New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- As per this new industry analysis by Persistence Market Research, the global Braces and Support Market was valued at US$ 3.2 billion in 2021 and is projected to expand at a CAGR of 5.6% over the forecast period (2023 to 2032). Sales of braces and supports are expected to reach US$ 5.8 billion by 2032.
The market for braces and supports is expanding due to an increase in musculoskeletal disorders among the population. The growing geriatric population, rising hospitalizations, and increasing sports-related injuries and accidents are the main factors driving market growth. This has also had a positive impact on the market and created a need for technological advancements in braces and support systems to meet the growing population's demands and needs. Increased investments in research and development and technological advancements in braces and supports will give the market a boost over the coming years.
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Leading manufacturers of braces and supports are focusing on developing products that are in line with smart technologies. Some recently launched smart technology-based braces and supports include AFO smart braces, step smart braces, smart spinal braces, and many more. Companies are focusing more on product development to gain a competitive advantage over others in the market.
For instance:
- Rebound Post-Op Elbow Brace, a non-invasive, lightweight, adjustable brace with user-friendly design characteristics, was introduced by Ossur in July 2021. It was intended to make it simpler for patients to use while recovering from serious elbow injuries or surgical operations.
Key Takeaways from Market Study
- The knee braces and supports segment dominated the market with 28.7% market share in 2021.
- In 2021, soft & elastic braces and supports accounted for 38% of the market share owing to increasing demand for braces for preventive care and also for post-operative care.
- By application, braces and support systems are increasingly being used in preventive care and are expected to exhibit a CAGR of 6.8% during the forecasted years.
- Hospitals dominated the end user category with a market share of 30% in 2021.
- North America led with a market share of 32.4% in 2021.
“Rising technological developments in manufacturing advanced braces and support systems, high prevalence of musculoskeletal disorders, and increasing geriatric population are key market growth drivers,” according to a researcher of Persistence Market Research.
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Market Competition
- DJO Global Inc.
- 3M Healthcare
- Breg Inc.
- OSSUR, Otto Bock Healthcare
- Zimmer Biomet Holdings, Inc.,
- Bauerfeind AG
- Alcare Company Ltd
- Becker Orthopedic
- Frank Stubbs Company Inc.
- Bird and Cronin Inc.
- DeRoyal Industries Inc.
- Medi GmbH & Co. KG
- Trulife Inc.
As a result of an aging population and a rise in musculoskeletal problems, brace and support manufacturers are currently at maximum capacity. There are numerous regional, up-and-coming, and established businesses in the market for braces and supports, which is fragmented. To introduce revolutionary braces with increased efficacy, key market players have started promotional operations.
- In November 2021, Breg, Inc. signed an agreement with Aspen Medical Products, a leading company dealing with the designing, development, and marketing of upper and lower spinal orthotics. This was a five-year supplier agreement for increasing its efficiency to sell its innovative spinal portfolio products.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the braces and support market in its latest study, presenting a historical demand assessment of 2017 to 2021 and projections for 2023 to 2032.
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The research study is based on the
- product (knee braces and supports, ankle braces and supports, foot walkers and orthoses, hip, back, & spine braces and supports, shoulder braces and supports, neck & cervical spine braces and supports, hand & wrist braces and supports, others),
- type (soft & elastic braces and supports, hinged braces and supports, hard braces and supports),
- application (preventive care, ligament injury, anterior cruciate ligament injury, lateral collateral ligament injury, post-operative rehabilitation, osteoarthritis, compression therapy),
- end user (orthopedic clinics, hospitals, ambulatory surgical centers, home care settings, over-the-counter products),
- across seven key regions of the world.
For additional insights on how the growth of the braces and support market will unfold over the decade, write to the analyst at media@persistencemarketresearch.com
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