Report Details

Global Orthopedic Braces and Supports Market Size, Share, Forecast Report, 2020-2027

The global orthopedic braces and supports market is estimated to grow at a CAGR of 6.1% during the forecast period. The major factors contributing to the growth of the market include the significant prevalence of orthopedic disorders and rising number of sports injuries. As per the National Safety Council (NSC), in the US, in 2017 personal exercise, with or without exercise equipment, accounted for some 526,000 injuries, the highest category of sports and recreation. Additionally, basketball followed with nearly 500,000 injuries, while bicycling ranked third, with 457,000 injuries and football ranked fourth, with 341,000 injuries. In 2017, there were nearly 199,000 swimming injuries treated in emergency rooms.

People aged 5 to 14 accounted for 50% of the football injuries treated in emergency rooms. This age group accounted for 45% of soccer injuries, 44% of baseball and 40% of lacrosse and rugby injuries treated in emergency rooms the same year. This, in turn, contributes to the demand for orthopedic braces for the treatment of sports-related injuries, including knee injuries and ankle sprains. These are designed to act as a support to keep bones and joints in correct alignment. It enables to protect and stabilize certain parts of the body (primarily bones, muscles and joints) as they heal from trauma or injury. It is usually prescribed for the patients to wear at the time of recovery and rehabilitation.

Several specialized areas of healthcare utilize orthopedic braces, such as those concerned with preventing and rehabilitating injuries, osteoarthritic care, post-operative care, among others. It is determined by the healthcare professional that what kind of orthopedic brace is suitable for the patient, and the fit, kind of function, support, and stability or protection level. Ankle braces are normally recommended for joints immobilization, and simultaneously, offering compression force and heat inside the bones. These braces are usually seen in patients engaged in sports activities, including soccer, basketball, and rugby. As a result, the growth in sports injuries is acting as one of the major driving factors for the market.

Segmentation

The global orthopedic braces and supports market is segmented based on product and end-user. Based on product, the market is classified into ankle and foot, wrist and hand, back and shoulder, hip and knee, elbow, spine, and others. Based on end-user, the market is classified into hospitals and surgical centers, orthopedic clinics, homecare and others.

Hospitals and Surgical Centers contributes to a significant share in the end-user segment in 2018

The adoption of orthopedic braces and supports in hospitals and surgical centers are being significantly driven by the rising number of orthopedic surgeries and significant presence of skilled professionals in the hospitals and clinics. A need for post-operative care is required after orthopedic procedures and therefore, hospitals and surgical center opted orthopedic braces to promote healing and regain strength. It is also prescribed by doctors to support musculoskeletal rehabilitation. In addition, the increasing number of multi-specialty hospitals are further encouraging the demand for orthopedic braces in hospitals and surgical centers.

Regional Outlook

Geographically, the global orthopedic braces and supports market is segmented based on four major regions, including North America, Europe, Asia-Pacific, and RoW. North America has attracted a considerable share in the market in 2018. The significant prevalence of osteoporosis and the rising number of sports injuries are further strengthening the market growth in the region. However, Asia-Pacific is estimated to witness significant growth in the market during the forecast period owing to the significant prevalence of geriatric population and rising incidences of orthopedic disorders.

Further, the increasing number of multi-specialty hospitals and orthopedic clinics is further encouraging market growth in the region. Significant rise in medical tourism is also expected to propel the market growth in the region. For instance, IBEF estimated that the medical tourism market in India was valued $3 billion in 2017, which is expected to reach $9 billion by 2020. This, in turn, may lead to drive the orthopedic surgeries and consequently encourage the demand for orthopedic braces and supports.

Market Players Outlook

The major players in the market include 3M Co., DJO Global LLC, Breg, Inc., Bauerfeind AG, and Össur Hf. Mergers and acquisitions, partnerships and collaborations, and product launches are considered as crucial strategies adopted by the market players to expand market share and gain a competitive advantage over their competitors. For instance, in July 2019, Össur Hf signed an agreement to acquire College Park Industries, a provider of lower and upper limb prostheses and supporting services. College Park has more than 140 employees and is headquartered in Detroit, the US and total sales were valued $22 million in 2018. Together, Össur and College Park will work to increase their offerings in both lower and upper limb prosthetics.