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Orthopedic Braces Market Size
Orthopedic Braces Market size is set to expand at a commendable pace during the forecast period of 2024-2032 due to the booming elderly population. According to a report by the WHO, between 2015 and 2022, the world’s geriatric population was estimated to double from 12% to 22%. This factor has caused a significant increase in orthopedic diseases, augmenting the demand for orthopedic products. Moreover, the sports industry has shown promising gains in recent years, which has boosted the number of accidental injuries and bolstered the usage of orthopedic braces.
Orthopedic braces, crafted to tackle musculoskeletal concerns such as position correction and safeguarding joints, muscles, and bones during recuperation from trauma or injury, stand as a preferred choice over invasive interventions among patients. Their appeal lies in their ability to offer relief with minimal discomfort, hasten recovery periods, and reduce the likelihood of post-surgery complications. These advantages favor the surge in demand for orthopedic braces as a non-invasive solution for orthopedic issues.
Orthopedic Braces Market Trends
The orthopedic braces industry is witnessing significant trends driven by advancements in materials and technology. Customization and personalized fit are becoming increasingly prevalent, enhancing patient comfort and treatment efficacy. Innovations in design with focus on lightweight, durability, and breathable materials, improve user experience and compliance. Additionally, the integration of smart technology, such as sensors and monitoring capabilities, is revolutionizing brace functionality, providing real-time feedback and data for optimized patient care. Overall, the industry is evolving towards more effective, comfortable, and technologically advanced orthopedic braces.
Orthopedic Braces Market Analysis
Based on product, the lower extremity brace & support segment is anticipated to record a substantial CAGR from 2023 to 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.
In terms of distribution channel, the orthopedic braces market from orthopedic clinic segment is estimated to grow at an appreciable rate during 2024 and 2032 as 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 orthopedic clinics to accommodate the growing patient population. For example, in November 2022, the Headley Court Veterans’ Orthopedic Center, the country’s first ever dedicated center for veteran orthopedic care, opened at Shropshire.
North America orthopedic braces market size will expand through 2032 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 opt for the benefits of high-quality bracing devices. Also, the high focus on 3D printing technologies and vast presence of small & medium-sized manufacturers may stimulate the regional industry forecast.
Orthopedic Braces Market Share
Some of the top firms involved in orthopedic braces industry are -
- 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.
- 3M
Orthopedic Braces Industry News
- In January 2023, Ottobock acquired Pace Rehabilitation, a leading independent provider of prosthetic and rehabilitation services in the UK. This collaboration will help the company to enter a network of clinics within a company renowned for introducing novel products to the market.