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Knee Braces Market Size
- Report ID: GMI4238
- Published Date: Jun 2023
- Report Format: PDF
Knee Braces Market Size
Knee Braces Market size surpassed USD 1.7 billion in 2022 and is expected to register 4.8% CAGR from 2023 to 2032. Increasing prevalence of arthritis and orthopedic ailments coupled with technological advancements in knee braces will augment the industry growth. Rising number of trauma cases, accidents and sports injuries have increase the product demand among adult population globally.
Additionally, ageing population along with related orthopedic comorbidities have augmented the in-patient admission in several healthcare facilities for diagnosis and treatment of these chronic ailments. Technological advancements pertaining to knee braces including improved design, comfort, and functionality have increased the clinical efficiency and effectiveness of orthopedic devices. Increasing healthcare expenditure and increasing disposable income of people have further fueled the knee braces market development. Therefore, the aforementioned factors and several initiatives carried by industry players and regulatory authorities are increasing the product adoption worldwide.
| Report Attribute | Details |
|---|---|
| Base Year: | 2022 |
| Knee Braces Market Size in 2022: | USD 1.7 billion |
| Forecast Period: | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR: | 4.8% |
| 2032 Value Projection: | USD 2.8 Billion |
| Historical Data for: | 2018 to 2022 |
| No. of Pages: | 180 |
| Tables, Charts & Figures: | 369 |
| Segments covered: | Product, Application, End-use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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However, high cost of the product can be a significant barrier and impede the knee braces market growth in the coming years. The price of knee braces can vary depending on factors such as the type, design, materials used, and additional features. Some specialized or custom-made knee braces are quite expensive and can limit the industry progression. For instance, the cost of hybrid advanced knee braces can range between USD 1,500 to USD 3,200. This pricing may vary according to several customization and technological advancements used in the knee braces.
Moreover, inconsistencies in insurance coverage or limited coverage for the product make them less accessible and increase the financial burden on patients. This high charge poses challenges for widespread espousal, particularly in resource-constrained healthcare facilities and regions with limited healthcare budgets These factors can limit the accessibility and affordability, potentially hindering the demand for knee braces.
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Knee Braces Market Scope
