Orthopedic Braces & Supports Market is anticipated to grow at a CAGR of 5.8% from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Orthopedic Braces & Supports Market- Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the Global Orthopedic Braces & Supports Market accounted for over US$ 4 billion in 2019. It is anticipated to grow at a CAGR of 5.8% from 2020 to 2030.
Orthopedic braces & supports are used to provide support to a weakened body part or joint. They are worn for a short period, usually after an injury or surgery. Some braces are used to address long term or chronic conditions. Examples of some common conditions for which long term use of orthoses may be prescribed include osteoarthritis, scoliosis, back pain, and drop foot, etc. They also provide a counterforce that achieves the desired outcome. They are also used to separate the bones and reduce pain and inflammation as a result.
The market growth of orthopedic braces & supports can be attributed to the rising geriatric population that is highly susceptible to orthopedic conditions, which is anticipated to contribute to the high number of orthopedic procedures, further resulting in the increased requirement for orthopedic braces & supports. The increasing number of orthopedic procedures, a rising number of accidents, and growing obese population around the globe are leading to the increased demand for these products. According to the American Academy of Orthopedic Surgeons (AAOS), by 2030, primary Total Hip Replacement (THR) and Total Knee Replacement (TKR) procedures are projected to grow a staggering 171% and 189% respectively. Additionally, the development & modernization of healthcare facilities is supporting market growth.
Other factors, such as supportive government policies and improvised reimbursement Medicare policies, are expected to provide lucrative growth opportunities for the market. Moreover, continuous product developments and commercialization by the key players will also boost market growth.
Browse key industry insights spread across 170 pages with market data tables & figures & charts from the report, Orthopedic Braces & Supports Market By Product (Elbow Braces & Supports, Hand & Wrist Braces & Supports, Knee Braces & Supports, Hip Braces & Supports, Ankle & Foot Braces & Supports, Lower Spine Braces & Supports and Neck & Cervical Braces & Supports), Type (Hard Braces and Supports and Soft & Elastic Braces and Supports), Application (Compression Therapy, Post-Operative Rehabilitation, Ligament Injury, and Osteoarthritis) and Distribution Channel (E-Commerce Platforms, Pharmacies & Retailers, Hospitals, and Orthopedic Clinics) - Global Analysis & Forecast 2020-2030 in detail along with the table of contents:https://www.marketindustryreports.com/orthopedic-braces--market/347
However, significant adoption of pain medication coupled with the high costs of orthopedic braces & supports may curb market growth to a certain extent.
Asia Pacific is estimated to be the fast-growing region owing primarily to the rising prevalence of patients suffering from musculoskeletal conditions and a huge base of the geriatric population driving the product demand in this region. Furthermore, increasing disposable incomes, better adoption rates of new technologies in the hospitals and orthopedic centers, and surging investments in R&D activities by key market players will further support market growth.
Some of the prominent players in the global orthopedic braces & supports market include 3M, ALCARE Co., Ltd., Bauerfeind, Breg, Inc., Bird & Cronin Inc., BSN medical., DeRoyal Industries, Inc., DJO Global, Inc., medi GmbH & Co. KG, Össur Corporate, and others.
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