Orthopedic Braces & Support Market Expansion Projected to Gain an Uptick By 2030

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

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.

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Orthopedic Braces & Support Market Taxonomy

Product

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

Distribution Channel

Institutional Sales

Hospitals
Orthopedic Surgeons
Nursing Facilities

Retail Sales

Online Sales
Retail Pharmacies
Drug Stores

Region/Country

North America

U.S
Canada

Latin America

Brazil
Mexico
Argentina
Rest of Latin America

Europe

EU-5
Russia
Rest of Europe

South Asia

India
Thailand
Malaysia
Rest of South Asia

East Asia

China
Japan
South Korea

Oceania

Australia
New Zealand

Middle East & Africa

GCC
South Africa
Rest of MEA

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.