Orthopaedic devices fall under the medical specialty of orthotics, a field that involves the design, manufacture, and application of orthopaedic braces and other similar devices that are used outside the patient’s body to modify or improve the function and structure of the affected muscles and bones.
What the Market Looks Like?
The orthopedic braces and supports market is projected to reach USD 5.5 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 5.7% during the forecast period. North America is the largest regional market for orthopedic braces and supports Market.
On the basis of products, Knee braces are utilized as a follow-up treatment post knee surgery associated with injuries such as anterior cruciate ligament (ACL) rupture, sprained medial knee ligament, patella tendonitis, torn knee cartilage, posterior cruciate ligament (PCL) rupture, knee arthritis, and runner’s knee.
On the basis of type, Soft and elastic braces are the most common bracing & support products in orthopedics. These are easy to use, flexible, provide unrestricted patient mobility, and are highly customizable, as compared to other surgical alternatives.
On the basis of Application, Orthopedic bracing and support products are used for the clinical management of ligament injuries such as anterior cruciate ligament, posterior cruciate ligament, medial collateral ligament, lateral collateral ligament, and coronary ligament injuries.
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What Drives the Market?
The growth of the global market for orthopedic braces and supports is primarily influenced by the following factors:
Increase 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
Geographical growth scenario of orthopedic braces and supports market
North America is one of the major revenue-generating regions in the orthopedic braces and supports industry. The favorable reimbursement & insurance coverage for major orthopedic bracing procedures and supportive government regulations for product commercialization are the major factors driving the growth of the orthopedic braces and supports market in North America..
Leading market players and strategies adopted
Breg, Inc. (US), DJO Finance LLC (US), Bauerfeind AG (Germany), DeRoyal Industries, Inc. (US) and Össur Hf (Iceland) are the top five players in the global orthopedic braces and supports market. Other prominent players operating in this market include Oppo Medical, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Reh4Mat (Poland), 3M Company (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and United Ortho (US).