Global Orthopedic Braces and Supports Market may reach US$ 4.9 Billion by 2024

Global Orthopedic Braces and Supports Market is Expected to Reach US$ 4.9 Billion and is Growing at a CAGR of 4.5% During 2019-2024.

Orthopaedic braces and supports are equipment that alleviates chronic pain or temporary discomfort while recovering from certain conditions such as surgery or an athletic injury. These devices aid in the appropriate alignment of bones and muscles, thus reducing discomfort and stress while facilitating improved mobility. As a result, they are widely used in the healthcare industry for supporting various body parts including hip, foot, knee, spine, ankle, shoulder and elbow.

According to the latest report by IMARC Group, titled 'Orthopedic Braces and Supports Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024', the global orthopaedic braces and supports market reached a value of US$ 3.8 Billion in 2018.

Market Trends

With rising incidents of road and athletic accidents, non-invasive healthcare treatments like physical therapy and supportive devices are highly preferred by patients over invasive procedures owing to their cost-effectiveness and painless characteristic which help in speedy recovery. Furthermore, the increasing geriatric population is leading to the growing prevalence of issues such as arthritis, spondylitis and osteoporosis. Moreover, there is a significant rise in musculoskeletal dysfunctions among the working population owing to sedentary lifestyles which, in turn, is catalyzing the demand for these braces and supports. Additionally, innovative product variants with simplified use and increasing awareness about the benefits of orthopaedic braces and supports are also contributing to the market growth. Owing to the aforementioned factors, the market value is projected to reach US$ 4.9 Billion by 2024, growing at a CAGR of 4.5% during 2019-2024.

Market Summary

• On the basis of the product, the market has been divided into lower extremity braces and supports; spinal braces and supports; and upper extremity braces and supports. The lower extremity braces represent the leading segment among these.
• Based on the type, soft and elastic braces and supports account for the largest market share. Other major types include hinged braces and supports, and hard and rigid braces and supports.
• On the basis of the application, the market has been categorized into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis and others. Currently, ligament injury holds the dominant market share.
• Based on the end user, the market has been classified into orthopaedic clinics; hospitals and surgical centres; over-the-counter (OTC) platforms; and others. Orthopaedic clinics currently represent the leading segment.
• On the geographical front, the market has been categorized into North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America. Among these, North America holds the leading position in the market, accounting for the majority of the global share.
• The competitive landscape of the market has also been analyzed with some of the key players operating in the market being Breg, Inc., Össur Hf, Bauerfeind AG, DJO Finance LLC, 3M Company, Alcare Co., Ltd, Otto Bock Healthcare, Deroyal Industries, Inc., BSN Medical, Medi GmbH & Co. KG, Thuasne Group, Zimmer Biomet Holdings, Inc., Trulife, Remington Products Company and Bird & Cronin.