Growth Strategies Adopted by Key Players in the Global Orthopedic Braces and Supports Market

Posted November 20, 2020 by roberthenric

Ligament injury is the largest application segment of the orthopedic braces and supports market
The study involved four major activities to estimate the current size of the orthopedic braces market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research.

According MarketsandMarkets Research – 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

The Key Factors Who will Drives the Market Growth?

Increasing prevalence of orthopedic diseases and disorders
Continuous product commercialization
Greater product affordability and market availability
Rising number of sports and accident-related injuries
Growing public awareness related to preventive care
Growth Opportunity: Increased sales of off-the-shelf and online products;

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), (US), and (China) are common e-commerce websites selling orthopedic products

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Market Segmentation in Detailed:

Soft and elastic braces are the most common bracing & support products in orthopedics. These are easy to use, flexible, provide unrestricted patient mobility, and are highly customizable, as compared to other surgical alternatives. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.

Orthopedic bracing and support products are used for the clinical management of ligament injuries such as anterior cruciate ligament, posterior cruciate ligament, medial collateral ligament, lateral collateral ligament, and coronary ligament injuries. The large share of the ligament injury segment can be attributed to increasing public participation in sports & athletic activities (coupled with the rising incidence of sports-related injuries), rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries.

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Leading Key Players in the Worldwide Industry:

Breg, Inc. (US), DJO Finance LLC (US), Bauerfeind AG (Germany), DeRoyal Industries, Inc. (US), and Össur Hf (Iceland) are the top five players in the global orthopedic braces and supports market. Other prominent players operating in this market include Oppo Medical, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Remington Products Company (US), 3M Company (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and Trulife (Ireland).

Geographical Regions Mapped in Report:

Asia Pacific is estimated to be the fastest-growing market for orthopedic braces and supports 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.
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Tags orthopedic braces and supports market , orthopedic supports market
Last Updated November 20, 2020