Dubai, U.A.E, Aug. 4, 2020 /PRNewswire/ -- Future Market Insights' latest report infers the orthopedic braces & support market to reach US$ 5 Bn by 2030.
Orthopedic braces and support have been highly popular as they reduce joint pressure, offer compression & warmth and improve physical functions when required. Also, the incidence of orthopedic disorders are climbing every year, attributed to adoption of sedentary lifestyles and an expanding geriatric population pool.
Rising health & fitness concerns have prompted the millennials to engage in sports and exercises involving strenuous muscle activity. Consequently, problems such as sprained ankles, frozen shoulders and stiff limbs are increasing amongst the younger generation, thereby increasing sales of orthopedic braces & support devices.
However, the coronavirus pandemic has dented near-term growth prospects, attributed to a decline in outdoor activities due to social distancing protocols. Additionally, hospital visits to correct orthopedic anomalies have fallen as healthcare organizations are offering priority to COVID-19 patients.
"As the healthcare industry transitions towards providing patient-centric care, manufacturers are concentrating on including on-demand & data-enabled patient engagement solutions," infers an FMI analyst.
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Key Takeaways from FMI's Orthopedic Braces & Support Market Report
- Orthopedic braces & support market will expand at a CAGR of 6.1% from 2020-2030
- Lower extremity knee braces shall capture 70% of the total market share, attributed to increasing sports injuries
- Institutional sales of orthopedic braces will remain the vanguard, owing to a high preference for visiting healthcare settings to seek treatment
- Europe and North America collectively comprise half of the orthopedic braces & support market revenue
Orthopedic Braces & Support Market- Key Trends
- E-commerce sales of wrist, hand, ankle and elbow braces is picking up pace due to non-requirement of authorization from healthcare professionals
- 60% of orthopedic braces & support equipment are being sold online through various platforms
- Favorable reimbursement and insurance coverage by medical companies are uplifting off-the-shelf marketing of orthopedic braces
- Market players are enhancing their business models in order to glean maximum returns on their investments
Orthopedic Braces & Support Market- Region-wise Analysis
- North America will be a hotbed for orthopedic surgeries, with 40 million people in the U.S affected by arthritis
- Europe will be an equally lucrative market, with greater than 400,000 rheumatoid arthritis cases detected in the U.K alone
- South & East Asia will be potential revenue grossers, attributed to reduced cost of orthopedic braces in countries such as India, Singapore and Thailand
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Orthopedic Braces & Support Market- Competitive Landscape
The global orthopedic braces & support market is moderately fragmented, with the top five players accounting for majority sales. The prominent players in this landscape are: DJO Finance LLC, Breg Inc., DeRoyal Industries Inc., Bauerfeind AG and Ossur HF. Product portfolio diversification and innovations are important to ensure the aforementioned players' expansion.
In May 2020, DJO Finance LLC announced free availability of its OaraScore patient risk assessment algorithm for a period of 6 months. The algorithm is useful in providing information regarding which patients are the most appropriate to receive a total joint arthroplasty.
Orthopedic Braces & Support Market Taxonomy
- Upper Extremity
- Shoulder Braces and Support
- Neck Braces and Support
- Elbow Braces and Support
- Wrist Braces and Support
- Spinal Braces and Support
- Lower Extremity
- Knee Braces and Support
- Ankle Braces and Support
- Hip Braces and Support
- Institutional Sales
- Orthopedic Surgeons
- Nursing Facilities
- Retail Sales
- Online Sales
- Retail Pharmacies
- Drug Stores
- Rest of Latin America
- Rest of Europe
- Rest of South Asia
- South Korea
- New Zealand
Middle East & Africa
- South Africa
- Rest of MEA
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More Insights on the Orthopedic Braces & Support Market
FMI, in its new market research study, offers an unbiased assessment of the orthopedic braces and support market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report delivers complete analysis on orthopedic braces and support market through three different categories. Additionally, the study also provides pricing insights through different life cycle analyses, mapping of key market trends and technologies being implemented in the orthopedic braces and supports and product adoption across various end-use industries.
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