Rise in The Geriatric Population Are Likely To Accelerate The Growth Of Orthopedic Braces and Supports Market from 2018 to 2025.
The global orthopedic braces and supports market is expected to reach US$ 5,429.3 Mn in 2025 from US$ 3,631.2 Mn in 2017. The orthopedic braces and supports market is estimated to grow with a CAGR of 5.3% from 2017-2025. The report highlights the trends prevalent in the global esoteric testing market and the factors driving the market along with those that act as restraints to its growth. The global orthopedic braces and supports market is witnessing significant growth in the current scenarios and is expected to face various growth opportunities in the forecast period owing to the following factors such as increase in the number of orthopedic surgeries, rise in the geriatric population, growing incidents of road accidents and increase in the awareness and adoption of orthopedic braces and supports are expected to boost the orthopedic braces and supports market over the years.
The number of geriatric population has been increasing rapidly across the globe. In addition ageing population is poised to become one of the most significant social transformations of the twenty-first century. As per the report ‘Aging in the United States’ published by Population Reference Bureau’s revealed that the growing population (people 65 and older) are likely to reshape the scenario for the older population in America. Similarly the latest data published by the World Health Organization (WHO) in February 2018 says that in between 2015–2025 the world’s population over 60 years is likely to increase roughly from 12% to 22%. Also the pace of the geriatric population is growing much faster as compared to the past. Additionally, countries across the world are facing major challenges and trying to ensure their health and social systems are ready to accept the most of the demographic shift.
The data by the WHO also estimated that till 2050, there will be approximately 120 million people living in China itself. It is also estimated that near around 434 million people in the age group of 80 and above will be present across the world. Moreover, it stated that by 2050, 80% of all older people will be registered in low and middle-income countries. The rise in the geriatric population is been observed across the world, for instance, France had almost taken 150 years to adapt the shift in the portion from 10% to 20% of the population which were older than 60 years. However, countries such as Brazil, China and India will be experiencing slight change which will be more than 20 years to make the same adaptation. Furthermore, the shift in scattering of a country’s population towards older population have been started in high-income countries such as Japan which have 30% of the population who are above 60years and above. Thus, the rise in the geriatric population is likely to increase the demand for the braces and supports dramatically in the coming forecast period.
The reports also cover the developments made by the top companies operating in orthopedic braces and supports market. For instance, in February 2018, Breg, Inc. has introduced Ultra Aurora, which is a hybrid between the Ultra Zoom and the Ultra High-5. It combines the comfort of the Performathane ankle cuff with the stability and control of a rigid hinged footplate.