New York, October 06, 2021 – Reports and Data has published its latest report titled “Orthopedic Braces and Supports Market Study, By Type (Soft & Elastic, Hard & Rigid, Hinged), By Product (Elbow And Forearm, Wrist-Hand, Shoulders, Ankle And Foot, Knee, Spine, And Neck), By Applications (Injury Rehabilitation, Injury Prevention, Osteoarthritis, And Post-Operative Care, Among Others), By End-User, Forecast To 2018-2028”
Increasing awareness about preventive care, favorable medical reimbursements, and rising number of accidental injuries are some key factors driving market growth
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According to Reports and Data, the global orthopedic braces and supports market size was USD 4.32 billion in 2020 and is expected to reach USD 6.71 billion in 2028 and register a revenue CAGR of 5.7% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Orthopedic braces and supports are help in quick recovery, less painful, and minimizes the incidences of post-surgical complications. Athletic braces are also used by athletes to prevent themselves from future injury while participating in sports. It aids them in limiting unnecessary movement during matches, allowing them to play more comfortably.
Ongoing R&D activities and technological advancements in the healthcare industry along with the government favorable regulations are some factors expected to positively impact revenue growth of the market over the forecast period. In addition, rising prevalence of orthopedic diseases & disorders, advanced clinical management of numerous orthopedic diseases, and increasing cases of sports related injuries are some other key factors contributing to the revenue growth of the market.
However, risks associated with orthopedic braces and supports treatments, and stringent regulatory framework are some major factors expected to restrain global orthopedic braces and supports market revenue growth over the forecast period.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Soft And Elastic Type to Account for Largest Revenue Share:
Soft and elastic segment is expected to account for largest revenue share in the global market over the forecast period attributed to preventive care, large scale adoption and patient preference for orthopedic braces and supportive compensations.
Hospitals Segment to Dominate Other End User Segment:
Hospitals segment is expected to dominate other end user segment over the forecast period attributed to well-resourced diagnostic rooms, the existence of highly skilled healthcare professionals, higher purchasing power, and improved health coverage for hospital-based healthcare services from several government and private companies.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period owing to ongoing technological advancements in healthcare system that makes accessing orthopedic braces and supports much easier, and availability of government financial aids. Arthritis affects about 350 million people worldwide, with about 40 million of them living in the United States, including over 250,000 children. Men and women, both adults and children, are affected by arthritis.
Asia Pacific to Lead in Terms of Revenue CAGR:
Asia Pacific market revenue is expected to expand at a robust revenue CAGR over the forecast period attributed to expansion of the R&D activities, rapid urbanization, growing popularity of minimal intrusive treatments and rising technological advancements in orthopedic braces and supports. In addition, rapid healthcare infrastructural developments especially in emerging economies where hospitalization is at large scale due to growing population, drive revenue growth of the APAC market.
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Major Companies in the Market Include:
- Bauerfeind AG
- Össur Hf, DJO Finance LLC
- Breg, Inc.
- DeRoyal Industries, Inc.
- Bird & Cronin, Inc.
- Ottobock Holding GmbH & Co. KG
- BSN medical
- Zimmer Biomet Holdings, Inc.
- Oppo Medical, LLC
- Becker Orthopedic
- Thuasne Group
- 3M Company
- Reh4Mat, and United Ortho
- Malvern Panalytical Ltd.
- HORIBA, Ltd.
- Unchained Labs
- SETARAM Instrumentation
For the purpose of this report, Reports and Data has segmented the global orthopedic braces and supports market on the type, product, application, end-user, and region:
Type Outlook (Revenue, USD Billion; 2018-2028)
- Soft and elastic
- Hard and rigid
- Hinged braces
- Other braces and supports
Product Outlook (Revenue, USD Billion; 2018-2028)
- Elbow and Forearm
- Ankle and Foot
- Spine and Neck
Application Outlook (Revenue, USD Billion; 2018-2028)
- Injury Rehabilitation
- Injury Prevention
- Osteoarthritis Care
- Post-Operative Care
End-User Outlook (Revenue, USD Billion; 2018-2028)
- Healthcare centers
- Research institutes
Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Some points on how the report benefits stakeholders:
- The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
- Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
- The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
- The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
- Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
- The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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