PRESS RELEASE
Published March 7, 2023
According to a recent report by Growth Plus Reports, the global orthopedic bracing and support devices market was valued at US$ 4.30 billion in 2021 and is expected to exceed US$ 7.38 billion by 2030, at a revenue CAGR of 6.20%. The report analyzes top winning strategies, drivers & opportunities, competitive scenarios, wavering market trends, market size, statistics & estimations, and major investment pockets.
Key Takeaways:
- The increasing prevalence of orthopedic disorders will drive market revenue growth.
- Increasing sports injuries will drive demand for orthopedic bracing and support devices.
- North America dominates the global orthopedic bracing and support devices market.
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Market Drivers
An increase in the prevalence of orthopedic diseases will drive the revenue growth of orthopedic bracing and support devices. Furthermore, the increasing rate of accidental injuries, the increasing geriatric population, and the rise in preventive and rehabilitation care awareness are expected to boost the market revenue growth rate. Apart from this, the increasing number of sports-related injuries, rapid commercialization of products, and the presence of affordable products are expected to support the markets revenue growth.
Market Segmentation
Growth Plus Reports has analyzed global orthopedic bracing and support devices from four perspectives: Product, Application, Distribution Channel, and Region.
Product Segmentation: Based on the product, the global orthopedic bracing and support devices market is segmented into upper extremity braces and supports and lower extremity braces and supports. The lower extremity braces and supports segment dominates the market with the largest revenue share because of the rising geriatric population and the rise in lower extremity injuries.
Application Segmentation: Based on the application, the global orthopedic bracing and support devices market is segmented into preventive care, injury, post-operative rehabilitation, osteoarthritis, and others. The injury segment dominates the market because of the rise in road and workplace accidents and increased injuries related to sports and athletics.
Distribution Channel Segmentation: Based on the distribution channel, the global orthopedic bracing and support devices market is segmented into hospitals, e-commerce, pharmacies, orthopedic clinics, and others. The hospital segment dominates the market because of the growth in orthopedic disorders surgeries with post-surgical rehabilitation and the increasing demand for hospitalization due to the rise in road and workplace accidents, fractures, and sports injuries.
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Regional Growth Dynamics
Based on the region, the global orthopedic bracing and support devices market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
North America dominates the global orthopedic bracing and support devices with the largest revenue share of the market. An increase in the geriatric population, the rise in orthopedic disorders, the increase in the number of sports injuries, road, and workplace accidents, an increase in the obese population, and the presence of key market players in this region are the major factors responsible for North Americas significant revenue share in the global market.
Competitive Landscape
The major players operating in the global orthopedic bracing and support devices market are:
-- Ossur HF
-- Ottobock SE & Co. KGaA
-- DeRoyal Industries Inc.
-- Breg Inc.
-- DJO Global Inc. (Enovis)
-- Zimmer Biome
-- Bauerfeind AG
-- Thuasne SAS
-- BSN Medical
-- Bird and Cronin LLC.
-- 3M Company
-- Nippon Sigmax Co. LTD
-- Essity AB
-- Trulife Group Limited
The orthopedic bracing and support devices market is moderately competitive, with several international players. Key market players focus on technological advancements, research and development activities, and mergers and acquisitions to strengthen their market presence.
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Recent developments:
-- Enovis announced in May 2022 that its subsidiary DJO Global had acquired the assets of Outcome-Based Technologies hip and knee bracing portfolio. DJO expanded its bracing offering with the Excyabir hip brace and CryoKnee knee braces.
-- OPUM, an AI medical device company, and Thuasne Group partnered on a digital solution for the non-invasive, non-pharmacological treatment of osteoarthritis in August 2022. The initial product will combine OPUMs AI-powered Digital Knee Care platform and Thuasnes Rebel Reliever osteoarthritis knee brace.
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Manan Sethi
Director, Market Insights
Email: [email protected]
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Growth Plus Reports is part of GRG Health, a global healthcare knowledge service company. We are proud members of EPhMRA (European Pharmaceutical Marketing Research Association).
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