Global orthopedic braces & supports market size to record 5.8% CAGR through 2027
Global Orthopedic Braces & Supports Market - Overview
According to the report titled ‘Global Orthopedic Braces & Supports Market Size study, by Product (Lower Extremity Braces and Supports, Spinal Braces and Supports, Upper Extremity Braces and Supports), By End-user (Hospitals, Orthopedic Centers and Others) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global orthopedic braces & supports market was worth USD 2.90 billion in 2019 and is expected to record a 5.8% CAGR during 2020-2027.
Rising popularity of sports and athletic activities, along with increasing number of serious injuries are primarily driving the growth of global orthopedic braces & supports market. As per the U.S. Department of Health and Human Services (HHS), around 8.6 million cases of injuries related to sports are recorded annually. Similarly, as per the estimates by National Spinal Cord Injury Statistical Center, published in 2019, around 17,730 new spinal cord injury cases are registered every year, with 249,00-363,000 individuals suffering from these injuries in total in the U.S.
For those uninitiated, braces and supports are orthopedic equipment utilized for supporting, holding, aligning, and correcting specific body parts while healing from an injury. They are developed by means of specialized materials with intelligent designs and provide strong targeted support to upper foot, hip, knee, elbow, and other parts of the body. Braces and support help protect joints post procedures as well as provide mobility to musculoskeletal patients. They have various functions including post-operative and osteoarthritis care along with rehabilitation and prevention of injury.
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Moreover, to sustain in the competitive environment, major players are focusing on tactics such as merger & acquisition, innovations, and product launches, which is stimulating global orthopedic braces & supports industry expansion. However, restricted patient qualification for bracing-mediated orthopedic treatment is likely to hamper the industry landscape over the study period.
Citing the geographic terrain, worldwide orthopedic braces & supports market sphere is segmented into Asia Pacific, Europe, Latin America, North America, and Rest of the World. The report claims that North America is reckoned to witness modest gains over the estimated timeframe, on account of rising cognizance about bracing devices which help in mobility and to avoid further injury. In addition, increasing pervasiveness of orthopedic conditions and widespread acceptance of advanced products are also contributing to the regional market outlook.
Major contenders influencing global orthopedic braces & supports market trends are Mueller Sports Medicine, Inc., Nippon Sigmax Co, Ltd., medi GMBH & Co. KG, DJO Finance LLC, DeRoyal Industries, Inc., BREG, Inc., Bird and Cronin, Inc., Bauerfeind AG, ALCARE Co., Ltd., and The 3M Company.
To access a sample pages of this report titled “Global Orthopedic Braces & Supports Market Size study, by Product (Lower Extremity Braces and Supports, Spinal Braces and Supports, Upper Extremity Braces and Supports), By End-user (Hospitals, Orthopedic Centers and Others) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
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Related Report:
Orthopedic Implants Market Share, Size, Trends & Industry Analysis Report by Regions and Segment Forecast, 2019-2026
Global Orthopedic implants market size is set to reach USD 6,894.2 million by 2026 growing at a CAGR of 5.1% during the forecast period. The prime purpose of orthopedic implants is to support or replace a missing or damaged bone or joint. They come in extremely handy to treat deformities, correct body posture and put straight the normal skeletal function. The market analysis has seen a tectonic shift from traditional surgical procedures to ultra-modern fixations and prosthetics. Market success of orthopedic Implants is entrenched in a rising geriatric population with an increasing life-span affected by musculoskeletal disorders such as osteoporosis, osteoarthritis and others. Technological innovations also have seen a steady rise in orthopedic medical implants market. Increasing number of joint replacement cases and sport injuries across the globe will catapult market to leading growth.
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