Global Orthopedic Braces & Support Devices Market Value Expected To Grow $2.51 billion By 2022

LONDON, Dec. 5, 2019 /PRNewswire/ -- The global orthopedic braces and support devices and equipment market was valued at about $2.2 billion in 2018 and is expected to grow to $2.51 billion at an annual growth rate of more than 3% through 2022. View Complete Report @ https://www.thebusinessresearchcompany.com/report/orthopedic-braces-and-support-devices-and-equipment-global-market-report.

The North American region accounts for about 50% of the global orthopedic braces and support devices and equipment market. During the forecast period, Asia Pacific is expected to be the fastest growing market.

Rise in geriatric population is driving the orthopedic braces and support devices and equipment market. Elderly people are more prone to injuries as their bones and connective tissues weaken with age. For example, in the US, 70% of the population aged between 50-70 years suffers from osteoarthritis, and this percentage is likely to increase further in the forecast period to 2022. This is one of the major contributing factors for the growth of this market.

Due to increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use innovative technologies such as bionic energy savers to solve problems related to injuries in knee, arms or any other movable part of the body. For example, Spring Loaded Technology uses LevitationTM bionic knee brace that enhances mobility and provides strength to legs by storing energy when a person sits or rests. These technologies are providing better quality life to people and positively impacts growth of the orthopedic braces and support devices and equipment market. Request a Sample @ https://www.thebusinessresearchcompany.com/sample.aspx?id=2406&type=smp .

Orthopedic braces and support systems are primarily used in injury prevention, injury rehabilitation, post-operative care and osteoarthritic care. These are also used to protect, support and strengthen the joints and muscles and are used by athletes to prevent themselves from injuries. The orthopedic braces and support devices and equipment market is segmented into lower extremity braces, upper extremity braces, and back and hip braces.

High adoption of pain medications worldwide restraints the growth of the orthopedic braces and support devices market. More people rely on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/brace. For example, Americans consume 80% of the world supply of painkillers including painkillers for Orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market growth.

Product recalls are another restraint on the growth of the orthopedic equipment market. In March 2018, 3M's consumer health care division issued orders to recall ankle braces and supports as the product contained undeclared natural latex rubber, which may lead to allergic reactions in a few users. The Food and Drug Administration ranked the recall as class 2, which are labelled as products causing a temporary health issue or pose a risk of minimal adversity. Thus, any product recall may hamper the market's growth as it would create negative feedback regarding the product, and people would hesitate to use the products.

Major Players And Their Strategies In The Orthopedic Equipment Market:

Major players in the global orthopedic braces and support devices and equipment market are DJO Global, Bauerfeind AG, Otto Bock Healthcare GmbH, Breg, Inc., and Ossur Hf. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. On 19th November, 2018, Colfax acquired DJO Global for $3.15 billion. Colfax aims at creating a new platform for itself in the orthopedic solutions market as DJO Global is a leader in the braces and support devices market. It brings a plethora of opportunities for Colfax to diversify its product portfolio, gain end-market exposure, and increase profitability. DJO manufactures a variety of orthopedic products for rehabilitation and physical therapy. It was founded in 1978 and is headquartered in California, USA.

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