Orthopedic Braces and Support Market Size, Share, Growth and Industry Analysis, By Type (Lower Extremity (Knee, Foot, Ankle, Back) and Upper Extremity (Shoulder, Elbow, Wrist)), By Application (Ligament Injury, Preventive Care and Osteoarthritis), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Orthopedic Braces And Support Market Report Overview

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The global orthopedic braces and support market size is expected to be USD 3549.7 million in 2022 and is projected to touch USD 4721.86 million by 2031, exhibiting a CAGR of 3.2% during the forecast period.

When a section of the body is recuperating from an injury, braces and supports, which are orthopedic devices, are used externally to hold, align, and support that part of the body. The knee, foot, spine, ankle, hip, and other body parts receive intensely targeted support from the unique materials and clever ideas used in their construction. Supports and braces can help to protect joints following operations and give patients with musculoskeletal issues a feeling of mobility.

COVID-19 Impact: Decrease in Consumer Purchasing Power due to the Worldwide Outbreak of the Pandemic

The global COVID-19 pandemic has been unprecedented and staggering; with the orthopedic braces and support market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

The market for orthopedic braces and support was not exempt from the effects of COVID-19's global spread on the sector. The noticeable effect of the outbreak on the economy and consumers' purchasing power was the main reason why there were significant regional variations in the requirement for orthopedic braces and support. Orthopedic braces and support sales decreased in 2020 as a result of the pandemic, as did other markets. The government began to gradually loosen lockdown restrictions, vaccination programmes, and other measures, and this helped the economy recover. The market for orthopedic supports and braces around the world showed a similar trend.

LATEST TRENDS

"Introduction of Medical Equipment Start-Up in Various States and Sports Teams "

A medical equipment start-up called TayCo Brace, which specializes in ankle braces for recovering from injuries, obtained USD 1.2 million in investment from a number of investors in June 2021. Over 65 NCAA teams, healthcare centers in 47 states, 17 NFL teams, and a number of medical centers are among the company's clients.

Orthopedic Braces And Support Market Segmentation

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• By Type

Based on type, the market is distributed into Lower Extremity (Knee, Foot, Ankle, Back) and Upper Extremity (Shoulder, Elbow, Wrist)

• By Application

Based on application, the market is divided into Ligament Injury, Preventive Care, and Osteoarthritis

DRIVING FACTORS

"Low Cost, Easy Accessibility and Public Awareness help in Driving up the Demand for these Braces "

Due to their low cost and straightforward market accessibility, orthopedic braces are becoming more and more popular among patients in both established and developing countries. Musculoskeletal injuries, such as fractures, sprains, and ligament injuries, are frequently brought on by sports and other physical activity. As a result, the occurrence of these illnesses is driven by the growing public involvement in such activities. Orthopedic braces and support for illnesses including rheumatoid arthritis, gout, and osteoporosis are rapidly being viewed as a clinically effective alternative to orthopedic operations. To raise public awareness of the medical management of orthopedic injuries, a number of public and private sports organizations and medical experts are organizing conferences, symposiums, and seminars.

"Rise in Orthopedic Surgeries and Extensive use of the Supporters in Medical Institutions "

Orthopedic clinics, pharmacies, retailers, and others make up the various distribution channels under which the orthopedic braces and support market is divided. In 2022, hospitals and surgical centers are anticipated to be the extensive distribution channel category for orthopedic braces, which will support market expansion. The orthopedic braces and support market growth can be largely attributed to the rise in orthopedic surgical procedures that call for post-operative patient recovery and the favorable reimbursement for personalized orthopedic braces and supports in developed nations (coupled with the expansion of medical insurance for the surgical treatment of orthopedic disorders like ligament injury, scoliosis, bone deformity, and osteoporosis).

RESTRAINING FACTORS

"Non-Qualification of Patients May Hinder Market Growth"

Physicians and orthopedic surgeons regard bracing and support items to be clinically required for some circumstances in order to manage orthopedic ailments and diseases. However, patients do not always qualify for bracing goods (depending on the seriousness of the condition, its side effects, the patient's physiology, and age). Furthermore, despite the fact that these orthopedic braces and support are utilized more frequently, end-user facilities in developing and emerging markets are hesitant to accept novel products since they are unadvertised and unaffordable. These customers also favor using conventional, well-established items that have clinical data to back up their medicinal or diagnostic functions.

Orthopedic Braces And Support Market Regional Insights

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"Various Health Ailments as well as Rising Healthcare Spending is Promoting the Asia Pacific to Lead in the Market"

The region of the Asia Pacific is anticipated to develop at the fastest rate over the projection period. The geriatric population and obese population in the region—combined with the high prevalence of orthopaedic and diabetes-related disorders in this population segment—as well as rising healthcare spending in the Asia Pacific countries—support the demand for orthopaedic braces and supports. Prominent product manufacturers are implementing strategic activities including incentives for the development to preserve their market position because of the region's significant potential for growth. These factors are promoting Asia Pacific to lead in the orthopedic braces and support market share.

KEY INDUSTRY PLAYERS

"Various Growth Strategies Adopted by the Players to Broaden their Portfolios "

The players currently operating in the orthopedic braces and support industry are employing a variety of growth strategies, such as product launches and improvements, partnerships and agreements, and acquisitions, to broaden their portfolios and keep a competitive edge in the market for analytical instruments. Product innovations are the business strategy that market players have adopted the most frequently among these.

List of Market Players Profiled

• Breg, Inc. (U.S.)
• Ossur Hf (Iceland)
• Bauerfeind AG (Germany)
• BSN Medical (Germany)
• DJO Finance LLC (U.S.)
• 3M Company (U.S.)
• Otto Bock Healthcare (Germany)
• Deroyal Industries, Inc. (U.S.)
• Medi GmbH & Co. KG (Germany)
• Thuasne Group (France)
• Alcare Co., Ltd (Japan)
• Zimmer Biomet Holdings, Inc. (U.S.)
• Trulife (Ireland)
• Remington Products Company (U.S.)
• Bird & Cronin (U.S.)

REPORT COVERAGE

This report covers the orthopedic braces and support market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2028. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.