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
By Application Outlook
· Injury Rehabilitation
· Sports Injuries
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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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