Orthopedic Braces And Supports Market Growth & Trends
The global orthopedic braces and supports market size is anticipated to reach USD 7.01 billion by 2030, registering a CAGR of 6.5% during the forecast period, according to a new report by Grand View Research, Inc. The key factors driving the market growth include the rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, the incidence of trauma & injury, and technological advancements. In December 2021, Nan yang Technological University, Singapore, and an engineering firm developed X-Brace — a knee brace that is 30.0% lighter than conventional knee braces. It is distributed by a subsidiary of Delsson- Wearable Kinetics.
The COVID-19 resulted in a dip in demand for orthopedic braces and supports. This was due to the movement restrictions and social distancing measures implemented at local, national, and regional levels. The pandemic also led to supply chain hurdles, decreased sales & marketing activities, and operational challenges. As per the National Safety Council, sports and recreational injuries reduced by around 27.0% in 2020.
Injuries associated with lacrosse, hockey, track & field, baseball, softball, soccer, football, and basketball decreased by more than 60.0% from March to September 2020. This was attributed to the suspension of school and youth sports leagues leading to decreased visits to emergency departments. However, the demand recovered to pre-COVID levels as social distancing measures were eased and hospital and clinic visits resumed.
Osteoporosis is considered one of the leading causes of musculoskeletal or joint disorders in geriatric populations, leading to the need for orthopedic braces. The products restrict mobility to a particular direction, thereby, assisting the overall movement of a patient. The geriatric population base exhibits the highest incidences of musculoskeletal disorders. Thus, this group population plays a vital role in accelerating the demand for the products.
Aging leads to significant changes in the skeletal and neuromuscular systems, resulting in weak ligaments, arthritis, and Anterior Cruciate Ligament (ACL) tear. The geriatric population is also expected to grow at an unprecedented rate in the years to come. This factor is anticipated to propel the product demand in the orthopedic braces and supports market.
High incidences of sport-related injuries are another leading cause of disability, pain, or restricted movement. As per the study published in the Environment Research and Public Health Journal in May 2021, 40.4% of study participants suffered an injury in 2019. Amongst these, 39.0% were found to be injured in a previously injured area. Around 12.24% were found to suffer from lumbar muscle strains, 11.98% injuries were from ankle sprains, and 9.31% injuries were bone fractures.
Higher rates of injury were found to be associated with using inadequate sports facilities, the greater number of practice hours per week, ages of 14 to 17, inappropriate training loads, and not performing injury-preventive activities. All these risk factors along with the growing incidence of injuries are estimated to propel the demand for orthopedic braces and supports.
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Orthopedic Braces And Supports Market Report Highlights
The Orthopedic Braces And Supports market were valued at USD 4.06billion in 2021and is expected to grow at a CAGR of 6.5% during the forecast period
Braces & supports held the maximum market share in 2021 owing to the rising number of osteoarthritis cases, which has increased the need for braces and support devices
Health-conscious people, athletes, and students continuously engage in fitness-related activities. This might lead to injuries, which results in increased demand for braces and supports
Pain management products also held a significant market share in 2021 due to the high prevalence of joint-related disorders. Under the pain management segment, cold therapy and DVT products contributed immensely to the market growth through developmental strategies
The orthopedic clinic’s segment was the largest revenue contributor in terms of the end-user during 2021, due to the increasing preference for orthopedic consultations intended for a quick check-ups
The Over-the-Counter (OTC) segment is anticipated to exhibit lucrative CAGR during the forecast period since the products are readily available in retail stores without a doctor’s prescription
North America held the largest market share in 2021 due to the rising healthcare expenditure and high purchasing power of consumers. Asia Pacific is anticipated to showcase attractive growth during the forecast period owing to the rising geriatric population in key markets
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