Orthopedic Braces and Supports Market with Competitive Analysis, New Business Developments
Growth in the orthopedic braces and supports market is primarily driven by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability and market availability, rising number of sports and accident-related injuries, and growing public awareness related to preventive care.
What the Market Looks Like?
Predicted to grow at a CAGR of 5.7% during the forecast period, the Global Orthopedic Braces and Supports Market is estimated to reach USD 5.5 billion by the end of 2024. North America to dominate the orthopedic braces market during the forecast period.
The knee braces and supports segment accounted for the largest share of the orthopedic braces and supports market, by product, in 2018. The large share of this segment can be attributed to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
The soft & elastic braces and supports segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.
- In December 2018, DJO Finance LLC established its new global headquarters in Dallas, US, to develop and market DonJoy Products, which includes braces and supports.
- In November 2018, DJO Finance LLC launched EMPOWR Porous Knee System and EMPOWR Complex Primary Knee System. This helped the company to improve its position in the orthopedic braces and supports market.
- In March 2018, DJO Finance LLC launched X4 Smart Brace with Motion Intelligence.
- In March 2017, DJO Finance LLC launched TriFit Knee Brace (a DonJoy Product).
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What Drives the Market?
The growth of the global market for Orthopedic Braces and Supports is primarily influenced by the following factors:
- Increase Prevalence of Orthopedic Diseases and Disorders
- Continuous Product Commercialization
- Greater Product Affordability and Market Availability
- Growing Public Awareness Related to Preventive Care
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Geographical growth scenario of Worldwide Market:
The orthopedic braces market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the market in 2018. Factors such as continuous development and commercialization of novel orthopedic braces & support products and favorable reimbursements & insurance coverage major orthopedic bracing procedures in the region are driving the market for orthopedic braces and supports in North America.
Leading market players and strategies adopted:
The major players operating in the orthopedic braces market are Bauerfeind AG (Germany), Össur Hf (Iceland), DJO Finance LLC (US), Breg, Inc. (US), and DeRoyal Industries, Inc. (US). Other prominent players operating in this market include Bird & Cronin, Inc. (US), medi GmbH & Co. KG (Germany), Ottobock Holding GmbH & Co. KG (Germany), BSN medical (Germany), Zimmer Biomet Holdings, Inc. (US), Oppo Medical, LLC (US), Becker Orthopedic (US), Thuasne Group (France), 3M Company (US), Reh4Mat (Poland), and United Ortho (US).
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