Orthopedic Braces Market Size will attain remarkable proceeds over 2021-2027 due to growing consumer awareness related to preventive care, and the booming geriatric population. Rising number of orthopedic diseases worldwide has resulted in higher acceptance of orthopedic products, and commercialization of treatment procedures. The fast-growing sports industry sector, along with soaring number of accidental injuries, and hiking sales of online and off-the-shelf products are other factors expected to boost the market expansion.
Orthopedic braces are primarily medical devices that are designed to address musculoskeletal issues, including properly aligning, correcting the position, and protecting the muscles, joints, and bones while healing from injury or trauma. They are increasingly preferred over other invasive treatments as they are less painful and assist in quick recovery while limiting the incidences of post-surgical complications.
The industry size from lower extremity braces and supports segment, based on products, will substantially expand through 2027. The knee braces and supports subsegment will grow exponentially with booming elderly population and presence of favorable remuneration frameworks across developed countries. The rising number of sports injuries along with increasing cases of knee and ankle-related injuries has led to the growing adoption of knee braces in the follow-up treatment post knee surgeries. Increasing product penetration to offer relief to individuals suffering from arthritis is a key trend fostering market progression.
With regards to end-use, the orthopedic braces market revenue from orthopedic clinics will gain prominence ascribing to the declining preference of patients with acute musculoskeletal problems to opt for hospitals.
On the other hand, hospitals will record a significant market share owing to the surge in the count of hospital admissions for treating traumatic and spinal injuries, bone fractures, and road accidents.
The market share in North American is slated to grow with rising government regulations for product commercialization as well as the mount in number of favorable reimbursement and insurance policies. The fast-expanding obese and geriatric population along with the surging instances of musculoskeletal disorders and sports-related injuries has resulted in higher awareness pertaining to the bracing devices. According to estimates, there are more than 3.5 million injuries reported in the U.S. each year. The paradigm shift towards 3D printing technologies and the robust presence of numerous small and medium-sized manufacturers will stimulate the regional market outlook.
Leading market participants are constantly focusing on inorganic marketing initiatives, like mergers, partnerships, and acquisitions, and are constantly coming up with product innovations to consolidate their presence in the competitive business scenario.
For instance, in August 2021, Thuasne Group entered a partnership with OPUM, a well-known medical device, for bringing AI technology to osteoarthritis bracing. The collaboration helped to offer digital solutions for non-invasive non-pharmacological treatment and to harness the power of the former company’s flagship Rebel Reliever osteoarthritis knee brace.
Zimmer Biomet, BSN Medical (Essity), DeRoyal Industries, Inc., Bird and Cronin (Dynatronics Corporation), Ossur, DJO Global, Inc. (Colfax Corporation, DJO FINANCE LLC), Remington Products (Spectrum Brands), Bauerfeind, Ottobock, Medi, Breg, Inc. (Orthofix), ALCARE Co., Ltd., TRULIFE, and 3M are some other orthopedic braces companies.
The ongoing coronavirus crisis hampered the global economy and brought the closure of thousands of businesses worldwide. On the flip side, the industry witnessed considerable progression due to the growing focus on decision-making processes for treatment of acute pediatric injuries. The large emphasis on the risk/benefit ratio for proceeding with acute fracture surgeries has also increased the preference for braces and removable splints in comparison to casts amidst the pandemic.
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