Orthopedic Braces & Supports Market Worth $5.1 billion | MarketsandMarkets™

CHICAGO, March 5, 2024 /PRNewswire/ -- Orthopedic Braces & Supports Market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 5.9% from 2023 to 2029 according to a new report by MarketsandMarkets™. The major factors driving the growth of this market include Progress in medical technology and materials used in braces, coupled with rising awareness about injury prevention and rehabilitation, contributing to the expanding demand for orthopedic braces and supports.

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Orthopedic Braces & Supports Market Scope:

Product segment to register significant growth rate over the forecast period of 2023-2029.

Based on the product, the global orthopedic braces and supports market is segmented into Knee, Ankle, foot walkers, Hip, Back, and Spine, Shoulder, Elbow, Hand, Wrist Facial braces and supports. The Kness braces and supports segment is anticipated to register the highest growth rate over the forecast period.

Preventive Care segment in application to register significant growth rate over the forecast period of 2023-2029.

Based on application, the global orthopedic braces and supports market is segmented into preventive care, ligament Injury, post-operative rehabilitation, osteoarthritis, compression therapy, Other Application. The growing trend towards proactive health management has led to increased interest in preventive care, including the use of orthopedic braces and supports to address musculoskeletal issues before they escalate. Additionally, as individuals become more health-conscious, there is a rising awareness of the role that orthopedic braces can play in preventing injuries, promoting proper alignment, and supporting overall musculoskeletal well-being.

The hospitals and breast care centers segment accounted for the largest share of the orthopedic braces and supports market, by distribution channel, in 2023.

Based on distribution channel, the orthopedic braces and supports market is segmented into hospitals and surgical centers, orthopedic clinics, pharmacies and retailers, e-commerce platforms and other end users. The hospitals and surgical segment accounts for the largest share of the market in 2022. The increasing prevalence of musculoskeletal disorders and post-surgical rehabilitation needs has fueled the demand for orthopedic braces and supports in hospitals and surgical centers. Additionally, advancements in medical technology and a growing emphasis on non-invasive treatment options contribute to the expanding utilization of orthopedic braces within healthcare settings for comprehensive patient care.

The Asia Pacific market to register a significant growth in the market during the forecast period.

The Asia Pacific orthopedic braces and supports market is estimated to register a significant growth from 2023 to 2029. The increasing patient population, rising geriatric population, rapid economic growth and increasing disposable income are driving the market growth in APAC countries. This region is having a rise in healthcare investment and expenditure, offering significant growth opportunities for the key players.

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Orthopedic Braces & Supports Market Dynamics:

Drivers:

1. Increasing prevalence of orthopedic diseases and disorders

Restraints:

1. Limited patient qualification for bracing-mediated orthopedic treatment

Opportunities:

1. Increased sales of off-the-shelf and online products

Challenge:

1. Significant adoption of pain medication

Key Market Players of Orthopedic Braces & Supports Industry:

As of 2022, prominent players in the orthopedic braces and supports market are 3M (US), Essity (Sweden), Ossur HF (Iceland), Thuasne Group (France), Zimmer Biomet (US), and Bird & Cronin Inc. (US)

A breakdown of the primary participants referred to for this report is provided below:

• By Company Type: Tier 1–48%, Tier 2–36%, and Tier 3– 16%
• By Designation: Director-level–14%, C-level–10%, and Others–76%
• By Region: North America–40%, Europe–32%, Asia Pacific–20%, Latin America–5%, and the Middle East & Africa–3%

Recent Developments of Orthopedic Braces & Supports Industry:

• In January 2022, Össur announced the launch of the ReLeaf Active knee brace, designed to provide pain relief and support for patients with osteoarthritis. The brace features a unique hinge design that mimics the natural movement of the knee, and it is made from lightweight, breathable materials for comfort.
• In August 2022, DonJoy announced the launch of the Vizor 120 ankle brace, a lightweight and comfortable brace that provides support and stability for patients with ankle sprains. The brace features a unique air-filled pad that conforms to the shape of the ankle, and it is made from breathable materials to keep the foot cool and dry.

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Orthopedic Braces & Supports Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall orthopedic braces and supports market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

This report provides insights on the following pointers:

• Analysis of key drivers (rising target patient population, growing adoption of orthopedic braces and supports imaging devices, technological advancement, and increasing investment, funds, and grants by public-private organizations), restraints (high capital and operational cost, unfavorable regulatory guidelines), opportunities (improving healthcare infrastructure across emerging countries, orthopedic braces and supports utilization for breast imaging, promising product pipeline), and challenges (availability of alternate imaging technologies) influencing the growth of the orthopedic braces and supports market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the orthopedic braces and supports market
• Market Development: Comprehensive information about lucrative markets–the report analyses the orthopedic braces and supports market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the orthopedic braces and supports market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like DJO LLC (US), Ossur HF (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), Essity AB (Sweden), 3M Company (US), Zimmer Biomet (US), Ottobock Healthcare (Germany), Thuasne (France), ALCARE Co., Ltd (Japan), Nippon Sigmax (Japan), Bird &, Cronin (US), DeRoyal Industries (US), and medi GmbH (Germany) among others.

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