The orthopedic braces & supports market is expected to grow US$ 5,429.3 million by 2025 from US$ 3,950.6 million in 2019; the orthopedic braces & supports market is estimated to grow with a CAGR of 5.3% from 2020-2025.
Analyst Perspective:
Increasing technological advancements that enable the launch of innovative braces and supports for patients are expected to drive the orthopedic braces & supports market due to comfort and ease of mobility offered to patients. Companies are constantly involved in selling their innovative products through off-the-shelf and e-commerce platforms have paved the way for significant growth opportunities for the players operating in the market. The growing geriatric population worldwide is among the prime factors that significantly lead to the growth of the orthopedic braces & supports market. In addition, growing incidences of orthopedic disorders and diseases, increasing numbers of accidents, and sports-related injuries are contributing to the rising demand for orthopedic braces and supports. Moreover, the increasing investments to incorporate artificial intelligence into the braces are expected to serve significant growth opportunities for the market in the coming near future. Furthermore, the growing strategic initiatives and developments by the public and private entities enable increasing growth for the orthopedic brace & supports market.
Market Overview:
Orthopedic braces and supports are the devices that protect, stabilize, support, and correct injuries or abnormal alignment through the process of rehabilitation and recovery. These functions are used for injury rehabilitation, injury prevention, osteoarthritic care, post-operative care, and more. The braces and supports are available in knee braces, ankle braces, leg braces, elbow braces, tennis elbow braces, wrist braces, thumb, hand splints, neck, back, and shoulder braces, and more. The orthopedic braces & supports market is majorly driven by the factors such as the increase in the number of orthopedic surgeries, the rise in the geriatric population, growing incidents of road accidents, and the increase in the awareness and adoption of orthopedic braces and supports. Whereas the high cost of the braces and supports, and stringent regulations to manufacture braces and supports are hindering the growth of the market. According to the research study, North America is the largest region, and Asia Pacific is the fastest-growing region in the global orthopedic & supports market. By product, the knee segment is anticipated to be the largest, and the shoulder segment is the fastest-growing segment of the global orthopedic braces & supports market.
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Orthopedic Braces & Supports Market: Strategic Insights
Market Size Value in US$ 3,950.6 million in 2019 Market Size Value by US$ 5,429.3 million in 2025 Growth rate CAGR of 5.3% from 2020 to 2025 Forecast Period 2020-2025 Base Year 2019
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Orthopedic Braces & Supports Market: Strategic Insights
| Market Size Value in | US$ 3,950.6 million in 2019 |
| Market Size Value by | US$ 5,429.3 million in 2025 |
| Growth rate | CAGR of 5.3% from 2020 to 2025 |
| Forecast Period | 2020-2025 |
| Base Year | 2019 |
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Market Driver:
Increase In The Number of Orthopedic Surgeries
The rise in orthopedic surgeries is majorly driven by the surgeries done for the replacements of knee and hip. Surgeries are also done for the amputations of limbs due to the damages and injuries caused by accidents or various diseases. The number of surgeries for amputation is observed for patients suffering from diabetes who have developed gangrene. For instance, according to the US Agency for Healthcare Research and Quality, ~ 600,000 knee replacement surgeries are performed annually in the US.
Knee replacement surgeries are being performed on the geriatric population for their deteriorating joints. Knee replacement is among the most commonly performed orthopedic procedures. The rise in the conditions such as rheumatoid arthritis (RA) and ankylosing spondylitis (AS), and osteoporosis are driving the number of surgeries. For instance, according to a report published in 2018 by Healthline Media, rheumatoid arthritis (RA) affects 41 in every 100,000 people per year, and near round 1.3 million Americans have RA. Likewise, data published by the Spondylitis Association of America states that in America, spondyloarthritis is found in approximately in 2.7million people, which is 1 in 100 population. Similarly, according to the International Osteoporosis Foundation, in 2018, osteoporosis is estimated to affect 200 million women across the world, among which near around one-tenth of women are above the age of 60, one-fifth of women aged more than 70, two-fifths of women aged above 80 and two-thirds of women aged more than 90.
Moreover, the number of surgeries is expected to rise to the musculoskeletal disorders associated with sports, occupational injuries, and age-related dysfunction. For instance, according to National Psoriasis Foundation, 2020, nearly 3% of the global population has psoriatic arthritis. Similarly, according to the Global RA Network, 2021, over 350 million people globally have arthritis. Therefore, according to the data and the figure, it is estimated that the demand for post-operative braces and supports is as the braces and supports are used to provide support and strength and help maintain the body's proper posture. Thus, owing to these factors, the rise in orthopedic surgeries is likely to drive the market for orthopedic braces and supports in the forecast period.
Lucrative Regions for Orthopedic Braces and Supports in Healthcare Market
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Segment Analysis:
The global orthopedic braces & supports market is segmented on the basis of product and application. Based on the product, the market is segmented into knee, back & hip, shoulder, elbow, foot and ankle, and spine. The knee is the largest segment among the product segment in the orthopedic braces and supports market in 2019 and is also anticipated to hold the largest market share in the year 2025. The growth of the knee market is majorly driven by the fact that braces get reimbursed by Medicare. Also, the availability of different sizes and features offers different options to the patients, and thus, it has increased the sale of orthopedic braces and supports. At the same time, the shoulder segment is the fastest growing segment and is accounted to grow at a CAGR of 5.6%. The growth of the shoulder segment is attributed to the rising number of players offering shoulder braces and supports.
Based on the application, the market is segmented into ligament injury, osteoarthritis, preventive care, cold bracing, and others. The ligament injury is the largest segment among the application segment in the orthopedic braces & supports market and is also anticipated to hold the largest market share in the year 2025. The growth of the ligament injury segment is driven by the increasing number of sports-related injuries, among which ligament injuries contribute more. On the other hand, osteoarthritis is the fastest-growing segment and is anticipated to grow at the fastest CAGR. The growth of osteoarthritis is attributed to the increasing geriatric population, lack of calcium deficiencies, and less exposure to sunlight. The other segments in the application are expected to witness significant growth as the number of road accidents rises. Also, the number of falls among older people and children is leading to the demand for braces and supports.
Orthopedic Braces and Supports in Healthcare Market, by Product – 2017 and 2025
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Regional Analysis:
North America held the largest market share of the global orthopedic braces and supports market, which was valued at US$ 1,875.0 million in 2019 and is estimated to grow at a CAGR of 5.5%. The North American region is expected to continue to hold the largest market share due to factors such as the increasing geriatric population, growing developments by the market players for orthopedic braces and supports, growing awareness about product availability, and increasing trade for medical devices. In North America, the US held the largest market of 57.3% for the orthopedic braces and supports market. The growth of the market in the US is attributed to the increasing number of orthopedic surgical procedures, the increasing geriatric population, and the availability of advanced surgical treatment clinics. In addition, the US government offers various funds and support for the usage of orthopedic braces & support, and it also offers various programs for the betterment of the population. For instance, the Orthopaedic Research Program (US) supports clinical, epidemiological, and outcomes research in orthopedics and musculoskeletal rehabilitation. Such initiatives are expected to drive the demand for orthopedic braces and supports.
On the other hand, Asia Pacific is the fastest-growing region of the global orthopedic braces and supports market. The growth of the region is attributed to the increasing focus of market players and the introduction of new products or therapies in Asian countries. Other factors, such as the rising prevalence of orthopedic diseases, increased healthcare spending, and availability of advanced technology, help boost the growth of the orthopedic braces and supports market in the region. Among Asian countries, China is the largest market for orthopedic braces & supports market. In China, to meet the healthcare needs of the population, the country has developed Healthy China 2030, which would help to improve the quality and level of health services. Also, this would help the healthcare industry to contribute to the national economy. Additionally, according to WHO, 95% of the population is insured in rural and urban areas, as the government has introduced two insurance programs for low-income group Urban Resident Basic Medical Insurance (URBMI) and New Rural Cooperative Medical System (NRCMS) as the cost of health is one of the major expense for most of the population. These initiatives by the Chinese government would encourage the population to undergo surgeries to improve health and promote market growth.
Key Player Analysis:
The orthopedic braces & supports market majorly consists of the players such as DJO Global; Zimmer Biomet; Ossur Corporate; 3M; Breg Inc; Bauerfeind; BSN Medical; DeRoyal Industries, Inc; Thuasne; ALCARE Co.Ltd, and Ottobock, amongst others. The two leading players in the market are DJO Global and Zimmer Biomet. These companies are involved in various organic and inorganic developments that have paved the way for significant growth opportunities.
Recent Developments:
Companies in the orthopedic braces & supports market highly adopt inorganic and organic strategies. A few recent key market developments are listed below:
- In June 2020, DJO launched DonJoy X-ROM Post-Op Knee Brace into the market. The knee brace features the most advanced range of motion protection, and its design is improved for ease of user and easier application and adjustment. The X-ROM brace technology allows patients to recover faster from ACL repair and other knee surgeries. In addition, it improves patients’ confidence, comfort, and stability.
- In November 2021, Ottobock announced the complete acquisition of Bay Area-based exoskeleton startup SuitX. After the acquisition, the companies developed and began the trials for a robotic knee brace called Boost Knee.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
The List of Companies
1. DJO Global
2. Zimmer Biomet
3. Ossur Corporate
4. 3M
5. Breg Inc.
6. Bauerfeind
7. BSN medical,
8. DeRoyal Industries, Inc.
9. Thuasne
10. ALCARE Co.Ltd
11. Ottobock
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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