Orthopedic Braces and Support Systems Market Size Worth $6.1 Billion By 2025 | CAGR: 4.7%
Published Date : 16 / 03 / 18 | Report Format: PDF
The global orthopedic braces and support systems market is expected to grow at growth rate of 4.7% to reach USD 6.1 billion by 2025.
Orthopedic braces and support systems are medical devices, designed to correct, support, protect and stabilize musculoskeletal issues. Physicians prescribe these devices to patients with preventing & rehabilitating injuries, osteoarthritic and post-operative care. Orthopedic braces are commonly categorized into two parts depending upon the location of its applications, i.e. upper limb and lower limb. Upper limb braces are designed to use on collarbones, shoulders, elbows, hands, wrists, and fingers. Whereas, lower limb brace product can be fitted over the ankles, feet, legs, and knees. Rising number of sport related injuries coupled with road accidents along with introduction of technological advanced devices is expected to drive the industry growth. Other factors such as aging population, increasing number of hospitals and ambulatory settings and rising investment by key companies in this market further support the growth of this market. On other hand, the global market has been stifled by key impediments such as high cost of devices, and low awareness regarding the use of such equipment especially in developing regions.
- Knee braces and support products accounted for the largest share with USD 1,251 million revenue share in 2017. These products are increasingly used by individuals suffering from joint related disorders such as arthritis, sports players, and knee surgery patients.
- Spinal orthoses captured significant revenue share owing to the increasing scoliosis incidences. According to the American Association of Neurological Surgeons, around 2% to 3% of the total population is affected by scoliosis, which accounted for around 6 to 9 million individuals who are currently suffering from the disease.
- Hospital segment is accounted for the largest share of the global industry. Growing number of hospital settings coupled with rising incidence of orthopedic injuries support the growth of this end user application.
- North America accounted for the largest share of the global market. Growth of this region is primarily attributed to the rising incidences of arthritis due to growing obese and geriatric population.
- According to Centers for Disease and Prevention 2017 statistics, 23% of overweight and 31% of obese population in the U.S. are diagnosed with arthritis.
- In Asia Pacific, foot and ankle products represent one of the fastest growing segments, enjoying an annual average growth rate of over 7.9%. Increasing incidences of food and ankle injuries coupled with rising demand for orthopedic products support the segment growth in this region.
- The global market is largely controlled by companies such as DeRoyal Industries, Inc., DJO Global, Inc., Breg, Inc., Bauerfeind AG, and Alcare Company Ltd.
- Key players are concentrating on providing cost effective and innovative solutions to their customers to capture the untapped market. For instance, in March 2017, DJO Global, Inc., launched OA Reaction TriFit Knee brace, which is designed to provide pain relief to patients who are suffering from the degenerative joint disease that affects over 11.0 million U.S. population.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
- Foot and Ankle
- Upper Extremity
MARKET, BY APPLICATION
- Orthopedic Clinics
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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