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Orthopedic Braces & Supports Market Worth $5.5 Billion by 2024 - Exclusive Report by MarketsandMarkets™
CHICAGO, May 22, 2019 /PRNewswire/ -- According to the new market research report "Orthopedic Braces & Supports Market by Product (Knee, Ankle, Spine, Shoulder, Neck, Elbow, Wrist, Facial), Category (Soft, Hard), Application (Ligament (ACL, LCL), Preventive, OA), Distribution, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the Orthopedic Braces & Supports Market is projected to reach USD 5.5 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 5.7%.
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The major factors driving the growth of the Orthopedic Braces & Supports Market are the increasing prevalence of orthopedic diseases & disorders, rising number of sports and accident-related injuries, and growing public awareness related to preventive care.
Knee braces and supports segment accounted for the largest share of the Orthopedic Braces & Supports Market, by product, in 2018
The knee braces and supports segment accounted for the largest share of the Orthopedic Braces & Supports Market, by product, in 2018. The large share of this segment can be attributed to the several benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
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126 – Tables
38 – Figures
279 – Pages
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Soft & elastic braces and supports segment to register the highest growth in the Orthopedic Braces & Supports Market, by type, during the forecast period
The soft & elastic braces and supports segment is expected to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets.
Ligament injury segment accounted for the largest share of the Orthopedic Braces & Supports Market, by application, in 2018
Ligament injury is the largest application of orthopedic braces and supports, and this trend is expected to continue during the forecast period. The large share of this segment can be attributed to increasing public participation in sports & athletic activities (coupled with the rising incidence of sports-related injuries), rising number of accidents worldwide, and the growing availability of medical reimbursement for ligament injuries.
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North America to dominate the Orthopedic Braces & Supports Market during the forecast period
The Orthopedic Braces & Supports Market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. North America accounted for the largest share of the Orthopedic Braces & Supports Market in 2018. Factors such as continuous development and commercialization of novel orthopedic braces & support products and favorable reimbursements & insurance coverage major orthopedic bracing procedures in the region are driving the market for orthopedic braces and supports in North America.
The major players operating in the Orthopedic Braces & Supports Market are Bauerfeind AG (Germany), Össur Hf (Iceland), DJO Finance LLC (US), Breg, Inc. (US), and DeRoyal Industries, Inc. (US). Other prominent players operating in this market include Bird & Cronin, Inc. (US), medi GmbH & Co. KG (Germany), Ottobock Holding GmbH & Co. KG (Germany), BSN medical (Germany), Zimmer Biomet Holdings, Inc. (US), Oppo Medical, LLC (US), Becker Orthopedic (US), Thuasne Group (France), 3M Company (US), Reh4Mat (Poland), and United Ortho (US).
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