Orthopedic Braces & Support Market Analysis
Orthopedic Braces and Support Market — Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2018-2026
Orthopedic braces are wearable medical devices that provide appropriate alignment, positional correction, supporting the muscles, stabilizing and protecting several parts of the body that mainly includes joints, bones, and muscles. These devices are mainly prescribed by orthopedics and orthotists to the patients who have suffered from major injuries and are used in prophylaxis of these damages. 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. Orthopedic braces and facilitate specific motion and movements of certain body parts after injury that majorly involves knee, ankle, hip, elbow, neck wrist and fingers and are helpful in healing the deformities caused to an individual after various distressing events such as accidents, sport injuries, falls, fractures, sprains, and dislocations. Besides serving as healing aids, these braces can also be used as preventive wearable devices by athletes and any other sport players in order to keep injuries away.
According to The National Institute of Health (NIH), in 2010, around 524 million people were registered to fall under the age group of 65 years and above, which accounts to 8% of the global population. This number is expected to rise by three times and rise up to 1.5 billion by 2050, which will account up to 16% of the global population. This suggests a high probability of increase in the incidence rates of diseases, specifically related to bones like that of osteoarthritis and osteoporosis. Hence, these patients can act as potential consumers of the increasing orthopedic braces and support market.
The global orthopedic braces and support market is segmented on the basis of utility and the functions, the orthopedic wearable braces can be majorly segmented into:
On the basis of end users, the orthopedic braces and support market are segmented into:
Prophylactic segment to be the largest share of the Orthopedic braces market.
The orthopedic braces market is divided into four segments namely of prophylactic, osteoarthritis, injury, and others. The estimates suggest largest share of the orthopedic braces market by the prophylactic braces segment in 2016. This large share of the prophylactic segment is majorly attributed to utilization of these braces in preventing injuries and reducing sports injury rates especially among the sports fraternity in the U.S. and other European countries. Over the counter is the preferred is the preferred sales channel in the global orthopedic braces and support market. The federal government of the US suggests an expected growth of 60% in 2020 in the costs for orthopedic surgeries.
North America to be the largest geographical segment in the orthopedic braces and support market
North America, followed by Europe was the largest revenue contributor in the global orthopedic braces and support market in 2016. Certain factors responsible for stimulating the growth of orthopedic braces in Asian countries such as China and India and also in Brazil are increasing GDP, growing healthcare spending, increasing public awareness regarding availability of various treatments, preventive measures adopted by the growing middle class population and change in lifestyle.
The major factors which is driving the orthopedic braces and support market are emerging technologies and innovation in surgical sectors that could provide same improvements, as compared to the orthopedic braces and supports and thus can prove to be potential challenge to the orthopedic braces and support market in the future. The market is mainly inhibited by low awareness about products, especially in emerging economies.
Several companies to adopt merger and acquisitions policies to expand its sales in the global orthopedic braces and supports market
The key players in the global orthopedic braces and support market are Ossur Corporate, Bauerfeind AG, DeRoyal Industries Inc., DJO Global, Inc., Breg Inc., BSN Medical GmbH and Otto Black Healthcare GmbH. Strategies such as merger and acquisition, partnership with associated companies has helped the aforementioned companies to stand out as strong competitors in the orthopedic braces and supports market.