Orthopedic Braces and Supports Market | Growth Drivers and Future Opportunities | Impact of Covid 19 Detailed Analysis

PUNE, India, 2020-Oct-08 — /EPR Network/ —

According to the new market research report “Orthopedic Braces and Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Hard, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Hospital) & Region – Global Forecast” published by MarketsandMarkets™.

How the Market Growth looks like and Industry Segmentation?

The Global Orthopedic Braces and Supports Market size is projected to reach USD 4.1 billion by 2025 from USD 3.1 billion in 2020, at a CAGR of 5.8% during the forecast period.

The knee braces and supports market is estimated to have the largest market share by value. Growth of this segment can be attributed to the growing demand for knee braces & supports among medical professionals and athletes and favorable reimbursement scenario for knee braces in developed countries. Moreover, growing geriatric & obese population (which are at a higher risk of developing osteoarthritis and other knee-related conditions), and the increasing number of sports injuries is expected to drive the market growth.

Lower spine braces are estimated to be the largest and fastest-growing segment in the orthopedic braces and supports market. The growth of this segment can be attributed to the rising incidence of lower spine disorders and the growing number of hip & disc replacement surgeries (which utilize lower spine braces and supports for post-operative rehabilitation).

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COVID-19 Impact on the global orthopedic braces market;

The orthopedic supports market is impacted due to the pandemic, resulting in short term negative growth due to factors such as a sharp decline in elective surgeries and ban on organized sports. Moreover, O&P clinics were temporarily closed, and hospital access restricted to non-essential care. Thus, limited access to clinics, social distancing, the lockdown of the population, which results in less trauma and workplace injuries, and slow-down in patient flow and referrals has also impacted the market growth.

Major Market Growth Drivers:

• Increasing prevalence of orthopedic diseases and disorders
• Continuous product commercialization
• Greater product affordability and market availability
• Rising number of sports and accident-related injuries
• Growing public awareness related to preventive care

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Asia Pacific likely to emerge as the largest orthopedic braces market

Asia Pacific is estimated to be the fastest-growing market for orthopedic braces and supports during the forecast period. The Asia Pacific market is driven principally by the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment), increasing GDP and healthcare expenditure in APAC countries, and growing public awareness. Furthermore, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries are aiding the market growth.

DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US)  are the key players in the global orthopedic braces and supports market.