Orthopedic Braces Supports Market Demand And Growth Analysis 2022-28

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The latest report by Precision Business Insights, titled “Orthopedic Braces Supports Market” covers complete information on market size, share, growth, trends, segment analysis, key players, drivers, and restraints.

The global orthopedic braces and supports market size was valued at USD 4,395.2 million in 2021, growing at a significant CAGR of 6.3% during the forecast period 2022-2028. Increase in the prevalence of orthopedic diseases and disorders such as rheumatoid arthritis, osteoarthritis, osteoporotic fractures, excessive use orthopedic braces and supports by athletes for sports injuries. Sports related injuries are burgeoning over the past few years owing to increase in number of sports activities are some key factors fostering the market growth. Orthopedic braces and supports products are used to give extra support and help control the joint pains. They are most seen in the ankle and knee, but there are braces for the hip, back, neck, elbow, wrist, and fingers. Orthopedic braces are engineered to control the position of the limb and to facilitate or hinder specific movements. It may also compensate for weak muscles and correct structural deformities.

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Orthopedic braces are commonly used for a wide range of diagnoses such as cerebral palsy, spina bifida, scoliosis, spinal cord injury or stroke. Braces and supports are also commonly used after joint surgery to keep them motionless for a while or to control their motion as the joint recovers. However, complications with the use of orthopedic braces and supports and lack of awareness about the orthopedic braces and supports in underdeveloped economies are restricting the market growth. In addition, presence of huge number of geriatric populations in developed and developing economies coupled with rise in prevalence of orthopedic disorders in geriatric population and rise in disposable income may surge the growth of market over the forecast years. According to World Health Organization, Osteoarthritis is one of the top ten disabling diseases and it estimated that 9.6% of men and 18.0% of women aged over 60 years have symptomatic osteoarthritis in which, 25% cannot perform their major daily activities of life. The demand for knee braces and supports is gradually increasing due to increase in the prevalence of arthritis, Acute Cruciate Ligament (ACL) injuries, knee surgeries, knee pain and inflammation among others. For instance, the global ageing population is gradually increasing and between 2015 and 2050, the proportion of the world's population over 60 years will nearly double from 12% to 22%. This age group is most prone for orthopaedic disorders.

Over the years, utilization of orthopedic braces and supports are used by athletes for sports injuries may significantly propel the growth of market over the forecast timeframe. Sports related injuries are burgeoning over the past few years owing to increase in number of sports activities, participation of children and teen age group tend to undergo injuries. Bicycle crashes are the most common type of sports injuries in the USA followed by basketball and football. Moreover, continuous focus on the commercialization of products into market also surge the revenue growth of orthopedic braces and supports market over the forecast timeframe. strong distribution network for the companies to market the orthopedic braces and supports coupled with collaboration with local distributors in developing economies also surge the growth of market in the near future.

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North America accounted for larger revenue share in Global Orthopedic Braces and Supports Market with considerable CAGR of 14.6%. The growth in this region can be attributed to growing number of sports injury cases in USA and Canada coupled with favorable reimbursement policies for the braces and supports in the region. In addition, increase in the prevalence of osteoarthritis, surge in number of accidents across the globe, and development low-cost products are anticipated to burgeon the growth of market over the forecast timeframe.

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