Orthopedic Braces and Supports Market Growing at a CAGR of 5.8% with Rising number of sports and accident-related injuries
(EMAILWIRE.COM, September 25, 2020 ) Houston, TX -- According MarketsandMarkets Research - 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.
COVID-19 Impact on the global orthopedic braces and supports market;
The market is impacted due to the pandemic, resulting in short term negative growth due to factors such as a sharp decline in elective surgeries and ban on organized sports. Moreover, O&P clinics were temporarily closed, and hospital access restricted to non-essential care. Thus, limited access to clinics, social distancing, the lockdown of the population, which results in less trauma and workplace injuries, and slow-down in patient flow and referrals has also impacted the market growth.
Orthopedic Braces And Support Market Dynamics;
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.
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Demand for knee braces and supports among medical professionals and athletes is expected to result in the segment occupying the majority of the orthopedic braces and supports market share
The knee braces and supports market is estimated to have the largest market share by value. Growth of this segment can be attributed to the growing demand for knee braces & supports among medical professionals and athletes and favorable reimbursement scenario for knee braces in developed countries. Moreover, 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 is expected to drive the market growth.
Lower spine braces estimated to be the largest and fastest-growing market
Lower spine braces are estimated to be the largest and fastest-growing segment in the orthopedic braces and supports market. The growth of this segment can be attributed to the rising incidence of lower spine disorders and the growing number of hip & disc replacement surgeries (which utilize lower spine braces and supports for post-operative rehabilitation).
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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), ssur 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.
Mr. Aashish Mehra
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