Orthopedic Braces Market Highlights
According to MRFR analysis, the Global size of the Orthopedic braces market was estimated at USD 4.3 billion in 2022. The worldwide demand for Orthopedic braces is anticipated to increase from USD 4.5 billion in 2023 to USD 7.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.20% throughout the forecast period (2023-2032).
The Orthopedic Braces Market is on the rise, thanks to an ageing population's desire for an active lifestyle and an increase in sports-related injuries. The need for Orthopedic braces continues to rise as more people seek non-invasive options for musculoskeletal support and recuperation. However, economic issues and limited insurance coverage might be barriers to market participation.
The market thrives on innovation, with braces suited to diverse demands ranging from knee and ankle support to spine alignment. As the healthcare industry emphasises preventive treatment and minimally invasive solutions, the Orthopedic Braces Market is poised to overcome hurdles by offering cost-effective alternatives and patient-centric approaches. It remains at the forefront of musculoskeletal health solutions because to its commitment to affordability and continual technological developments.
The market has been divided, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is expected to be the largest market owing to the increasing prevalence of osteoarthritis and rising per capita healthcare expenditure. The orthopedic braces market in the Americas has further been branched into North America and Latin America, with the North American market divided into the US and Canada. The European orthopedic braces market has been categorized as Western Europe and Eastern Europe. The Western European market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The orthopedic braces market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The rising geriatric population has increased the growth of the orthopedic braces market. The market in Asia-Pacific is expected to be the fastest-growing. The orthopedic braces market in the Middle East & Africa has been divided into the Middle East and Africa.
The global orthopedic braces market has been segmented based on product, type, application, and end user.
The market, based on product, has been divided into knee braces, foot and ankle braces, upper extremity braces, and others. The knee braces segment is likely to be the fastest during the review period as knee braces provide medial and lateral support, reduces rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
The global orthopedic braces market has been segmented, on the basis of type, into soft and elastic braces, hinged braces, and hard braces. The soft and elastic braces segment is expected to be the fastest market as they are easy to use, flexible as well as highly customizable as compared to other surgical alternatives.
The global orthopedic braces market has been segmented, on the basis of application into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, and others. Ligament injury is expected to hold the largest market share due to the increasing number of ligament injuries, as well as an increasing number of accidents globally. Additionally, around 150,000 anterior cruciate ligaments (ACL) injuries occur in the US every year.
The end user segment of the market includes orthopedic clinics, hospitals, and surgical centers, and others. The orthopedic clinics segment is expected to hold the largest share of the market due to the growing number of orthopedic surgical procedures that are to be performed in orthopedic clinics across the globe.
Some of the key orthopedic braces market players are BSN medical (Germany), Bauerfeind (Germany), Breg, Inc. (US), Ottobock (Germany), DJO LLC (US), Weber Orthopedic Inc. (US), Frank Stubbs Company Inc. (USA), DeRoyal Industries, Inc. (US), THUASNE SA (France), and Aspen Medical Products (US).
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