Orthopedic braces and support market

Orthopedic Braces & Support, Casting & Splints Market, by Type (Orthopedic Braces and Supports (Upper Extremity Braces and Support and Low Extremity Braces and Support), Casting Supplies & Equipment, and Splinting Supplies & Equipment), by Distribution Channel (Orthopedic Clinics, Hospitals, OTC, and E-Commerce), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

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Oct 2022
CMI417
177 Pages
Excel & Pdf
Medical Devices

Summary

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.

Orthopedic Braces & Support, Casting & Splints Market Report Coverage

Report Coverage	Details
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:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Type: Orthopedic Braces and Supports (Upper Extremity Braces and Support, Low Extremity Braces and Support), Casting Supplies & Equipment, Splinting Supplies & Equipment By Distribution Channel: Orthopedic Clinics, Hospitals, OTC, E-Commerce
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.
Growth Drivers:	Increasing prevalence of orthopedic diseases & disorders Increasing geriatric population
Restraints & Challenges:	Variation in the reimbursements scenario

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.

Table of Content

Table of Contents

*Browse 25 market data tables and 26 figures on “Global Orthopedic Braces & Support, Casting & Splints Market” - forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global orthopedic braces & support, casting & splints market during the forecast period (2022-2030)?

Global orthopedic braces & support, casting & splints market size is estimated to be valued at US$ 7,399.5 million in 2022 and is expected to exhibit a CAGR of 6.5% between 2022 and 2030.

What are the major factors driving the market growth?

Factors such as increasing prevalence of orthopedic diseases & disorders and increasing geriatric population are expected to drive the market growth.

Which is the leading type segment in the market?

Orthopedic Braces and Supports is the leading type segment in the market.

What are the key factors hampering growth of the market?

The major factors hampering growth of the market include variations in reimbursement scenario

Which are the major players operating in the market?

Major players operating in the 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.