Chicago, March 25, 2024 (GLOBE NEWSWIRE) -- Orthopedic Braces & Supports market in terms of revenue was estimated to be worth $3.6 billion in 2023 and is poised to reach $5.1 billion by 2029, growing at a CAGR of 5.9% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. Over the years, biopsy device technologies have evolved significantly, with a focus on enhancing accuracy, reducing patient discomfort, and improving diagnostic yield. These innovations, combined with increasing cancer incidence rates and the need for early disease detection, have driven the growth of the orthopedic braces and supports market, making it an integral component of the broader healthcare landscape. As healthcare continues to advance, orthopedic braces and supports continue to be at the forefront of diagnostic and therapeutic interventions, contributing to improved patient outcomes and the advancement of medical knowledge. The wide-ranging use of orthopedic braces and supports imaging systems continues to drive innovation and breakthroughs in various domains, benefiting humanity in numerous ways.
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Orthopedic Braces & Supports Market Scope:
| Report Coverage | Details |
| Market Revenue in 2023 | $3.6 billion |
| Estimated Value by 2029 | $5.1 billion |
| Growth Rate | Poised to grow at a CAGR of 5.9% |
| Market Size Available for | 2021–2029 |
| Forecast Period | 2023–2029 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, type, application, end user, and region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | Increased sales of off-the-shelf and online products |
| Key Market Driver | Increasing prevalence of orthopedic diseases and disorders |
Based on product, the orthopedic braces and supports market is segmented into Knee, Ankle, Foot Walkers, Hip, Back, and Spine, Shoulder, Elbow, Hand, Wrist, Facial bracses and supports. The knees braces and support segment to hold the largest share of the market in 2023. As people prioritize proactive health and grapple with mounting musculoskeletal woes, orthopedic braces and supports are surging in popularity. Offering non-invasive pain relief and injury prevention, these braces tap into both the need for rehabilitation after aches and strains and the desire for preventative measures to safeguard joints and posture. This dynamic duo of rising awareness and growing needs paves the way for a thriving market, where innovative braces offer comfortable, non-surgical solutions for a wider range of users.
Based on application, the orthopedic braces and supports market is segmented into preventive care, ligament Injury, post-operative rehabilitation, osteoarthritis, compression therapy, Other Application. Offering non-invasive support for posture correction, pain prevention, and injury recovery, often before issues even arise. Comfortable back braces promoting good posture or lightweight ankle braces preventing sports injuries which in turn helps growing the market.
Based on end user, the orthopedic braces and supports market is segmented into hospitals and surgical centers, orthopedic clinics, pharmacies and retailers, e-commerce platforms and other end users. The hospitals surgical centers segment accounted for the largest share of the orthopedic braces and supports market in 2023. The rising incidence of musculoskeletal disorders and the requirements for post-surgical rehabilitation are driving the need for orthopedic braces and supports in hospitals and surgical centers. Furthermore, the increasing focus on non-invasive treatment alternatives and advancements in medical technology are fostering the broader adoption of orthopedic braces in healthcare settings to enhance comprehensive patient care.
Based on region, the orthopedic braces and supports market is segmented into North America, Europe, Asia Pacific (APAC), Latin America (LATAM), and the Middle East & Africa. In 2023, North America accounted for the largest share of the orthopedic braces and supports market, followed by Europe and the APAC. The large share of North America in the global orthopedic braces and supports market can be attributed to the high healthcare spending in the region, rising prevalence of target diseases, increasing research activities, growing number of cancer surgeries, and technological advancements in orthopedic care braces.
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Orthopedic Braces & Supports market major players covered in the report, such as:
- DJO LLC (US)
- Ossur HF (Iceland)
- Breg, Inc. (US)
- Bauerfeind AG (Germany)
- Essity AB (Sweden)
- 3M Company (US)
- Zimmer Biomet (US)
- Ottobock Healthcare (Germany)
- Thuasne (France)
- and Among Others
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This report has segmented the global orthopedic braces and supports market based on technology, application, end user, and region.
Global Orthopedic braces and supports Market, by Product
- Knee Braces and Supports
- Ankle Braces and Supports
- Foot Walkers and Orthoses
- Hip, Back and Spine Braces and Supports
- Neck and Cervical Spine and Supports
- Lower Spine Braces and Supports
- Shoulder Braces and Supports
- Elbow Braces and Supports
- Hand & Wrist Braces and Supports
- Facial Braces and Supports
Global Orthopedic braces and supports Market, by Type
- Soft and Elastic Braces and Supports
- Hard Braces and Supports
- Hinged Braces and Supports
Global Orthopedic braces and supports Market, by Application
- Preventive Care
- Ligament Injury
- Anterior Cruciate Ligament Injury
- Lateral Collateral Ligamnet Injury
- Other Ligament Injury
- Post Operative Rehabilitition
- Osteoarthritis
- Compression Therapy
- Other Applications
Global Orthopedic braces and supports Market, by End User
- Hospitals and Surgical Centers
- Orthopedic Clinics
- Pharmacies and Retailers
- E-Commerce Platforms
- DME Dealers
- Other End Users
Orthopedic braces and supports Market, by region
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
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Key Market Stakeholders:
- Orthopedic braces and supports product manufacturers
- Original equipment manufacturers (OEMs)
- Suppliers, distributors, and channel partners
- Healthcare service providers
- Hospitals and academic medical centers
- Radiologists
- Research laboratories
- Health insurance providers
- Government bodies/organizations
- Regulatory bodies
- Medical research institutes
- Business research and consulting service providers
- Venture capitalists and other public-private funding agencies
- Market research and consulting firms
Report Objectives:
- To define, describe, and forecast the orthopedic braces and supports market based on product, type, application, end user, and region
- To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and challenges)
- To strategically analyze micro markets with respect to individual growth trends, prospects, and contributions to the total market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast the revenue of the market segments with respect to four regions, namely, North America, Europe, the Asia Pacific, Latin America, Middle East and Africa
- To profile the key players and comprehensively analyze their market ranking and core competencies
- To benchmark players within the market using a proprietary competitive leadership mapping framework, which analyzes market players on various parameters within the broad categories of market share and product footprint
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