Market Forecast
Global Orthopedic Braces Market is expected to cross USD 5.8 Billion by 2025 at a CAGR of 6.1%.
An increasing prevalence of osteoarthritis is set to drive the demand for orthopedic braces.
In the UK, approximately 8.75 million people aged 45 and above that constitute 33% of the total population have sought treatment for osteoarthritis. Thus, people with osteoarthritis are the primary consumer base for the orthopedic braces market.
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Segmentation:
The global orthopedic braces market has been segmented by MRFR experts with a goal to dig deep and get conclusive details to boost the strategy-making prospects. These segments are type, application, product, and end user.
By product, the global report on the orthopedic braces has been segmented into foot and ankle braces, upper extremity braces, knee braces, and others. The knee braces segment has the scope to surpass others in terms of CAGR during the forecast period. The process will gain more from the ability to provide medial and lateral support, limit injury during motion, reduce rotation of the knee, and protect from diverse post-surgical risk of injuries.
By type, the global market has been segmented into hinged braces, soft and elastic braces, and hard braces. The soft and elastic braces segment are customizable and flexible owing to which chances of earning better CAGR is higher for the segment.
By application, the global market includes segments like preventive care, osteoarthritis, post-operative rehabilitation, ligament injury, and others. Ligament injury may record the largest market share as several countries have reports of a rising number of such incidents.
By end user, the global market has been segmented into hospitals and surgical centers, orthopedic clinics, and others. The orthopedic clinics segment has the largest market share owing to their specific contribution in taking the global market ahead.
Regional Analysis:
The Americas has the regional edge in terms of revenue-generation capacity for the market. This is primarily due to the infrastructural advantage that the regional market has, contributions from the US and Canada, better influx of investment is also slated to promote the regional market. In Europe, the growth parameters would be the same.
Competitive Landscape:
The global market for orthopedic braces is witnessing a strong traction from various strategic moves from companies like Breg, Inc. (US), BSN medical (Germany), Bauerfeind (Germany), DJO LLC (US), Weber Orthopedic Inc. (US) , Ottobock (Germany), THUASNE SA (France), DeRoyal Industries, Inc. (US), Frank Stubbs Company Inc. (USA), and Aspen Medical Products (US). These companies are well-established and their competition with the new entrants are helping the market in making progress. Among various methods, these companies often adopt mergers, acquisitions, collaborations, and other time-tested models. They are also trying to launch innovative products by hiking the funding for research and development sector and ensuring better practices for researchers.
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Industry News:
In April 2020, OrthoSpin announced that they have secured a funding of USD 5 million using Johnson Johnson Innovation's help. The company has recently made some stunning progress in the field of bone lengthening