The orthopedic braces and support systems market is estimated to represent a global market of USD 3.87 billion by 2017 with growth rate of 4.7%.
Orthopedic braces and support systems are mainly used to stabilize, support and protect musculoskeletal issues that include congenital conditions, traumatic injury, or disabling illness. Increasing incidences of orthopedic injuries is driving the market growth significantly. For example, according to the Centers for Disease Control and Prevention (CDC), more than 54.4 million people are diagnosed with arthritis in the U.S. during the year 2013-2015. The organization also estimated that, more than 78 million (26% of total population) will diagnose with this condition by 2040. Furthermore, technology advancements and improvement in standard of living has led to a sharp increase in life expectancy.
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As a consequence, the proportion of geriatric population, more prone to orthopedic injuries, is significantly increasing. This would in turn create upward demand for products such as orthopedic braces and support systems, augmenting the industry growth to great extent. On the flip side, high cost of these products is expected to pull back the market growth to some extent. For example, the average cost of osteoarthritis NoVel Medial Knee Brace would be in rage of USD 455 – USD 460. Additionally, reimbursement policies of these products are minimal. As a result, out of pocket spending for these product is increased for customers, hence, hampering the market growth.
In terms of braces & support products, the market is divided into Foot and Ankle, Knee, Upper Extremity and others. Knee braces and support products accounted for the largest share with USD 1,251 million revenue share in 2017. These products are increasingly used by individuals suffering from joint related disorders such as arthritis, sports players, and knee surgery patients. Trailed closely by foot and ankle products, this segment is expected to witness significant growth rates in future period. By application, the market is categorized into Hospitals, Orthopedic Clinics, and others. Hospital segment is accounted for the largest share of the global industry. Growing number of hospital settings coupled with rising incidence of orthopedic injuries support the growth of this end user application.
Regionally, North America accounted for the largest share of the global market. Growth of this region is primarily attributed to the rising incidences of arthritis due to growing obese and geriatric population. According to Centers for Disease and Prevention 2017 statistics, 23% of overweight and 31% of obese population in the U.S. are diagnosed with arthritis. In Asia Pacific, foot and ankle products represent one of the fastest growing segments, enjoying an annual average growth rate of over 7.9%. Increasing incidences of food and ankle injuries coupled with rising demand for orthopedic products support the segment growth in this region.
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Key Vendor Takeaway
Companies namely, DeRoyal Industries, Inc., DJO Global, Inc., Breg, Inc., Bauerfeind AG, and Alcare Company Ltd. are analyzed in detail. The global market is largely controlled by these players even though the market share of small players is noticeable too. Key players are concentrating on providing cost effective and innovative solutions to their customers to capture the untapped market. For instance, in March 2017, DJO Global, Inc., launched OA Reaction TriFit Knee brace, which is designed to provide pain relief to patients who are suffering from the degenerative joint disease that affects over 11.0 million U.S. population.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCTS
Foot and Ankle
MARKET, BY APPLICATION
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
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