New York, Aug. 28, 2019 (GLOBE NEWSWIRE) -- Factors contributing to the growing CAGR of global orthopedic braces and support market are; increased awareness about preventive care, feasibility of products and growth in the sector. Furthermore, product launches and technological progressions are likely to fuel the market
Based on current analysis, the global orthopedic braces and supports market was valued at USD 3.82 billion in 2018 and is expected to reach USD 6.05 billion by 2026, at a CAGR 5.9% Orthopedic braces and supports are principally used in injury rehabilitation, injury prevention, osteoarthritic care, post-operative care and more. Fundamentally, orthopedic braces are wearable medical devices that provide appropriate alignment, posture correction which support the muscles while protecting and steadying several parts of the body mainly including bones, muscles and joints. Through the process of rehabilitation and recovery, orthopedic braces and orthopedic splints protect, stabilize, support and correct injuries or abnormal alignment. Orthopedics and orthotists are authorized professionals who guide their patients to use these devices. Orthopedic braces and support are devices which are advised to be worn immediately after the occurrence of the injury and are suggested to be worn throughout the period of rehabilitation and hospitalization.
Lower extremity braces are used for lower parts of the body, viz foot, ankle and knee while upper extremity braces are chiefly utilized to treat patients with impairments caused in the upper part of the body, namely wrist, elbows and shoulders. Patients having issues with their spinal cord and associated parts are recommended back and hip braces. Reasonable prices of the products with greater availability, increased number of accidental injuries, technological progressions, awareness regarding joints, bones and muscles and intensifying sports industry sectors are acting as market drivers to flourish high demands of orthopedic braces and support in the market. On the other hand, unfamiliarity regarding the new technological developments in the field of orthopedic braces and supports is restraining the growth of the market.
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Further key findings from the report suggest
- Over 78 million people are likely to detect doctor-diagnosed arthritis by the year 2040. It is estimated that arthritis is more common among people who have the chronic conditions such as, heart disease, diabetes and obesity
- More than 21 million Americans have osteoarthritis. Approximately 2.1 million Americans suffer from rheumatoid arthritis. Rising prevalence of arthritis is anticipated to propel the overall market growth of orthopedic braces and supports
- The knee braces and supports segment accounted for the largest share of 49.7% in the orthopedic braces and supports market owing to, number of benefits provided, such as medical and lateral support, decreased rotation of the knee and protection from past injuries
- Asia-Pacific regional segment of the Orthopedic Braces and Support market is probable to endure highest growing segment during 2019-2026, at a CAGR of 6.8%; due to the unexploited market potential offered in developing nations such as China & India
- Approximately 350 million people worldwide have arthritis. Nearly 40 million persons in the United States are affected by arthritis, including over 250,000 children. Arthritis sufferers include men and women, children and adults
- Roughly, 60% of arthritis affected people comprise of women in the US. More than half of those suffering from arthritis are under the age of 65. Arthritis and other non-traumatic joint disorders are among the five most expensive situations among adults 18 and older
- By type, soft and elastic braces and support is projected to grow at an increasing CAGR and highest market share of 43.2%, factors such as preventive care, increasing adoption & patient preference for orthopedic braces in post-operative care and supportive compensations
- North America to lead the global orthopedic braces and support market with a market share of approximately 39.9% due to, unceasing development and commercialization of unique orthopedic braces & support products and promising compensations & insurance coverage etc.
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Segments covered in the report:
For the purpose of this study, the market is segmented on the basis of type, product, applications, end user and regions:
Type (Revenue in USD Million; 2016–2026)
- Soft and elastic
- Hard and rigid
- Hinged braces
- Other braces and supports
Product (Revenue in USD Million; 2016–2026)
- Elbow and Forearm
- Wrist-Hand
- Shoulders
- Ankle and Foot
- Knee
- Spine and Neck
Applications (Revenue in USD Million; 2016–2026)
- Injury Rehabilitation
- Injury Prevention
- Osteoarthritis Care
- Post-Operative Care
- Others
End User (Revenue in USD Million; 2016–2026)
- Hospitals
- Healthcare centers
- Clinics
- Research institutes
- Other
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Regional Outlook (Revenue in USD Million; 2016–2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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