Orthopedic Braces and Supports Market Expected to Grow at 6.7% CAGR From 2014 To 2025: Million Insights
Aug 17, 2017, 07:00 ET
FELTON, California, August 17, 2017 /PRNewswire/ --
The global orthopedic braces and supports market size was worth USD 3.1 billion in 2015 which is anticipated to grow at a CAGR of more than 6.7% during the forecast period. Increasing prevalence of arthritis is one of the leading cause of the growth of orthopedic braces and supports market. It is the most common form of arthritis which affects the population of all ages.
According to the Centers for disease Control and Prevention, in 2015, 30 million US adults were estimated to suffer from osteoarthritis. It is estimated that 54.4 million of the US adults are affected with some form of arthritis. People with arthritis are the major target for orthopedic braces and supports. The second most common form of arthritis is rheumatoid arthritis which cause muscle pain.
Increase in geriatric population is one of the primary driver for the growth of the market. This population is highly affected by musculoskeletal disorders. According to International Osteoporosis Foundation, osteoporosis and low bone mass is a major threat to around 44 million U.S. men and women of age 50 and older. Approximately, 30% of the post-menopausal women suffer from osteoporosis in the US. Weakening of bones, connecting tissues such as cartilages and ligaments with age increases the risk of muscle injury in knees and shoulders. This supports the increasing need of orthopedic braces and supports.
Knee supports and braces segment held the largest market share in 2015, due to a large number of people affected by knee joint and related injuries. Knee braces helps in pressure relief from the joints that are affected by arthritis.
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Foot and ankle braces are anticipated to show lucrative growth over the forecast period. This is due to the rising number of participation in sports related activities by people of all age group. The increasing number of participants in Paralympics also supports the growth of the market. Upper extremity supports and braces segment are also expected to grow at a significant rate in near future.
On the basis of end use, the market is segmented into hospitals, orthopedic clinics, Over-the-Counter (OTC), and other facilities. Orthopedic clinics contributed to the largest market share in 2015, due to reluctance of patients to visit specialty clinics for acute musculoskeletal disorders.
North America held the largest market share in 2015, due to the rising prevalence of arthritis in the U.S. People are at a high risk of osteoporosis in the U.S. due to increase in geriatric and obese population. Increased participation in sports related activities in conjunction with rise in awareness level among people related to orthopedic braces and supports is expected to further support market growth.
Few major companies of the market include DJO Global, Inc.; Breg, Inc.; Alcare Company Ltd.;Bauerfeind AG;Össur Corporate; McDavid Knee Guard, Inc.; FLA Orthopedics, Inc.; Otto Bock Healthcare GmbH; and Frank Stubbs Co., Inc.
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Orthopedic Braces & Supports Product Outlook (Revenue, USD Million; 2014 - 2025)
• Knee Braces & Supports
• Knee Braces for Osteoarthritis and Ligament Injuries
• Post-operational Knee Braces
• Foot and Ankle Braces & Supports
• Soft Braces
• Hinged Braces
• Spinal Orthoses
• Upper Extremity Braces & Supports
• Shoulder Supports
• Wrist & Hand Supports
Orthopedic Braces & Supports End-Use Outlook (Revenue, USD Million; 2014 - 2025)
• Orthopedic Clinics
• Over the Counter (OTC)
Orthopedic Braces & Supports Regional Outlook (Revenue, USD Million; 2014 - 2025)
• North America
• Asia Pacific
• Latin America
• South Africa
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