The knee braces market will register a CAGR of 4% by 2023
NEW YORK, June 5, 2019 /PRNewswire/ --
About this market
The growing medical tourism and government initiatives in orthopedics are vital factors that will trigger the growth of knee braces market. Medical tourism for orthopedic procedures has dramatically increased over the past few years. This is owing to significant cost savings and rising old population in developed nations who require cost-effective healthcare facilities. The medical tourism for orthopedic surgeries is likely to drive the demand for orthopedic braces. This will bolster the growth of the global knee braces market during the forecast period. Government initiatives on orthopedics help in the accessibility of orthopedic-related devices and treatments. For instance, the Government of India has extended the price cap, which was imposed on orthopedic knee implants until August 2019. This move was taken for relieving several arthritis patients of India. Also, the government has reduced prices of knee implants by about 64%. Initiatives like these are propelling the growth of the market in focus. Our analysts have predicted that the knee braces market will register a CAGR of 4% by 2023.
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Market Overview
Growing incidence of road accidents
Road safety has become a significant concern as the number of road accidents is increasing, globally. Road traffic injuries have become a priority in public health. The knee cartilage and ligaments are the most commonly damaged in road accidents. Knee injuries can take months or years to heal. A few knee injuries leave victims with lifelong complications that prevent them from engaging in physical activities such as sports or even walking without pain. Therefore, the rising road accidents are increasing the demand for knee braces to cope with knee injuries. This will contribute to the growth of the global knee braces market.
High cost of knee braces
The cost of a knee brace is usually covered under health insurance if a doctor prescribes it. However, for patients who are not covered by any insurance, the typical cost of a standard knee brace, made up of fabric or elastic, to provide light to moderate support during sports, in the US is about $30 on an average. The cost of a knee brace to recover from injuries or surgery is about $165, on an average, or more. It can increase to about $700-$900 or more depending on the type of material of the brace. Also, patients suffering from knee injuries also must bear additional costs on crutches in some cases. The high costs of knee braces can adversely affect their demand. This may hurt the growth of the global knee braces market during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the knee braces market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including 3M Co. and DeRoyal Industries Inc. makes the competitive environment quite intense. Factors such as the growing incidence of road accidents and the rising medical tourism and government initiatives in orthopedics will provide considerable growth opportunities to the knee braces manufacturers. medi GmbH & Co. KG, Mueller Sports Medicine Inc., Orthofix Holdings Inc., and REH4MAT S?awomir Wro?ski. are some of the major companies covered in this report.
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