040, it is estimated that about 402 million people to be over the age of 60, which is about 28% of the total Chinese population.Moreover, rising expenditure of healthcare and increasing focus of manufacturers to expand their regional presence are other factors which are anticipated to propel the growth of the global orthopedic braces and supports market in the region during the forecast period.

Orthopedic-Braces-and-Support-Market-Analysis-Size

The global orthopedic braces and support market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global orthopedic braces and support market includes the following segments:

By Product

  • Knee Braces and Support
  • Ankle Braces and Support
  • Foot Walkers and Orthoses
  • Hip, Back & Spine Braces and Support
  • Shoulder Braces and Support
  • Neck & Cervical Spine Braces and Support
  • Hand & Wrist Braces and Support
  • Other
  • Upper Extremity Braces and Support
  • Lower Spine Braces and Support
  • Upper Spine Orthoses
  • Elbow Braces and Support
  • Facial Braces and Support
  • Post-Operational Knee Braces
  • TLSOs
  • LSOs
  • Walker Boots
  • Pneumatic Walker Boots
  • Non-Pneumatic Walker Boots

By Type

  • Soft & Elastic Braces and Support
  • Hinged Braces and Support
  • Hard Braces and Support

By Application

  • Preventive Care
  • Ligament Injury
  • Anterior Cruciate Ligament Injury
  • Lateral Collateral Ligament Injury
  • Post-operative Rehabilitation
  • Osteoarthritis
  • Compression Therapy

By End User

  • Orthopedic Clinics
  • Hospitals
  • ASCs
  • Home Care Settings
  • Over the Counter (OTC)
 

Top Featured Companies Dominating the Global Orthopedic Braces and Support Market

  • BSN medical Inc.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • 3M Healthcare
  • DJO Global Inc.
  • Breg Inc.
  • OSSUR
  • Otto Bock Healthcare
  • Zimmer Biomet Holdings, Inc.
  • Bauerfeind AG
  • Alcare Company Ltd
  • Becker Orthopedic
  • Frank Stubbs Company Inc.

 

 

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