The Global Orthopedic Braces And Supports Market has been experiencing significant growth and is projected to continue expanding in the coming years. In 2022, the market size was valued at USD 5.35 billion, and it is expected to reach USD 9.84 billion by 2032, with a projected compound annual growth rate (CAGR) of 7% during the forecast period.
Several factors are driving the revenue growth of the
orthopedic braces and supports market. Firstly, there is an increasing
incidence of orthopedic disorders globally. Conditions such as arthritis,
sprains, strains, and fractures are becoming more prevalent, leading to a
higher demand for orthopedic braces and supports. According to the World Health
Organization (WHO), around 10% to 15% of the global population suffers from
musculoskeletal disorders, further driving the demand for these devices.
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Some of the
major players in the global orthopedic braces and supports market include:
- Össur
hf
- DJO
Global, Inc.
- Bauerfeind
AG
- Breg,
Inc.
- DeRoyal
Industries, Inc.
- BSN
medical GmbH
- medi
GmbH & Co. KG
- Thuasne
Group
- Ottobock
SE & Co. KGaA
- 3M
Company
The growing geriatric population is also a significant
factor contributing to market growth. As individuals age, they are more
susceptible to orthopedic disorders and injuries, leading to a greater need for
orthopedic braces and supports. The United Nations predicts that the global
geriatric population will reach 2.1 billion by 2050, further increasing the
demand for these devices.
Furthermore, the rising number of sports-related injuries is
also fueling the demand for orthopedic braces and supports. With the increasing
popularity of sports activities, the incidence of injuries has also risen,
driving the need for supportive devices to aid in the recovery and prevention
of further damage.
The demand for non-invasive and minimally invasive surgeries
is another contributing factor to the market's growth. As medical technology
advances, more patients and healthcare professionals are opting for less
invasive treatment options. Orthopedic braces and supports provide a
non-invasive approach to support injured joints and muscles, aiding in the
healing process and reducing the need for extensive surgical procedures.
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Technological advancements in orthopedic braces and supports
are also driving market growth. The development of new materials and designs
has enhanced the comfort, durability, and effectiveness of these devices.
Innovations such as 3D printing technology have allowed for more personalized
and tailored solutions for patients, further increasing the adoption of
orthopedic braces and supports.
However, there are certain factors that hinder the market's
revenue growth. The high cost of orthopedic braces and supports can limit their
adoption, particularly in developing countries where affordability is a major
concern. Additionally, the lack of reimbursement policies for these devices can
also impact their adoption, as patients may be reluctant to bear the financial
burden individually.
In conclusion, the orthopedic braces and supports market is
driven by the increasing incidence of orthopedic disorders, the growing
geriatric population, rising sports-related injuries, and the demand for
non-invasive and minimally invasive treatment options. Technological
advancements have also played a crucial role in the market's growth. However,
challenges such as high costs and limited reimbursement policies need to be
addressed to ensure wider accessibility and adoption of these devices.
By Product Type
Outlook
·
Knee Braces
·
Back Braces
·
Wrist Supports
·
Ankle Braces
·
Others
By Application
Outlook
·
Osteoarthritis
·
Injury Rehabilitation
·
Sports Injuries
·
Others
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Key Advantages of Orthopedic Braces and Supports Report:
- Identification
and analysis of the market size and competition
- Qualitative
and quantitative analysis of the market data
- Data
validated by industry experts after extensive primary and secondary
research
- Extensive
regional analysis of the Orthopedic Braces and Supports industry
- Profiling
of key players along with their business overview, business strategies, deals and
partnerships, and product portfolio
- SWOT and
Porter’s Five Forces Analysis for in-depth understanding of the
competitive landscape
- Feasibility
analysis and investment analysis to enable strategic investment decisions
- Analysis
of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Orthopedic Braces and
Supports market are quantitatively as well qualitatively assessed to study the
global as well as regional market comparatively. This market study presents
critical information and factual data about the market providing an overall
statistical study of this market on the basis of market drivers, limitations
and its future prospects.
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