Orthopedic Braces And Supports Market Size, Share & Trends Analysis Report By Products (Braces & Supports Type, Pain Management Products), By End User (Orthopedic Clinics, OTC, Hospitals), By Region, And Segment Forecasts, 2022 - 2030

Orthopedic Braces And Supports Market Size, Share & Trends Analysis Report By Products (Braces & Supports Type, Pain Management Products), By End User (Orthopedic Clinics, OTC, Hospitals), By Region, And Segment Forecasts, 2022 - 2030

Orthopedic Braces And Supports Market Growth & Trends

The global orthopedic braces and supports market size is anticipated to reach USD 8.26 billion by 2030, expanding at a lucrative CAGR of 7.6% during this period, as per a new report by Grand View Research, Inc. The key factors driving the market growth include rising prevalence of chronic diseases such as osteoarthritis and rheumatoid arthritis, incidences of trauma & injury, and technological advancements. In December 2021, Nanyang Technological University, Singapore, and an engineering firm developed the X-Brace a knee brace that is 30% lighter than conventional ones. It is distributed by Wearable Kinetics, a subsidiary of Delsson.

The COVID-19 pandemic resulted in a dip in demand for orthopedic braces and supports. This was due to 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% in 2020.

Injuries associated with lacrosse, hockey, track and field events, baseball, softball, soccer, football, and basketball decreased by over 60% 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 in succeeding months, as social distancing measures were eased and hospital and clinic visits resumed.

Osteoporosis is considered as one of the leading causes of musculoskeletal or joint disorders among the geriatric population, 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 of population plays a vital role in accelerating the demand for such 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 global market. High incidence of sports-related injuries is another leading cause for disability, pain, or restricted movement. As per a 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% 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, greater number of practice hours per week for 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 is estimated to propel demand for orthopedic braces and supports.

Orthopedic Braces And Supports Market Report Highlights

• The global market size for orthopedic braces and supports was valued at USD 4.35 billion in 2021 and is expected to grow at a CAGR of 7.6% 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 potentially leads 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 pain management segment, cold therapy and DVT products contributed immensely to the market growth through developmental strategies
• The orthopedic clinics segment was the largest revenue contributor in terms of end-user in 2021, due to the increasing preference for orthopedic consultations for quick check-ups.
• The Over-the-Counter (OTC) segment is anticipated to exhibit lucrative CAGR during the projection period, owing to the fact that the products are readily available in retail stores without the need for a doctor’s prescription
• North America held the largest market share in 2021 owing to the rising healthcare expenditure and high purchasing power of consumers. Asia Pacific is anticipated to showcase attractive growth over the forecast period due to the rising geriatric population in key regional markets