$5.5 Bn Orthopedic Braces & Supports Market - Global Forecast to 2024: Promotion and Branding Initiatives Undertaken By Major Product Manufacturers
DUBLIN, June 3, 2019 /PRNewswire/ -- The "Orthopedic Braces & Supports Market by Product (Knee, Ankle, Spine, Shoulder, Neck, Elbow, Wrist, Facial), Category (Soft, Hard), Application (Ligament (ACL, LCL), Preventive, OA), Distribution, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The orthopedic braces and supports market is projected to reach USD 5.5 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 5.7%.
The growth in the orthopedic braces and supports market is majorly 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 related to preventive care.
However, 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 that are expected to restrain the growth of this market during the forecast period.
The knee braces and supports segment to witness the highest growth rate in the orthopedic braces and supports market, by product, during the forecast period
The knee braces and supports segment is expected to witness the highest growth rate during the forecast period. The high growth in this segment can be attributed to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
Soft braces and supports segment to witness the highest growth rate in the orthopedic braces and supports market, by type, during the forecast period
The soft & elastic braces and supports segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative and preventive care, and the supportive reimbursement scenario for target products across mature markets.
The ligament injury segment accounted for the largest share of the orthopedic braces and supports market, by application, in 2018
The ligament injury segment accounted for the largest share of the orthopedic braces and supports market in 2018. The large share of this segment is attributed to increasing public participation in sports & athletic activities (coupled with the rising incidence of sports-related injuries), rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries.
The hospitals & surgical centers segment accounted for the largest share of the orthopedic braces and supports market, by distribution channel, in 2018
The hospitals & surgical centers segment accounted for the largest share of the orthopedic braces and supports market in 2018. Market growth can largely be attributed to the growing number of orthopedic surgical procedures that require post-operative patient rehabilitation and the favorable reimbursement for customized braces and supports (coupled with the growing availability of insurance coverage for the surgical treatment of orthopedic disorders such as ligament injury, bone deformity, scoliosis, and osteoporosis) across major countries.
The Asia Pacific market to grow at the highest CAGR during the forecast period
The orthopedic braces and supports market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific market is expected to grow at the highest CAGR during the forecast period majorly due to the significant prevalence of orthopedic & diabetes-related diseases in this population segment, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries.
Market Dynamics
Drivers
- Increase Prevalence of Orthopedic Diseases and Disorders
- Continuous Product Commercialization
- Greater Product Affordability and Market Availability
- Rising Number of Sports and Accident-Related Injuries
- Growing Public Awareness Related to Preventive Care
Restraints
- Limited Patient Qualification for Bracing-Mediated Orthopedic Treatment
- Limited Clinical Evidence to Support the Therapeutic Efficacy of Orthopedic Braces
Opportunities
- Increased Sales of Off-The-Shelf and Online Products
- Promotion and Branding Initiatives Undertaken By Major Product Manufacturers
Challenges
- Significant Adoption of Pain Medications
Reimbursement Scenario
Regulatory Scenario
Companies Mentioned
- 3M Company
- Alcare Co., Ltd.
- Bauerfeind AG
- Bird and Cronin, Inc. (A Part of Dynatronics Corporation)
- Breg, Inc.
- BSN Medical (A Part of Svenska Cellulosa Aktiebolaget)
- Deroyal Industries, Inc.
- DJO Finance LLC (A Subsidiary of Colfax Corporation)
- medi GmbH & Co. KG
- Ottobock Healthcare (A Part of Ottobock Group Scandinavia)
- Remington Products Company
- Thuasne Group
- Trulife
- Zimmer Biomet Holdings, Inc.
- ssur Hf
For more information about this report visit https://www.researchandmarkets.com/r/7f59bm
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