Orthopedic Braces And Supports Market Worth $7.01 Billion By 2030: Grand View Research, Inc.

SAN FRANCISCO, June 27, 2022 /PRNewswire/ -- The global orthopedic braces and supports market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.5% during the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the market growth include the rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, the incidence of trauma & injury, and technological advancements. In December 2021, Nanyang Technological University, Singapore, and an engineering firm developed X-Brace - a knee brace that is 30.0% lighter than conventional knee braces. It is distributed by a subsidiary of Delsson - Wearable Kinetics.

The COVID-19 resulted in a dip in demand for orthopedic braces and supports. This was due to the movement restrictions and social distancing measures implemented at local, national, and regional levels. The pandemic also led to supply chain hurdles, decreased sales & marketing activities, and operational challenges. As per the National Safety Council, sports and recreational injuries reduced by around 27.0% in 2020.

Key Industry Insights & Findings from the report:

• The Orthopedic Braces and Supports market were valued at USD 4.06 billion in 2021and is expected to grow at a CAGR of 6.5% during the forecast period.
• Braces & supports held the maximum market share in 2021 owing to the rising number of osteoarthritis cases, which has increased the need for braces and support devices.
• Health-conscious people, athletes, and students continuously engage in fitness-related activities. This might lead to injuries, which results in increased demand for braces and supports.
• Pain management products also held a significant market share in 2021 due to the high prevalence of joint-related disorders. Under the pain management segment, cold therapy and DVT products contributed immensely to the market growth through developmental strategies.
• The orthopedic clinic's segment was the largest revenue contributor in terms of the end-user during 2021, due to the increasing preference for orthopedic consultations intended for quick check-ups.
• The Over-the-Counter (OTC) segment is anticipated to exhibit lucrative CAGR during the forecast period since the products are readily available in retail stores without a doctor's prescription.
• North America held the largest market share in 2021 due to the rising healthcare expenditure and high purchasing power of consumers. Asia Pacific is anticipated to showcase attractive growth during the forecast period owing to the rising geriatric population in key markets.

Get more Insights from 130-page market research report, 'Orthopedic Braces And Supports Market Size, Share & Trends Analysis Report By Products (Braces & Supports Type, Pain Management Products), By End User, By Region, And Segment Forecasts, 2022 - 2030', published by Grand View Research.

Orthopedic Braces and Supports Market Growth & Trends

Injuries associated with lacrosse, hockey, track & field, baseball, softball, soccer, football, and basketball decreased by more than 60.0% from March to September 2020. This was attributed to the suspension of school and youth sports leagues leading to decreased visits to emergency departments. However, the demand recovered to pre-COVID levels as social distancing measures were eased and hospital and clinic visits resumed.

Osteoporosis is considered one of the leading causes of musculoskeletal or joint disorders in geriatric populations, leading to the need for orthopedic braces. The products restrict mobility to a particular direction, thereby, assisting the overall movement of a patient. The geriatric population base exhibits the highest incidences of musculoskeletal disorders. Thus, this group population plays a vital role in accelerating the demand for the products.

Aging leads to significant changes in the skeletal and neuromuscular systems, resulting in weak ligaments, arthritis, and Anterior Cruciate Ligament (ACL) tear. The geriatric population is also expected to grow at an unprecedented rate in the years to come. This factor is anticipated to propel the product demand in the orthopedic braces and supports market.

High incidences of sport-related injuries are another leading cause of disability, pain, or restricted movement. As per the study published in the Environment Research and Public Health Journal in May 2021, 40.4% of study participants suffered an injury in 2019. Amongst these, 39.0% were found to be injured in a previously injured area. Around 12.24% were found to suffer from lumbar muscle strains, 11.98% injuries were from ankle sprains, and 9.31% injuries were bone fractures.

Higher rates of injury were found to be associated with using inadequate sports facilities, the greater number of practice hours per week, ages of 14 to 17, inappropriate training loads, and not performing injury-preventive activities. All these risk factors along with the growing incidence of injuries are estimated to propel the demand for orthopedic braces and supports.

Orthopedic Braces and Supports Market Segmentation

Grand View Research has segmented the global orthopedic braces and supports market reports based on the product, end-user, and region:

Orthopedic Braces and Supports Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Braces & Supports Type
• Knee Braces & Supports
• Knee Braces for Osteoarthritis and Ligament Injuries
• Post-operational Knee Braces
• Back Braces & Supports
• Upper Spine Orthoses
• TLSOs
• LSOs
• Others
• Ankle Braces & Supports
• Soft Braces
• Hinged Braces
• Walker Boots
• Pneumatic
• Non-pneumatic
• Upper Extremity Braces & Supports
• Elbow Braces & Supports
• Wrist Braces & Supports
• Others
• Others
• Pain Management Products
• Cold Therapy Products
• DVT Products

Orthopedic Braces and Supports Market - End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Orthopedic Clinics
• Over the Counter (OTC)
• Hospitals
• DME Dealers
• Others

Orthopedic Braces and Supports Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• MEA
• South Africa
• Saudi Arabia

List of key players in the global Orthopedic Braces and Supports Market include

• Össur
• BREG, Inc.
• DeRoyal Industries, Inc.
• Bauerfeind
• DJO Global, Inc.
• Otto bock
• Fillauer LLC
• Frank Stubbs Company Inc.
• McDavid
• Hely & Weber

Check out more related studies published by Grand View Research:

• Knee Braces Market - The global knee braces market size is anticipated to reach USD 2.1 billion by 2026, according to a new report by Grand View Research, Inc. It is expected to expand at a 4.3% CAGR during the forecast period. Rising prevalence of osteoarthritis and number of sports-related injuries are the key growth boosters for this market. The increasing burden of obesity is also anticipated to encourage youth to engage sports activities.
• Orthopedic Implants Market - The global orthopedic implants market is expected to reach USD 6.2 billion by 2024, according to a new report by Grand View Research, Inc. Major drivers, such as the surging geriatric population count and the increasing number of sports injuries are fueling the demand for the orthopedic prostheses globally.
• Orthopedic Soft Tissue Repair Market - The global orthopedic soft tissue repair market size is expected to reach USD 9.6 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.3% from 2021 to 2028. The growing geriatric population, rising demand for minimally invasive procedures, an increasing number of sports injuries are key factors aiding market growth.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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