Orthopedic Braces and Supports Market Worth 4.93 Billion USD by 2022
PUNE, India, September 15, 2017 /PRNewswire/ --
According to a new market research report "Orthopedic Braces and Supports Market by Product (Lower Extremity (Knee, Foot, Ankle, Back), Upper Extremity (Shoulder, Elbow, Wrist)), Application (Ligament Injury, Preventive Care, Osteoarthritis), End User (Hospitals, OTC) - Global Forecast to 2022", published by MarketsandMarkets™, the market is projected to reach USD 4.93 Billion by 2022 from USD 3.76 Billion in 2017, at a CAGR of 5.6%.
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Browse 74 Market Data Tables and 30 Figures spread through 331 Pages and in-depth TOC on "Orthopedic Braces and Supports Market"
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Factors such as growing prevalence of musculoskeletal disorders and diseases, rapid growth in the geriatric population, increasing sport participation across the globe (coupled with rising number of sports-related injuries), and growing market availability of orthopedic braces through e-commerce online sales and retail shops are driving the growth of the market.
Based on product, the lower extremity braces and supports segment is expected to witness the highest growth during the forecast period.
On the basis of product, the Orthopedic Braces and Supports Market are categorized into lower extremity (knee, ankle, foot, back, hip, and spine) and upper extremity (shoulder, elbow, and wrist & hand) braces and supports. In 2017, the lower extremity braces and supports segment is expected to account for the largest share of the market. It is also expected to register the highest CAGR during the forecast period. This can be attributed to favorable reimbursement scenario, growing prevalence of obesity and diabetes, and increasing number of orthopedic surgeries (such as knee and hip replacement surgeries).
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Based on type, the soft & elastic braces and supports are estimated to be the largest segment of the market in 2017.
On the basis of type, the market is segmented into soft & elastic, hinged, and hard & rigid braces and supports. In 2017, the soft & elastic segment is expected to account for the largest share of the market, majorly due to the growing market availability of patient-friendly & advanced soft braces and increasing adoption & patient preference for orthopedic braces in post-operative & preventive care.
Based on application, the ligament injury segment is estimated to have the largest share of the market in 2017.
Based on application, the market is categorized into preventive care, ligament injury, post-operative rehabilitation, osteoarthritis, and other applications (osteoporosis, Paget's disease, and spinal degenerative conditions). In 2017, the ligament injury segment is expected to account for the largest share of the market, owing to rising number of accidents worldwide and growing availability of medical reimbursement for the treatment of ligament injuries.
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Based on end user, hospitals and surgical centers are expected to witness the highest growth during the forecast period.
Based on end user, the market is segmented into hospitals, orthopedic clinics, over-the-counter (OTC) platforms, and other end users such as research & academic institutes and contract research organizations (CROs). The hospitals and surgical centers segment is expected to register the highest CAGR during the forecast period. This can be attributed to the growing number of orthopedic surgical procedures that require post-operative patient rehabilitation, favorable reimbursement for customized braces and supports, and availability of medical coverage for the surgical treatment of orthopedic disorders (such as ligament injury, bone deformity, scoliosis, and osteoporosis).
North America is expected to dominate the Orthopedic Braces and Supports Market in 2017.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2017, followed by Europe. The market in North America is primarily driven by the continuous development and commercialization of novel orthopedic braces & support products and a significant level of medical reimbursements & insurance available for major orthopedic bracing procedures. However, Asia Pacific is expected to register the highest growth rate during the forecast period due to the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment).
The major players in the Orthopedic Braces and Supports Market include DJO Finance LLC (US), Breg, Inc. (US), Ossur Hf (Iceland), DeRoyal Industries, Inc. (US), and Bauerfeind AG (Germany). Other key players in this market include Otto Bock HealthCare (Germany), BSN Medical (Germany), medi GmbH & Co. KG (Germany), 3M Company (US), and THUASNE Group (France).
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