Dublin, Sept. 14, 2021 (GLOBE NEWSWIRE) -- The "Orthopedic Braces and Support Devices and Equipment Global Market Report 2021" report has been added to ResearchAndMarkets.com's offering.
The global orthopedic braces and support devices and equipment market is expected to grow from $3.45 billion in 2020 to $3.89 billion in 2021 at a compound annual growth rate (CAGR) of 12.8%. The market is expected to reach $5.02 billion in 2025 at a CAGR of 6.6%.
Major players in the orthopedic braces and support devices and equipment market are DJO Global, Bauerfeind AG, Otto Bock Healthcare GmbH, Breg, Inc. and Ossur Hf.
The orthopedic braces and support devices and equipment market consists of sales of orthopedic braces and support devices and equipment and related services. Orthopedic braces and support systems are primarily used in injury prevention, injury rehabilitation, post-operative care and osteoarthritic care. These are also used to protect, support and strengthen the joints and muscles and are used by atheltesathletes to prevent themselves from injuries. The orthopedic braces and support devices and equipment market is segmented into lower extremity braces, upper extremity braces and back and hip braces.
Due to increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use the innovative technologies such as bionic energy savers to solve problems related to injuries in knee, arms or any other movable part of the body. These technologies are providing better quality life to people and positively impacts growth of the market.
In March 2018, 3M's consumer health care division issued orders to recall ankle braces and supports as the product contained undeclared natural latex rubber which may lead to allergic reactions in a few users. FDA ranked the recall as class 2, which are labelled as products causing a temporary health issue or pose a risk of minimal adversity. Thus, any product recall may hamper the market's growth as it would create a negative feedback regarding the product and people would hesitate to use the products.
On November 2018, Colfax acquired DJO Global for $3.15 Billion. Colfax aims at creating a new platform for itself in orthopedic solution market as DJO Global is a leader in braces and support devices it brings a plethora of opportunities for Colfax to diversify product portfolio, gain end-market exposure and increase profitability. DJO manufactures a variety of orthopedic products for rehabilitation and physical therapy. It was founded in 1978 and headquartered in California, USA.
Rise in geriatric population is driving the orthopedic braces and support devices and equipment market. Elderly people are more prone to injuries as their bones and connective tissues weakens with age. For example, In US 70% of the population aged between 50-70 years suffers from osteoarthritis and is likely to increase further in the forecast period.
This is one of the major contributing factor for the growth of this market. High adoption of pain medications worldwide restraints the growth of orthopedic braces and support devices market. As more amount of people rely on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/braces.
For example, Americans consume 80% of the world supply of painkillers including painkillers for orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market.
Key Topics Covered:
1. Executive Summary
2. Orthopedic Braces And Support Devices And Equipment Market Characteristics
3. Orthopedic Braces And Support Devices And Equipment Market Trends And Strategies
4. Impact Of COVID-19 on Orthopedic Braces And Support Devices And Equipment
5. Orthopedic Braces And Support Devices And Equipment Market Size And Growth
5.1. Global Orthopedic Braces And Support Devices And Equipment Historic Market, 2015-2020, $ Billion
5.1.1. Drivers of the Market
5.1.2. Restraints on The Market
5.2. Global Orthopedic Braces And Support Devices And Equipment Forecast Market, 2020-2025F, 2030F, $ Billion
5.2.1. Drivers of the Market
5.2.2. Restraints on the Market
6. Orthopedic Braces And Support Devices And Equipment Market Segmentation
6.1. Global Orthopedic Braces And Support Devices And Equipment Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Lower extremity braces
- Upper extremity braces
- Back and hip braces
- Other braces
6.2. Global Orthopedic Braces And Support Devices And Equipment Market, Segmentation By End User, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Hospitals
- Home Healthcare
- Clinics
- Other End-Users
6.3. Global Orthopedic Braces And Support Devices And Equipment Market, Segmentation By Product, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
- Soft & Elastic Braces and Supports
- Hinged Braces and Supports
- Hard & Rigid Braces and Supports
7. Orthopedic Braces And Support Devices And Equipment Market Regional And Country Analysis
7.1. Global Orthopedic Braces And Support Devices And Equipment Market, Split By Region, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
7.2. Global Orthopedic Braces And Support Devices And Equipment Market, Split By Country, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion
Companies Mentioned
- DJO Global
- Bauerfeind AG
- Otto Bock Healthcare GmbH
- Breg Inc
- Ossur Hf
- DeRoyal Industries Inc.
- BSN medical
- Medi GmbH & Co. KG
- THUASNE Group
- 3M Company
- Lohmann & Rauscher
- Alcare Company Ltd
- McDavid Knee Guard Inc
- FLA Orthopedics Inc
- Frank Stubbs Co. Inc.
- Zimmer
- ORTEC
- Tynor Orthotics
- DUK-IN
- Prime Medical
- Adhenor
- Aspen
- Rcai
- Truelife
- Huici Medical
- Dynamic Techno Medicals
For more information about this report visit https://www.researchandmarkets.com/r/ikqpcn
