Orthopedic braces are a class of wearable medical devices that provide the body's joints, bones, and muscles with the proper alignment, positional correction, support, stabilization, and protection. Orthotists and orthopaedic surgeons typically recommend these devices to patients who have sustained severe injuries and use them to prevent further harm. Products in the global market for orthopaedic braces, support, casting, and splints help relieve joint pain, particularly in cases of sports injuries and chronic orthopaedic conditions like arthritis. Stabilizing and treating joint abnormalities is the main purpose of the products in the global orthopaedic braces & support, casting & splints market.
Global orthopedic braces & support, casting & splints market is estimated to be valued at US$ 7,399.5 million in 2022 and is expected to exhibit a CAGR of 6.5% during the forecast period (2022-2030).
Figure 1. Global Orthopedic Braces & Support, Casting & Splints Market Share (%), by Type, 2022
Global Orthopedic Braces & Support, Casting & Splints Market: Driver
Increasing prevalence of orthopedic diseases & disorders is expected to drive growth of the global orthopedic braces & support, casting & splints market
Increasing prevalence of orthopedic diseases & disorders such as osteoarthritis is expected to drive market growth over the forecast period. For instance, according to the world health organization (WHO), as on 14 July, 2022, there are about 528 million people suffering from osteoarthritis globally.
Figure 2. Global Orthopedic Braces & Support, Casting & Splints Market Share (%), by Region, 2022
Increasing geriatric population is expected to propel growth of the global orthopedic braces & support, casting & splints market over the forecast period.
Increasing geriatrics population is expected to drive market growth over the forecast period. For instance, according to the world health organization (WHO), on 1 October, 2022, between 2015 and 2050, the proportion of the world's population over 60 years will nearly get double from 12% to 22% and by 2050, the world’s population of people aged 60 years and older will be around 2.1 billion.
| Report Coverage | Details | ||
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| Base Year: | 2021 | Market Size in 2022: | US$ 7,399.5 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 6.5% | 2030 Value Projection: | US$ 12,232.1 Mn |
| Geographies covered: |
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| Companies covered: |
3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc. |
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Global Orthopedic Braces & Support, Casting & Splints Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another. The COVID-19 pandemic had limited impact on global orthopedic braces & support, casting & splints market due to the lockdown in many countries, patient visits to hospitals have been reduced significantly. As a result, the number of diagnostic tests has reduced.
Global Orthopedic Braces & Support, Casting & Splints Market: Key Developments
On August 30, 2021, Zimmer Biomet Holdings, Inc., a medical device company, and Canary Medical, a medical data company jointly announced that they have received the U.S. Food and Drug Administration (FDA) De Novo classification grant and authorization to market the tibial extension for Persona IQ, the world's first smart knee cleared by the FDA for total knee replacement surgery.
Global Orthopedic Braces & Support, Casting & Splints Market: Restraint
Variations in reimbursement scenario in different regions such as public & private player’s guidelines, and high cost associated with fiber material are some of the major factors which is expected to hinder the orthopedic braces & support, casting & splints market growth.
Key Players
Major players operating in the global orthopedic braces & support, casting & splints market include 3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
Orthopedic braces are wearable medical devices that offer appropriate alignment, positional correction, supporting the muscles, stabilizing and protecting several parts of the body, which include joints, bones, and muscles. These devices are mainly prescribed by orthopedics and orthotists to the patients who suffered from major injuries and are used in prophylaxis of these damages. Products in the global orthopedic braces & support, casting & splints market also aid in alleviation of joint pains, especially in sporting injuries as well as in chronic orthopedic conditions such as arthritis. Primary function of the products in the global orthopedic braces & support, casting & splints market is to stabilize and correct the joint abnormalities. Orthopedic braces and support devices are used by patients immediately after the injury and are suggested to be worn throughout the course of hospitalization, and also during the rehabilitation.
Market Dynamics
Increase in the geriatric population living with various chronic or acute orthopedic conditions is one of the most important drivers of the global orthopedic braces & support, casting & splints market. Furthermore, rising instances of musculoskeletal disorders is also contributing to growth of the global orthopedic braces & support, casting & splints market over the forecast period. Moreover, rising instances of sports injuries as well as increasing number of roadside accidents are also driving the global orthopedic braces & support, casting & splints market growth. For instance, as per the data published in 2017, by the Ministry of Road Transport and Highways, a branch of the government of India, there were over 36 road accidents reported per one lakh of population.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
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