The Key Growth Elements in Detailed?
The Factors such as the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, market availability & product affordability, rising number of sports & accident-related injuries, and growing public awareness related to preventive care are driving the growth of the orthopedic braces and supports market. However, the inability to accept bracing-mediated orthopedic treatment due to medical conditions, limited clinical evidence to support the therapeutic efficacy of orthopedic braces, and the high adoption of pain medications are expected to restrain the growth of this market during the forecast period.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Orthopedic Braces and Supports Market size is projected to reach USD 4.1 billion by 2025 from USD 3.1 billion in 2020, at a CAGR of 5.8% during the forecast period.
Opportunity: Increased sales of off-the-shelf and online products;
The Specific orthopedic braces can only be used under the supervision of medical practitioners or orthopedic technicians as they require customization or product alternation according to patient features. However, some braces (such as ankle braces, wrist/hand braces, shoulder braces, elbow braces, and facial braces) are increasingly being sold through retailers (off-the-shelf), and e-commerce websites since their use do not require an authorization from medical professionals. Patients regularly use such products as preventive measures to avoid injuries. BraceAbility (US), Amazon.com (US), and Alibaba.com (China) are common e-commerce websites selling orthopedic products.
Governments and insurance bodies across major countries increasingly recognize the effective patient care offered by such products and are thus supportive of online sales, higher reimbursement, and insurance coverage. Therefore, increasing sales of orthopedic braces through e-commerce websites and off-the-shelf channels, as well as the greater availability of reimbursement for such products across mature markets, are expected to offer significant growth opportunities for manufacturers of orthopedic braces and supports.
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Regional Growth, Development and Demand Analysis:
The Asia Pacific is estimated to be the fastest-growing orthopedic braces and supports market during the forecast period. The Asia Pacific market is driven principally by the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment), increasing GDP and healthcare expenditure in APAC countries, and growing public awareness. Furthermore, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries are aiding the market growth.
Major Key Players Mentioned in the research report are:
DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US) are the key players in the global orthopedic braces and supports market.
DJO Finance LLC (US) dominated the orthopedic braces market in 2019. The company offers a broad range of orthopedic braces and supports that are used in various applications, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries, such as the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on the development of technologically innovative products to further strengthen its position in the market. For example, the company launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection On Demand (POD) Ankle Braces, and AirSelect suite in the past three years.
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