The Orthopedic Braces and Supports market is projected to grow at a rate of 5.7% in terms of value, from USD 4.29 Billion in 2023 to reach USD 6.64 Billion by 2031. Orthopedic braces, orthosis, and orthopedic splints via rehabilitation and recovery, safeguard, stabilize, upkeep, and correct abnormal alignment and injuries. Individuals with orthopedics conditions are guided by orthopedics and orthotics to make use of these devices. Based on function and utility, the wearable orthopedic braces is categorized into types such as lower extremity braces (for lower portion of the body like foot, knee, and ankle), upper extremity braces (for upper portion of the body like shoulders, wrists, and elbows), and hip & back braces.
Product with reasonable prices, along with benefits such as greater availability, rising occurrences of accidental injuries, advancement in technology, cognizance pertaining to bones and joints, and escalating sports industry are driving the market demand. •Over 78 million people are likely to detect doctor-diagnosed arthritis by the year 2040. It is estimated that arthritis is more common among people who have chronic conditions such as heart disease, diabetes, and obesity.
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However, a lack of awareness about the product may create hindrances in the growth of the market in the forecast period.
By type, soft and elastic braces and support is projected to grow at an increasing CAGR in the forecast period and held a market share of about 43.0% in 2022, owing to factors such as preventive care, increasing adoption & patient preference for orthopedic braces in post-operative care and supportive compensations. Hinged braces accounted for the highest CAGR of 7.0% in the global orthopedic braces and support market.
The knee braces and supports are witnessing increasing demand, owing to a number of benefits provided, such as medical and lateral support, decreased rotation of the knee, and protection from past injuries.
Osteoarthritis care held a substantial market share in 2022. Roughly, 60% of arthritis affected people comprise of women in the US. More than half of those suffering from arthritis are under the age of 65. Arthritis and other non-traumatic joint disorders are among the five most expensive situations among adults 18 and older. In 2023, according to the International Osteoporosis Foundation, 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
Hospitals held the largest market share in 2022 and are projected to witness a growth rate of 5.2% in the forecast period. The factors, including well-resourced diagnostic rooms, higher purchasing power, the existence of highly skilled healthcare professionals, and improved health coverage for hospital-based healthcare services from several private and group insurance plans, among others, are responsible for the high market share of hospitals.
North America to lead the global orthopedic braces and supports market with a market share of approximately 39.9% in 2022, due to, unceasing development and commercialization of unique orthopedic braces & supports products and promising compensations & insurance coverage, among others.
Asia-Pacific regional segment of the Orthopedic Braces and Supports market is probable to endure the highest growing segment during 2023-2031, at a CAGR of 6.6%; due to the unexploited market potential offered in developing nations such as China & India.
- About 350 million individuals across the globe have arthritis and approximately 40 million of them are in the US, comprising more than 250,000 children. Arthritic people comprise men and women, including both adults and children
- Over 21 million Americans are suffering from osteoarthritis. Nearly 2.1 million Americans suffer from rheumatoid arthritis. Growing occurrences of arthritis is likely to boost the overall market growth of orthopedic braces and supports.
- Wearing a brace or support to decrease the load on the injured area, may certainly increase the load on another area of the body, which could lead to a new injury.
- Conferring to the US Agency for Healthcare Research and Quality, in the United States, approximately 600,000 knee replacement surgeries are performed per year.
Key participants include Bauerfeind AG, Össur Hf, DJO Finance LLC, Breg, Inc., DeRoyal Industries, Inc., Bird & Cronin, Inc., Ottobock Holding GmbH & Co. KG, BSN medical, Zimmer Biomet Holdings, Inc., Oppo Medical, LLC, Becker Orthopedic, Thuasne Group, 3M Company, Reh4Mat, and United Ortho, Malvern Panalytical Ltd., HORIBA, Ltd., Unchained Labs, and SETARAM Instrumentation, among others.
The players operating in the market have undertaken a number of strategies related to the market in the period 2017-2020. Some of the key highlights are:
- In March 2022, Bauerfeind USA, Inc., a key company engaged in offering orthopedic braces and supports, made an announcement about entering into a new distribution partnership with AliMed, Inc.
The industry offers numerous growth opportunities. Thus, a number of startups providing innovative products and technologies have been entering the market. One such is OrthoSpin Ltd., a startup based in Israel and involved in the design and production of an auto-adjusting orthopedic brace, in July 2023, received a USD 3.0 million in funding from Johnson & Johnson, along with some other investors.
Mergers and Acquisitions are an integral part of the industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In June 2022. Cortec Group made an announcement about the acquisition of Aspen Medical Products. The products by Aspen are mainly deployed in the acute care conditions for patients requiring temporary cure from severe injuries, and/or are recuperating from surgery, among others.
Reports and Data forecasts promising developments for increased adoption of Orthopedic Braces and Supports. According to industry experts, the use of products in injury rehabilitation and prevention is garnering significant traction in the market. New companies entering the industry would emphasize designing and developing innovative products, thereby catering to the increasing requirement of end-users.
Segments covered in the report:
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the industry trends in each of the sub-segments from 2023 to 2031. The scope of the report can be defined as:
For the purpose of this study, have segmented the Orthopedic Braces and Supports market on the type, product, application, end-user, and region:
Type Outlook (Revenue, USD Million; 2023-2031)
- Soft and elastic
- Hard and rigid
- Hinged braces
- Other braces and supports
Product Outlook (Revenue, USD Million; 2023-2031)
- Elbow and Forearm
- Ankle and Foot
- Spine and Neck
Application Outlook (Revenue, USD Million; 2023-2031)
- Injury Rehabilitation
- Injury Prevention
- Osteoarthritis Care
- Post-Operative Care
End-User Outlook (Revenue, USD Million; 2023-2031)
- Healthcare centers
- Research institutes
Regional Outlook (Revenue, USD Million; 2023-2031)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Saudi Arabia
- Rest of the Middle East and Africa
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