Ottawa, Jan. 03, 2023 (GLOBE NEWSWIRE) -- The global orthopedic braces and supports market size will reach at USD 5.64 billion in 2023. Orthopedic braces and supports are used in the field of orthopedics to address aging-related disorders such as osteoarthritis, traumatic injuries, sports injuries and others. Furthermore, orthopedic braces and supports help users to walk more comfortably while also reducing pain, assisting with limb movement, and reducing swelling and inflammation. Additionally, they allow patients to work and move without any support. Furthermore, it is utilized to treat a wide range of medical ailments and is meant to provide varying levels of support or protection to the patients.
Report Highlights
- North America region has held for 41.6% market share in 2021.
- By type, soft & elastic braces and supports segment has held 81% of market share in 2021.
- By application, the preventive care segment has held 39% market share in 2021.
- By end-use, the orthopedic clinic's segment has captured 29% market share in 2021.
- Asia Pacific is poised to reach at a CAGR of 6.9% from 2022 to 2030.
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Growing rates of orthopedic problems, rise in consumer awareness about preventative care, and an increase in sports-related accidents and injuries is expected to propel the orthopedic braces and supports industry during the forecast years. Moreover, an increase in the number of cases of osteoporosis is expected to improve the product sales in the near future. Additionally, the easy accessibility of products through e-commerce is likely to drive market expansion over the forecast period. However, the expansion of the market is expected to hampered by the widespread use of pain medications and lack of consumer awareness regarding the bracing-mediated orthopaedic treatment.
Regional Snapshot
North America dominated the orthopedic braces and supports market in the year 2022, and is expected to continue its dominance throughout the forecast period. This is attributable to favorable reimbursement, well-established healthcare infrastructure, and insurance coverage for orthopaedic bracing procedures, and supportive government regulations for product commercialization in this region.
However, Asia-Pacific is predicted to grow at the fastest growth rate during the forecast period. This is owing to increased consumer knowledge regarding the benefits associated with the use of orthopaedic braces, improvements in healthcare infrastructure, and an increase in the number of hospitals with modern medical facilities.
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Scope of the Report
| Report Attributes | Details |
| Market Size in 2023 | USD 5.62 Billion |
| Revenue Forecast by 2030 | USD 10.5 Billion |
| CAGR | 9.34% from 2022 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Ossur, BREG, Inc., Bauerfeind, ALCARE Co., Ltd., DeRoyal Industries, Inc., Frank Stubbs Company Inc., Ottobock, Fillauer LLC, McDavid, Hely& Weber and Others |
Market Dynamics
Market Drivers
Rising prevalence of orthopedic diseases & disorders globally
With the increased prevalence of obesity and accompanying lifestyle problems, the frequency of orthopaedic diseases and disorders is predicted to rise even more in the coming years, as obese consumers are at a higher risk of orthopaedic and musculoskeletal injuries, as well as diabetes. Orthopedic braces and supports provide various advantages over traditional products, including lower cost, improved efficacy, more patient comfort, and ease of use. Key companies are rapidly developing customized solutions for the treatment of various orthopaedic ailments as well as to meet untapped market demand.
Consumers preferences for orthopaedic braces is increasing in both developed and emerging economies, owing to the rising number of affluent consumers and convenient availability of the product in the market. Musculoskeletal injuries such as sprains, ligament injuries, and fractures are common in sports and related physical activities. As a result, the prevalence of these illnesses is driven by the growing public participation in such activities. For conditions like rheumatoid arthritis, gout, osteoporosis, and fractures, orthopaedic braces and supports are rapidly being regarded a viable clinical alternative to orthopaedic surgeries. Various public-private sports groups and medical professionals are undertaking workshops, conferences, and symposiums to spread consumer awareness about the clinical care of orthopaedic injuries.
Market Restraints
Limited patient qualification for bracing-mediated orthopedic treatment is restricting market growth
Nowadays, physicians and orthopaedic surgeons consider bracing and support products clinically vital for various conditions in order to properly manage orthopaedic ailments and diseases. However, some patients do not qualify for bracing products in some cases (depending on the severity of the condition and its side effects, as well as the patient's physiology and age).
Major end-user industries such as surgical centers, hospitals, and orthopaedic clinics in developed markets such as the US, Germany, the UK, and Japan are progressively adopting innovative orthopaedic braces. However, the end-user industries in emerging as well as developing markets are disinclined towards adopting new products owing to lack of consumer awareness as well as affordability. Traditional and well-established products with documented clinical evidence are majorly preferred by the users to support their therapeutic/diagnostic role.
Market Opportunities
Rising sales of off-the-shelf and online products to augment market growth
Specific orthopedic braces are used under the administration of orthopedic technicians or medical practitioners as they need product alteration or customization based on patient attributes. However, such products are frequently used by patients to prevent injury as these product use does not require any supervision. Thus, various braces such as wrist/hand braces, ankle braces, elbow braces, shoulder braces, and facial braces are increasingly being offered by merchants (off-the-shelf) and e-commerce websites contributing towards fueling the market growth in terms of values sales.
Major key players in the market are continuously launching strategic campaigns in order to improve their brand visibility as well as and product awareness among the target consumers which includes such as patients, doctors, and physiotherapists in major healthcare markets globally.
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Market Challenges
Rising adoption of pain medications among the consumers
Oral, topical, and parenteral pain medicines are extensively used to effectually manage pain associated with musculoskeletal illnesses such as carpal tunnel syndrome, tendinitis, and osteoarthritis and others. Despite the fact that orthopaedic braces are used as part of a noninvasive approach to pain management during compression therapy (cold, hot, or conventional compression therapy), the adoption of pain medication for such applications is high due to a lack of awareness about the benefits of orthopaedic braces and an unfavorable reimbursement scenario for these products, posing a challenge to this market.
Market Segmentation
By Product
- Knee Braces and Supports
- Knee Braces for Osteoarthritis and Ligament Injuries
- Post-operational Knee Braces
- Ankle Braces and Supports
- Soft Braces
- Hinged Braces
- Foot Walkers and Orthoses
- Hip, Back, And Spine Braces and Supports
- Neck & Cervical Spine Braces and Supports
- Lower Spine Braces and Supports
- Shoulder Braces and Supports
- Elbow Braces and Supports
- Hand & Wrist Braces and Supports
- Facial Braces and Supports
By Type
- Soft & Elastic Braces and Supports
- Hard Braces and Supports
- Hinged Braces and Supports
By Application
- Subcutaneous
- Intramuscular
- Preventive Care
- Ligament Injury
- Anterior Cruciate Ligament Injury
- Lateral Collateral Ligament Injury
- Other Ligament Injuries
- Post-operative Rehabilitation
- Osteoarthritis
- Compression Therapy
- Other
By End-User
- Orthopedic Clinics
- Over the Counter (OTC)
- Hospitals
- DME Dealers
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa (MEA)
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