Global Orthopedic Braces and Supports Market is expected to reach USD 4.6 billion by 2027 with CAGR of 5.8%
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 (2022-2027). 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.
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Key Market Players
The vendors operating in the orthopedic braces and supports
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.
COVID-19 Impact on the global Knee braces and supports
market
Globally, the outbreak of COVID-19 has impacted every aspect
of the industry, including the orthopedic braces and supports market. From
region to region, there is considerable variation in the demand for orthopedic
braces and supports primarily due to the huge impact of the pandemic on the
economy and purchasing power of buyers.
The global spread of COVID-19 has led to unprecedented
restrictions on and disruptions in business and personal activities. For example,
many governments issued “stay-at-home” orders for local business and personal
activities. The direct impact of COVID-19 and the preventive and precautionary
measures implemented as a result thereof have adversely affected, and are
expected to continue to affect, certain industry elements, including
operations, commercial organizations, supply chains, and distribution systems.
Specifically, COVID-19 had adversely impacted various value
chain stages, primarily due to strict lockdown imposed by the government in
most countries. Many companies had to halt their manufacturing for some time as
well temporarily. Similarly, supply and distribution networks also got
interrupted, majorly due to restrictions in traveling due to lockdown and
decline in sales activity. The COVID-19 pandemic also impacted the buyer’s or
customer’s buying capacity and behavior. As a result, the orthopedic braces and
supports market, like other markets, saw a decline in 2020. However, with the
ongoing vaccination drives and the government slowly uplifting lockdown
restrictions, the economy has started to rise again. A similar trend can be
observed in the global orthopedic braces and supports market. The annual
revenue of the seven major players in the market saw a decline from FY 2019 to
FY 2020. However, almost all players saw a peak in their revenue collection in
FY 2021.
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Ankle braces and supports Market Dynamics
Drivers: 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 about preventive care
The incidence of orthopedic diseases & disorders is
expected to increase further in the coming years with the rising prevalence of
obesity and related lifestyle disorders, as obese individuals are at a greater
risk of orthopedic & musculoskeletal injuries as well as diabetes.
Orthopedic braces and supports offer several benefits, such as better
affordability, higher efficacy, greater patient comfort, and ease of use
compared to conventional products. Due to these benefits, key players are
increasingly developing specialized products for the treatment of various
orthopedic diseases as well as to address the unmet market needs.
In developed as well as emerging markets, patient preference
for orthopedic braces is rising due to their financial affordability and easy
market accessibility. Sports and related physical activities often result in
musculoskeletal injuries such as sprains, ligament injuries, and fractures.
Therefore, the increasing public participation in such activities drives the
prevalence of these conditions. Orthopedic braces and supports are increasingly
being considered an effective clinical alternative for orthopedic surgeries for
conditions such as rheumatoid arthritis, osteoporosis, gout, and fractures.
Various public-private sports organizations and medical professionals are
undertaking initiatives to spread public awareness related to the clinical
management of orthopedic injuries, such as conferences, workshops, and
symposiums.
Restraints: Limited patient qualification for
bracing-mediated orthopedic treatment and limited clinical evidence to support
the therapeutic efficacy of orthopedic braces
Bracing and support products are utilized to effectively
manage orthopedic disorders and diseases, with physicians and orthopedic
surgeons considering these products clinically necessary for specific
conditions. However, in several cases (depending on the severity of the disease
and its side effects as well as the patient’s physiology & age), patients
do not qualify for bracing products.
Innovative orthopedic braces are increasingly being adopted
by major end-user facilities (such as hospitals, surgical centers, and
orthopedic clinics) across developed markets such as the US, Germany, the UK,
and Japan. However, end-user facilities across emerging and less-developed
markets are reluctant to adopt novel products due to a lack of awareness and
affordability. These users also prefer to utilize traditional/well-established
products with proven clinical evidence to support their therapeutic/diagnostic
role.
Opportunities: Increased sales of off-the-shelf and
online products coupled with expansion and promotion initiatives undertaken by
major product manufacturers.
Specific orthopedic braces can only be used under the
supervision of medical practitioners or orthopedic technicians as they require
customization or product alteration 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 by retailers
(off-the-shelf) and e-commerce websites since their use does not require
supervision. Patients regularly use such products to prevent injuries.
Major product manufacturers are undertaking strategic initiatives
to increase their brand visibility and product awareness among key end users
(such as medical professionals, patients, and physiotherapists) across major
healthcare markets worldwide.
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