Orthopedic Braces and Support Market growth projection to 6.9% CAGR through 2024
Future Market Insights (FMI), in its latest report, has revised the global orthopedic braces market growth projection to 6.9% CAGR through 2024. This revised projection considers the sluggishness induced due to the COVID-19 pandemic.
Advancements in orthopedic braces and support market have offered umpteen benefits, bringing substantial improvements in average quality of life and lifespans.
Tech-driven innovation holds true potential for market players to enhance the understanding of patients, thus enabling at-scale convenience and individualized care.
The healthcare industry is embracing technological intervention with digital health, virtual health, and telehealth to treat patients.
Such trends are emerging as a potential disruptor in the orthopedic braces and support market, which has been facing the brunt of the COVID-19 pandemic.
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Key Takeaways of Orthopedic Braces and Support Market Study
- The orthopedic braces and support market to grow at robust 6.1% CAGR through 2030
- Lower extremity products to capture around 70% revenue share; knee braces and supports to lead the way
- East and South Asia to represent potential growth avenues for market players
“Recent tech-driven innovations such as human torso simulator is opening door back brace innovations. The simulator allows development of new back braces that are optimized to restrict specific motions yet allowing for other movements. Moreover, it can assist with design of braces and supports with targeted constraint of movement,” says the analyst at FMI.
COVID-19 Impact on Orthopedic Braces and Support Market
The COVID-19 pandemic has affected every facet of the healthcare industry including, orthopedic braces and supports.
Regular orthopaedic practice has been considerably impacted by the pandemic.
Surgery schedules have been revamped, with elective cases being instantly delayed or cancelled and urgent cases demanding huge attention, particularly in suspected or confirmed COVID-19 cases.
This is having a measurable impact on inpatient management, accenting the need for dedicated personnel, patient quarantine and limited visiting hour regulation.
On the flip side, outpatient visits have been restricted to avoid contacts between patients and the hospital staff, with notable implications on post-operative quality of care delivery and healthcare professionals.
The pandemic has rapidly spurred the adoption of telehealth options such as performing non-urgent check-ups and post-operative visits via electronic mediums instead of in-person.
Visits are being organized by video or by phone. This sudden adoption of telemedicine has triggered a process that would have, otherwise, taken far longer to execute on such a global level.
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Orthopedic Braces and Support Market – Competitive Intelligence
The global orthopedic braces and support market is slightly fragmented with presence of limited number of prominent players and large number of small- and medium-scale players. In order to sustain their customer base, market players are investing in product launches.
- Otto Bock Healthcare has rolled out Agilium® Vantage, a low-key, wraparound knee brace, that is developed for delivering prolonged pain relief for patients having mild unicompartmental osteoarthritis (OA)
- Breg Inc. has developed Breg Quantum OA for mild to severe OA in a bid to satiate the need for pain management in arthritic patients
In addition to this, market players are also cashing in on acquisitions in a bid to expand their regional foothold. For instance, 3M has taken on Acelity Inc. and its KCI subsidiaries across the world to expand its offerings in advanced wound care.
Want more insights?
FMI, in its new market research study, offers an unbiased assessment of the orthopaedic braces and support market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report delivers complete analysis on orthopaedic braces and support market through three different categories – by product, by distribution channel, and region.
The global orthopaedic braces and support market study provides insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of orthopaedic braces and supports and product adoption in various end-use industries
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Orthopedic Braces and Support Industry Research Analysis
Orthopedic Braces and Support Market by Product:
- Upper Extremity Braces and Supports
- Shoulder Braces and Supports
- Neck Braces and Supports
- Elbow Braces and Supports
- Wrist Braces and Supports
- Spinal Braces and Supports
- Lower Extremity Braces and Supports
- Knee Braces and Supports
- Ankle Braces and Supports
- Hip Braces and Supports
Orthopedic Braces and Support Market by Distribution Channel:
- Institutional Sales
- Orthopedic Clinics
- Nursing Facilities
- Retail Sales
- Online Sales
- Retail Pharmacies
- Drug Stores
Orthopedic Braces and Support Market by Region:
- North America Orthopedic Braces and Support Market
- Latin America Orthopedic Braces and Support Market
- Europe Orthopedic Braces and Support Market
- East Asia Orthopedic Braces and Support Market
- South Asia & Pacific Orthopedic Braces and Support Market
- Middle East & Africa (MEA) Orthopedic Braces and Support Market
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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