Orthopedic Braces Market Forecast
Orthopedic Braces Market is expected to cross USD 5.8 Billion by 2025 at a CAGR of 6.1%.
An increasing prevalence of osteoarthritis is set to drive the demand for orthopedic braces.
In the UK, approximately 8.75 million people aged 45 and above that constitute 33% of the total population have sought treatment for osteoarthritis. Thus, people with osteoarthritis are the primary consumer base for the orthopedic braces market.
Orthopedic Braces Market Synopsis
An increase in the number of orthopedic surgeries is expected to drive the growth of the global orthopedic braces market.
- In 2017, it was estimated that nearly 78 million US adults above 18 years of age are anticipated to be diagnosed with osteoarthritis by 2040.
Major companies are concentrating on mergers and acquisitions, new product developments, and regional expansions. For instance, in February 2018, Breg, Inc. introduced a new ankle brace, Ultra Aurora, to strengthen its product portfolio. Thus, major manufacturers are focusing on product launches in orthopedic braces which ultimately drives the growth of the orthopedic braces market.
- Rising geriatric population. The number of Americans age 65 and older is projected to nearly double from 52 million in 2018 to 95 million by 2060. Bones and connecting tissues, such as ligaments and cartilages, get naturally weaken with growing age. This poses high risk for muscle injury mainly in knees and shoulders. This ultimately raises the need for braces to improve mobility.
- Rising incidence of sport-related injuries among athletes. Athletes are focusing on fitness-related activities such as cycling, running, and others. While gaining health benefits through these activities, they are likely to sustain injuries, which can further lead to ligament injury. Indoor athletes are at high risk for ankle ligament tear. Hence, athletes are expected to drive substantial demand for ankle braces in the orthopedic braces market.
- Easy availability of orthopedic braces.
- Growing public awareness related to preventive care.
- High patient preference for alternative treatment
- Stringent government policies
Orthopedic Braces Market Segmentation
- Knee Braces: Largest segment. The rising prevalence of knee and ankle related injuries has led to a huge demand for knee braces. Sports are the greatest cause of knee injury with an estimated 2.5 million sports related knee injuries per year. Knee braces can be used by individuals suffering from arthritis and other joint-related disorders, and patients who have undergone knee surgery.
- Foot and Ankle Braces: Helps to avoid build-up of scar tissue in foot and ankle. These braces also reduce recurring pain injuries in foot and ankle.
- Upper Extremity Braces: The upper extremity braces segment is further segmented into elbow braces, hand and wrist braces, and neck and shoulder braces. In 2006, approximately 7.5 million people visited doctors for a shoulder problem, including shoulder and upper arm sprains and strains. Hand and wrist braces immobilize the joints and provide heat and compression to the ligaments as well as wrist bones.
- Others: Others include back braces, spine braces, neck braces, and walking boots.
- Soft & Elastic Braces: Fastest segment. Growth in the orthopedic braces market can primarily be attributed to the growing availability of the soft and elastic type of braces.
- Hinged Braces: Significant growth due to reimbursement scenario for hinged braces across the orthopedic braces market.
- Hard Braces: Increasing adoption & patient preference for hard orthopedic braces in post-operative & preventive care which drives the growth of the orthopedic braces market.
- Ligament Injury: Largest segment owing to the growing public participation in athletics & sports activities, and the increasing availability of medical reimbursement for ligament injuries and increasing number of accidents worldwide. Additionally, in the US, 70% of anterior cruciate ligament (ACL) injuries occur in athletes.
- Preventive Care: Provides low cost by preventing orthopedic injuries before they require emergency room care.
- Post-Operative Rehabilitation: A post-surgical program of re-establishing joint motion and muscle strength around the joints.
- Osteoarthritis: It mostly affects the knee, hip, and spine joint due to obesity and other medical conditions leading to the increasing demand for orthopedic braces.
- Others: This segment includes compression therapy and prophylaxis.
- Orthopedic Clinics: The largest segment owing to the low preference of visiting hospitals by patients for acute musculoskeletal problems.
- Hospitals & Surgical Centers: Significant market share owing to the increase in the number of hospital admissions for the treatment of traumatic and spinal injuries, bone fractures, and injuries occurring during road accidents.
- Others: This segment includes over the counter (OTC), trauma centers, sports academies, pharmacies at gym/health clubs as well as emergency centers.
- Americas: The largest regional market. Favorable reimbursement for major orthopedic bracing procedures and supportive government regulations for product commercialization are the major factors driving the growth of the orthopedic braces market in this region.
- Europe: Presence of highly developed European countries in the medical sector will drive the growth of the orthopedic braces market in this region.
- Asia-Pacific: The fastest-growing regional market in orthopedic braces. The rising geriatric population and the increasing cases of sports-related injuries are expected to drive the growth of the orthopedic braces market in this region.
- Middle East & Africa: Increasing healthcare expenditure and rising public awareness regarding orthopedic braces will drive the demand for the orthopedic braces market in this region.
Orthopedic Braces Market Key Players
- Bauerfeind (Germany)
- Breg, Inc. (US)
- DeRoyal Industries, Inc. (US)
- Ottobock (Germany)
- DJO LLC (US)
- BSN medical (Germany)
- Weber Orthopedic Inc. (US)
- Aspen Medical Products (US)
- Frank Stubbs Company Inc. (US)
- THUASNE SA (France)
2025: USD 5.8 Billion
Value (USD Billion)
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Product, Type, Application, End-User and Region
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Bauerfeind (Germany), Breg, Inc. (US), DeRoyal Industries, Inc. (US), Ottobock (Germany), DJO LLC (US), BSN medical (Germany), Weber Orthopedic Inc. (US), Aspen Medical Products (US), Frank Stubbs Company Inc. (US), THUASNE SA (France)
Key Market Opportunities
New product developmentsRegional expansions
Key Market Drivers
Rising geriatric populationRising incidence of sport-related injuries among athletesEasy availability of orthopedic bracesGrowing public awareness related to preventive care
Frequently Asked Questions (FAQ) :
The global orthopedic braces market is projected to reach a valuation of USD 5.8 BN by 2025.
The global orthopedic braces market is projected to grow at approximately 6.1% CAGR during forecast period (2019-2025).
Increase in the number of orthopedic surgeries
North America holds the largest share in the global orthopedic braces market, followed by Europe and the Asia Pacific, respectively.
DeRoyal Industries, Inc. (US), Bauerfeind (Germany) Breg, Inc. (US), Ottobock (Germany), Weber Orthopedic Inc. (US), DJO LLC (US) BSN medical (Germany), Aspen Medical Products (US), THUASNE SA (France), and Frank Stubbs Company Inc. (US), are some of the major players operating in the orthopedic braces market.
This table of content is tentative and subject to change as the research progresses.
Please Note: Financial details of company cannot be provided if the information of the company is not available in public domain and or reliable source.