Growing prevalence of knee and foot injury has led to an increasing demand for orthopedic braces globally. In addition, increasing incidences of fractures, ruptured or bulging disks, scoliosis and back pains due to heavy or improper lifting is further expected to impact growth of the global orthopedic braces & support system positively. Fact.MR states that the global market of orthopedic braces & support system is projected to register a CAGR of 5.1% over the forecast period, 2017-2022.
Factors Fuelling Growth of the Global Market
Growth of the global orthopedic braces & support system market is mainly bound by various macro-economic and micro-economic factors. Prevalence of spinal deformities, impaired muscles, fracture injury, arthritis, paralysis and sciatic nerve has revved up adoption of orthopedic braces in the global market. A recent report by CDC states that an estimated 22.7% of adults had doctor-diagnosed arthritis in 2015 along with higher age-adjusted prevalence in women (23.5%) then in men (18.1%). Growing prevalence of foot issues has led to increasing adoption of orthotic shoe devices and braces globally.
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Increasing demand for convenience and comfort has led the manufacturers to focus on integrating innovative features in range of orthotic shoe devices, which offers cushion to keep the foot safe from exertion and keep it in neutral position. Demand for faster restoration process of fracture after removing the cast continues to contribute towards growth of the global orthopedic braces & support system market. Surge in demand to support weak limbs has revved up sales of various orthopedic braces and support products in the global market. Moreover, application of orthopedic braces enables controlling and guiding a joint or injured body part in order to limit or immobilize extremities during the foot injury.
In addition, demand for orthopedic braces remain high among obese persons due to growing need for weight management. Obese people face difficulties while walking and moving around attributed to weight issues. Adoption of orthopedic braces continue to remain high among obese persons in order to reduce weight bearing.
Moreover, companies in the orthopedic industry continue concentrating on designing orthopedic braces and support systems in parallel with the smart technology. Smart AFO braces, smart spine braces and step smart braces include some of the recently launched orthopedic devices. Companies in this industry is mainly concentrating on development and innovation of products in order to achieve an advantage in the global market. Moreover, manufacturers are increasingly focusing on offering features in the orthopedic devices that allow the end users to avoid bad smell and allows the injured skin to breathe. In order to design products with improved efficiency and accuracy, manufacturers are witnessed to adopt hypoallergenic materials and anatomical modelling software applications. Attributed to water-resistant and lightweight features, demand for orthopedic devices will continue to rev up significantly.
Sales to Remain High through Knee Braces & Support Products
Increasing instances of injuries in legs and knee has led to a surge in demand for the knee braces & support products. Based on product type, the knee braces & supports segment is projected to represent a robust revenue growth, recording more than US$ 500 Mn by 2022-end. During the forecast period, this segment is projected to reflect a healthy CAGR in the global market. The hospital end users segment is projected to generate highest revenues, representing more than US$ 500 Mn by 2017-end. On the other hand, the ASCs end users segment is projected to reflect a robust CAGR throughout the forecast period.
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Major players in the global market of orthopedic braces & support system are Breg, Inc., Bauerfeind AG, DeRoyal Industries, Inc., BSN Medical GmbH, Ossur hf., DJO Global, Inc., Promedics Orthopedics Ltd., Otto Bock Healthcare GmbH, Trulife Inc. and Ascent Meditech Ltd.