Orthopedic Braces Market size is set to expand at a commendable pace during the forecast period of 2023-2032 due to the booming global elderly population. According to a report by the WHO, between 2015 and 2022, the world’s geriatric population was expected to double from 12% to 22%. This factor has caused a significant increase in orthopedic diseases, further augmenting the demand for orthopedic products, and commercialization of various related treatments. Moreover, the sports industry has shown promising gains in recent years, which has boosted the incidence of accidental injuries and enhanced the usage of orthopedic braces.
Since orthopedic braces are designed to address musculoskeletal issues, including position correction and protection of joints, muscles, and bones while recovering from trauma or injury, they are highly preferred over invasive treatments. This is because the braces are less painful, shorten the patient’s recovery time, and decrease instances of post-surgery complications, thereby positively influencing the industry trends.
Based on product, global orthopedic braces market is divided into upper extremity and lower extremity braces and supports. The industry size from the lower extremity brace & support segment, is anticipated to record a substantial CAGR through 2032. The knee brace & support subsegment will also showcase robust expansion due to a massive surge in the elderly population. Since more youngsters are taking up sports, there is a high possibility of sustaining injuries.
Around 30 million people in the U.S. participate in some form of organized sports, resulting in 3.5 million injuries each year. This factor has amplified the usage of knee braces to improve the joint’s healing process after undergoing surgery. Knee braces and supports are also widely used by patients suffering from arthritis as the product offers immense relief from chronic pain. This will further accelerate the industry progress.
In terms of distribution channel, orthopedic braces market is bifurcated into pharmacies, hospitals, e-commerce, orthopedic clinics, and others. The market revenue from the orthopedic clinic segment is estimated to grow at an appreciable rate during the analysis timeframe. More patients suffering from acute musculoskeletal conditions are opting for orthopedic clinics to get better access to advanced medical devices and facilities.
This has played a vital role in expanding the network of these clinics to accommodate the growing patient population. For example, in November 2022, the U.K. witnessed the opening of the Headley Court Veterans’ Orthopedic Center, the country’s first ever dedicated center for veteran orthopedic care, at Shropshire. These developments may spur the market outlook.
North America orthopedic braces market value is projected to increase steadily due to the enforcement of supportive government regulations to promote the commercialization of these products. The region is facing various issues, such as an ever-expanding geriatric and obese population, which are adding to the burden of orthopedic diseases. The National Center for Biotechnology Information (NCBI) estimates that around 300,000 deaths occur from obesity every year.
The instances of musculoskeletal disorders and sports-related injuries are also growing, prompting customers to gain awareness of the benefits of high-quality bracing devices. Also, the high focus on 3D printing technologies and vast presence of small and medium-sized manufacturers may stimulate the regional market forecast.
Zimmer Biomet, Bird & Cronin (Dynatronics Corporation), BSN Medical (Essity), DeRoyal Industries, Inc., Ossur, Remington Products (Spectrum Brands), DJO Global, Inc. (Colfax Corporation, DJO FINANCE LLC), Ottobock, Medi, Breg, Inc. (Orthofix), Bauerfeind, TRULIFE, ALCARE Co., Ltd., and 3M, are some of the top firms involved in orthopedic braces market.