Orthopedic Braces Market Highlights
According to MRFR analysis, the Global size of the Orthopedic braces market was estimated at USD 4.3 billion in 2022. The worldwide demand for Orthopedic braces is anticipated to increase from USD 4.5 billion in 2023 to USD 7.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.20% throughout the forecast period (2023-2032).
Orthopedic braces are devices used to support and strengthen the muscles and joints of the knee, ankle, neck, elbow, back, wrist, hip, and fingers. These are used to rectify structural deformities as well as for controlling the movement of limbs and joints. These braces are designed to provide mechanical strength and support to reduce pain due to sprain, strain, and other musculoskeletal disorders.
The growth of the global orthopedic braces market is driven by various factors such as rising geriatric population, rising incidence cases of sports-related injuries among athletes, easy availability of orthopedic braces, growing public awareness related to preventive care, and increasing prevalence of osteoarthritis. However, high patient preference for alternative treatment is expected to curb the growth of the global orthopedic braces market.
The global orthopedic braces market is currently dominated by several market players. The key players are involved in product launches and strategic collaborations to strengthen their market positions.
Regional Analysis
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East Africa. The Americas is expected to be the largest market owing to the increasing prevalence of osteoarthritis and rising per capita healthcare expenditure. The orthopedic braces market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European orthopedic braces market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The orthopedic braces market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The rising geriatric population has increased the growth of the orthopedic braces market. The market in Asia-Pacific is expected to be the fastest-growing. The orthopedic braces market in the Middle East Africa has been divided into the Middle East and Africa.
Segmentation
The global orthopedic braces market has been segmented based on product, type, application, and end user.
The market, based on product, has been divided into knee braces, foot and ankle braces, upper extremity braces, and others. The knee braces segment is likely to be the fastest during the review period as knee braces provide medial and lateral support, reduces rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
The global orthopedic braces market has been segmented, on the basis of type, into soft and elastic braces, hinged braces, and hard braces. The soft and elastic braces segment is expected to be the fastest market as they are easy to use, flexible as well as highly customizable as compared to other surgical alternatives.
The global orthopedic braces market has been segmented, on the basis of application into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, and others. Ligament injury is expected to hold the largest market share due to the increasing number of ligament injuries, as well as an increasing number of accidents globally. Additionally, around 150,000 anterior cruciate ligaments (ACL) injuries occur in the US every year.
The end user segment of the market includes orthopedic clinics, hospitals, and surgical centers, and others. The orthopedic clinics segment is expected to hold the largest share of the market due to the growing number of orthopedic surgical procedures that are to be performed in orthopedic clinics across the globe.
Key Players
Some of the key orthopedic braces market players are BSN medical (Germany), Bauerfeind (Germany), Breg, Inc. (US), Ottobock (Germany), DJO LLC (US), Weber Orthopedic Inc. (US), Frank Stubbs Company Inc. (USA), DeRoyal Industries, Inc. (US), THUASNE SA (France), and Aspen Medical Products (US).
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