Orthopedic Braces and Supports Market 2023 By Trends, Latest Research, Industry Competition Analysis, Revenue and Foreca

Orthopedic Braces and Supports Market 2023 By Trends, Latest Research, Industry Competition Analysis, Revenue and Forecast Till 2033

The Orthopedic Braces and Supports Market market was valued at approximately USD 4,152 million in 2020. The market is expected to reach USD 5,692 million by 2033, registering a CAGR of nearly 5.4% during the forecast period.

In 2020, due to COVID-19, orthopedic surgeries have been delayed, which led to a decline in the consumption of orthopedic braces and supports. As per the data provided by the University of Birmingham, published in the British Journal of Surgery in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to COVID-19. Along with that in a few regions, the orthopedic and small hospitals were shut down or their operations had been limited, and other hospitals were being converted to containment facilities and treatment wards for COVID-19 patients, which is expected to impact the studied market.

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The bone fracture of any form often leads to using of orthopedic braces and support systems to develop the immobilization of the patient’s fractured part. Fractures, such as osteoporotic vertebral fracture, which is among the most severe forms of osteoporotic fractures, leads to wide usage of braces, such as TLSO (Thoracic Lumbar Sacral Orthosis).

As per a December 2020, article 'Vertebral Compression Fractures', approximately 1 to 1.5 million Vertebral Compression Fractures ( VCF) occur annually in the United States alone. Based on the age and sex adjusted incidence, it is estimated that 25% of women 50 years of age and older have at least one VCF. In addition, the lifetime risk for the hip, forearm, and vertebral fractures are reaching clinical attention about 40% globally, which has an equivalent risk compared to cardiovascular disease.

In developed markets, the increasing disposable income and better adoption rate of new technologies in the hospitals and orthopedic centers are leading to early diagnosis and demand for orthopedic braces and support systems, thus, becoming one of the primary driving factors for this market.

Key Market Trends

Ankle and Foot Braces are Expected to Witness Healthy Growth Over the Forecast Period

Ankle and foot fractures are among the most commonly diagnosed forms of trauma, which are managed by orthopedic teams, globally. The long-term consequences and complications are significantly characterized by pain and disability, physical, psychological, and social factors into consideration. Stress fractures due to overuse and repetitive activity in the ankles and feet are very common among athletes, including running sports. The initial strategies include refraining from high-impact activities while returning quickly increases the risks of complete fractures.

The cost-effectiveness of these braces for several kinds of orthopedic complications such as sprains, fractures, and traumatic injuries, along with increasing sports injuries and a growing aging population are among the primary factors for driving this segment growth. The major challenge associated is finding the right fit or tailoring brace selection, as per the age of a patient with another morbidity, such as obesity or diabetes. In addition, long-term use causes gait disturbances, knee pain, and low back pain.

From the initial period of the COVID-19 pandemic, private as well as public transport was stopped, which reduced road accidents and associated injuries. With that in healthcare facilities, the treatment was shifted from orthopedic procedures to COVID-19 patients, which affected the market growth.

North America is Expected to Dominate the Global Market

North America is one of the major contributors in the studied market, owing to the rise in Musculoskeletal Disorders and growing cases of sports-related injuries in the region. Data from the U.S. Department of Health and Human Services, 2018 reports an estimated 8.6 million sports injuries occur each year in the United States.

Furthermore, the growing geriatric population is another factor attributing to the growth of the Orthopedic Braces and Supports Market. As per the world population aging report, in the United States, the number of people above 65 years of age is projected to reach 84,813 thousand by 2030, from 53,340 thousand in 2019, and the 65-and-older age group’s share in the total population may rise from 16.2% in 2019 to 22.4%, by 2050.

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The major players are shifting toward the adoption of 3D printing capabilities while partnering with specialty technology companies, and further, merger and acquisition possibilities to expand, globally. The region has a number of small and medium-sized manufacturers in orthopedics, along with startups, which are attracting global players to invest in the US market. Therefore, owing to these factors, the United States is believed to have a significant share in the market studied.

Competitive Landscape

The market studied is moderately competitive and consists mostly of international companies. The key players in this market are focusing on new product launches and implementing strategies such as mergers and acquisitions which will help the companies to expand across various geographies. With increasing technological advancements in the devices, it is believed that few innovation companies will be entering the market in the near future and hold a substantial share.

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