Orthopedic Braces and Supports Market Value, Volume, Size, Share, Growth, Trends, Competition, Industry Analysis Report, By Product, By Type, by Application, by Distribution Channel, and by Region; Outlook and Forecast, 2023 - 2030
Report Summary
Specific orthopaedic braces can be used under the supervision of medical practitioners or an orthopaedic technician. This is because they require customization or product alteration according to patient features. But, some braces that includes, ankle braces, wrist or hand braces, shoulder braces, elbow braces, and facial braces have increasingly been sold by retailers, off-the-shelf and also e-commerce websites as their use does not require supervision.
What is Orthopedic Braces and Supports Market?
Overview and Key Insights
As per the analysis carried out by our consultants, the orthopedic braces and supports market is projected to grow annually at a CAGR of around 5.8% over the forecast period (2023 – 2030).
In terms of revenue, the market size was valued at around USD 3.4 Billion in 2022 and is projected to reach about USD 5.34 Billion in 2030. Numerous driving factors and rationales are protected to propel market at significant growth rates.
The rising prevalence of orthopaedic diseases or disorders, continuous product commercialization, rise in product affordability and market availability, increasing number of sports and accident-related injuries, and rising public awareness of preventive care.
What are the major growth drivers, restraints, and opportunities in the orthopedic braces and supports market?
Market Trends
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Rising prevalence has boosted the market growth
Every market has its growth determinant and challenges. One of the major factor that has boosted the market growth over the forecast period is the rising prevalence of the orthopaedic clinics braces and support market over the forecast period. Also, the continuous product commercialization and greater product affordability has also boosted the market growth. Additionally, the rising sales of off-the-shelf and online products, and the expansion and promotion initiatives undertaken by major product manufacturers have also boosted the market growth over the forecast period
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Limited patient qualification for bracing-mediated orthopaedic treatment and limited clinical evidence has hindered the market growth
One of the major restrain to the market growth is the limited patient qualification as well as limited clinical evidence to support the therapeutic efficacy of orthopaedic clinics braces and supports market over the forecast period. This is because there is lack of awareness and affordability about the braces market. Also, as orthopaedic braces are used as a part of a non-invasive approach for pain management during compression therapy, the adoption of pain medication for such applications is high because of the low awareness about the benefits of orthopaedic braces and the unfavourable reimbursement scenario for these products, creating a challenge for this market.
What are the Orthopedic Braces and Supports Market Segmentations and Bifurcations?
Key Segmentation Analysis
By Product
- Knee Braces and Supports
- Ankle Braces and Supports
- Foot Walkers and Orthoses
- Hip, Back, And Spine Braces and Supports
- Elbow Braces and Supports
- Compression Socks/Stockings
- Others
The knee braces and supports market has dominated the market growth over the forecast period. This is because of the several benefits that are offered by these products. It includes, medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
By Type
- Soft & Elastic Braces and Supports
- Hard Braces and Supports
- Hinged Braces and Supports
- Others
The hand braces and supports segment has dominated the market growth over the forecast period.
By Application
- Preventive Care
- Ligament Injury
- Anterior Cruciate Ligament Injury
- Lateral Collateral Ligament Injury
- Other Ligament Injuries
- Post-operative Rehabilitation
- Osteoarthritis
- Compression Therapy
- Other Applications
The preventive care segment has dominated the market growth over the forecast period.
By Distribution Channel
- Medical Practitioners
- Hospitals and Surgical Center
- Urgent Care Facilities
- Orthopedic Clinics
- Retail Pharmacy
- DME
- Other
The hospitals and surgical centres has dominated the market growth over the forecast period.
What are the Regional and country Trends in the Orthopedic Braces and Supports Market?
Regional Segmentation Analysis
- North America
- Europe
- Asia Pacific
- Middle east and Africa
- Latin America
North America has dominated the regional market growth over the forecast period. This is because of the presence of key players as well as technologically equipped hospitals within the major countries such as, the U.S., and Canada. Also, because of the aging population and prevalence of chronic conditions has boosted the market growth in the region.
How is the competition scenario in the Orthopedic Braces and Supports Market?
Competitive Insights
The competitive landscape of the Orthopedic Braces and Supports Market is fragmented because of the presence of a large number of small, medium, and large enterprises. The main companies operating in the market are:
- Bauerfeind USA Inc.
- 3M
- MUELLER SPORTS MEDICINE INC.
- Breg Inc.
- Essity
- DJO Finance LLC
- Ottobock Holding GmbH
- Thuasne USA
- Zimmer Biomet Holdings Inc.
- Bird & Cronin Inc.
- Nippon and Sigmax
- Becker Orthopedic
- DeRoyal Industries Inc.
- MEDI GMBH & CO. KG
- FOUNDATION WELLNESS (FORMERLY KNOWN AS REMINGTON PRODUCTS COMPANY)
- TRULIFE GROUP LTD
- Others
Orthopedic Braces and Supports Market: Report Scope & Snapshot:
|
Report Characteristics |
Parameters |
|
Market size value in 2022 |
USD 3.4 Billion |
|
Revenue forecast in 2030 |
USD 5.34 Billion |
|
CAGR Growth |
5.8% from 2023- 2030 |
|
Base year |
2022 |
|
Forecast period |
2023- 2032 |
|
Segments Covered |
By Product, By Application, By Region |
|
Regional scope |
· Europe ((By Types, Applications, Segments, and Region)) o UK o Germany o France o Italy o Spain o Denmark o Sweden o Norway
|
|
Key Companies |
|
FAQs
How much is the Orthopedic Braces and Supports Market worth in the future?
Vertex Market Research suggests, Orthopedic Braces and Supports Market size was USD 3.4 Billion in 2022 and projected to reach USD 5.34 Billion in 2030.
What is the expected CAGR of Orthopedic Braces and Supports Market till 2030?
By 2030, Orthopedic Braces and Supports Market CAGR of around 5.8%.
Which segment is expected to dominate the market?
The preventive care segment has dominated the market growth over the forecast period.
Who are the top players in the orthopedic braces and supports market?
Bauerfeind USA Inc., 3M, MUELLER SPORTS MEDICINE, INC., Breg, Inc., Essity, DJO Finance LLC, Ottobock Holding GmbH, Thuasne USA, Zimmer Biomet Holdings, Inc., Bird & Cronin, Inc. , Nippon and Sigmax are some top players.
Which region dominate the global market?
North America has dominated the regional market growth over the forecast period
Key Insights Delivered
Historical and Current Market Assessment
Market Outlook, Forecasts, and Growth Rates
Segments and Regional Forecasts for Market Intelligence
Competition Strategy and Company Market Shares Analysis
Customer Analysis and Purchase Pattern Analysis
Key Growth and Driving Factors
Key Opportunities in the Market
Products and Services Innovation Listing
Key Technological Trends & Timeline
Regulatory and Policy Analysis
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Global Orthopedic Braces and Supports Market Size, Share Forecast Report 2023-2030
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