New York, Jan. 19, 2024 (GLOBE NEWSWIRE) -- Braces and support systems play a pivotal role in addressing a wide array of musculoskeletal issues and bone deformities that can afflict individuals due to various factors. These essential medical devices have witnessed a steady increase in demand over the years, largely attributed to the growing incidence of musculoskeletal disorders.
The Global Braces and Support Market recorded a valuation of US$ 3.2 billion in 2021 and is expected to reach US$ 5.8 billion by the end of 2032, expanding at a CAGR of 5.6% over the next ten years. According to this new study by Persistence Market Research, the knee braces and supports segment is leading the market with a share of 28.7% in the year 2021.
Additionally, the aging population, higher rates of hospitalizations, and continuous advancements in brace and support system technologies offered by industry leaders have further propelled the expansion of this crucial market segment. Together, these innovations and solutions are enhancing the quality of life for many individuals by providing much-needed support and correction for their orthopedic challenges.
Orthopedic braces and support systems serve as effective solutions for rectifying musculoskeletal abnormalities and bone deformities in individuals, stemming from a diverse range of causative factors. The consistent rise in the prevalence of musculoskeletal ailments has led to a continuous upswing in the demand for these essential devices. Furthermore, the expanding elderly demographic, heightened rates of hospitalizations, and noteworthy strides in brace and support system technology pioneered by prominent companies are all contributing to the expanding market landscape.
Seeking Deeper Insights into Competitor Analysis? Request a Sample of the Report Now! https://www.persistencemarketresearch.com/samples/33345
Braces and Support Market Report Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 3.3 Billion | |
| Estimated Revenue 2032 | US$ 5.8 Billion | |
| Growth Rate – CAGR | 5.6% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 250Pages | |
Key Market Segments Covered |
| |
Regions Covered |
| |
Key Companies Profiled |
| |
Braces and Support Market: Dynamics
Drivers:
The growth of the braces and support market is being propelled by several key factors. To begin with, the surging prevalence of musculoskeletal disorders and bone deformities on a global scale is a significant contributor. As these conditions become more widespread, there is a growing demand for braces and support systems, which offer therapeutic solutions and aid in rehabilitation. Additionally, the expanding aging demographic, marked by a rising elderly population, is a driving force behind the increased demand, as older individuals frequently require orthopedic support to maintain their mobility and independence. ontinuous advancements in the design and materials of brace and support systems by leading companies in the field are further propelling market growth. These innovations result in more comfortable, effective, and personalized solutions, appealing to both healthcare professionals and patients alike.
In summary, the braces and support market's growth is underpinned by the rising prevalence of musculoskeletal conditions, the aging population, a surge in hospitalizations, and ongoing technological advancements, collectively shaping a promising outlook for this crucial healthcare sector.
Restraints:
The Braces and Support Market faces several constraints. High costs can limit accessibility for individuals, while navigating complex regulations can pose challenges for manufacturers. Continuous research and development demands resources and time to improve product efficacy and comfort. Intense competition within the market may lead to pricing pressures, potentially compromising product quality. These restraints underscore the need for a balance between affordability, innovation, and compliance in order to sustain growth and ensure that orthopedic braces and support systems remain accessible and effective solutions for those in need.
In a nutshell, the Persistence Market Research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at - https://www.persistencemarketresearch.com/market-research/braces-and-support-market.asp
Opportunities:
The market outlook is promising due to the advancement of technologically sophisticated braces and support devices. Market expansion will also be driven by the increasing occurrence of musculoskeletal ailments like fractures, muscle injuries, spinal deformities, strokes, and paralysis, often resulting from factors such as heavy lifting, sports activities, or accidents.
Spain is witnessing a surge in knee braces and support sales, while Germany experiences heightened demand for over-the-counter braces and support systems. In the United Kingdom, there is a growing need for braces and support systems, contributing to market growth.
The elderly population is more susceptible to musculoskeletal conditions due to weakened bones and ligaments, elevating the risk of bone and muscle injuries. This, along with the rising prevalence of neuromuscular diseases, is a key driver of market expansion.
Furthermore, the easy accessibility of these products through online retail platforms and aggressive marketing efforts by leading market players have created lucrative opportunities for manufacturers of braces and support devices.
Country-specific Insights
Why is the United States a Significant Market for Braces and Support Systems?
The United States emerged as a dominant player in the North American region, capturing a substantial market share of approximately 68.1% in 2021.
The prevalence of musculoskeletal disorders in the United States has contributed to the high demand for braces and support systems compared to other regions.
According to research from the Global Burden of Disease (GBD) in 2019, high-income nations like the U.S. have the highest incidence of musculoskeletal issues. In 2019, these countries reported approximately 441 million individuals affected by musculoskeletal conditions.
The surge in musculoskeletal conditions has driven the demand for orthopedic braces, which effectively strengthen and safeguard vulnerable and injured body parts, restore mobility, hasten bone and muscle healing, and align with the rising need for support systems.
What is the Market Outlook for Braces and Support Systems in Germany?
In 2021, Germany accounted for 16.8% of the European braces and support market.
Germany is gaining prominence in the braces and support sector, driven by robust research and development initiatives in orthopedic braces and support systems. These endeavors underscore the technological advancements in this market, making Germany an attractive prospect for braces and support systems.
Is India Poised to Be a Lucrative Market for Braces and Supports Suppliers?
India captured an impressive 81.7% share of the South Asian braces and support market in 2021, with the growing geriatric population being a key driver.
The Longitudinal Ageing Study of India (LASI) forecasts a substantial increase in India's elderly population, projecting over 319 million elderly individuals by 2050. This figure is nearly triple the geriatric population recorded in the 2011 Census, emphasizing the significant growth potential for the braces and support market in the country.s
Insights by Category
Why is there a Strong Demand for Knee Braces and Supports?
The category of knee braces and supports is anticipated to experience robust growth with a Compound Annual Growth Rate (CAGR) of 6.4% between 2022 and 2032. This segment captured a market share of 28.7% in 2021.
Knee braces and support systems serve the purpose of pain management, providing comfort, and offering essential support following knee injuries or surgical procedures. Within this category, a wide range of knee braces is available, catering to various needs, including addressing knee pain, aiding athletes during running activities, or assisting in the recovery from ligament tears.
The dominance of knee braces and support within the market can be attributed to multiple factors, including the global increase in the elderly and overweight population, a rising incidence of accidents and sports-related injuries, and the availability of discounts for ligament injury treatments. This segment is poised for significant expansion due to its numerous advantages, such as minimizing knee rotation, providing lateral support, and safeguarding against post-surgery injuries.
Which Type of Braces and Support Systems is in High Demand?
Soft and elastic braces and support systems secured a substantial market revenue share of 38% in 2021 and are projected to witness substantial growth throughout the forecast period. The growing adoption and preference for soft and elastic braces can be attributed to their suitability for post-operative and preventive care, delivering users a comfortable and effective treatment experience for their specific conditions.
Competitive Landscape
Competitive Landscape In the realm of braces and support system production, numerous competitors employ a variety of strategies to maintain their competitive edge. Market players engage in activities such as mergers and acquisitions, the introduction of new product lines, as well as forming partnerships and collaborations, all aimed at expanding their product offerings and business reach.
For instance, on May 24, 2022, DJO LLC (U.S.) made an announcement regarding its acquisition of Outcome-Based Technologies, LLC. This strategic move bolstered DJO's foothold in brace innovation, particularly within the rapidly growing hip brace segment. The acquisition enabled the company to introduce an innovative modular hip brace featuring integrated cold therapy, enhancing pain management capabilities.
In a similar vein, Bauerfeind AG enhanced the convenience of daily tasks on January 2, 2022, by equipping the AirLoc product with a pump and valve system for lateral air cushions located outside of the AirLoc. The product shells now feature silky microfiber top covers, enveloping anatomically contoured and cushioned ribbed foam interiors. Additionally, these products are available in universal sizes that can adapt to the wearer's width, ensuring optimal comfort, all contributing to a more convenient user experience.
Key Players:
- Bauerfeind AG
- DJO Global Inc.
- Essity
- 3M Healthcare
- Breg Inc.
- OSSUR
- Otto Bock Healthcare
- Zimmer Biomet Holdings, Inc.
- Alcare Company Ltd
- Becker Orthopedic
- Frank Stubbs Company Inc.
- Bird and Cronin Inc.
- DeRoyal Industries Inc.
- Medi GmbH & Co. KG
- Trulife Inc.
Braces and Support Industry Research Segmentation
By Product:
- Knee Braces and Supports
- Ankle Braces and Supports
- Foot Walkers and Orthoses
- Hip, Back, & Spine Braces and Supports
- Shoulder Braces and Supports
- Neck & Cervical Spine Braces and Supports
- Hand & Wrist Braces and Supports
- Others
- Upper Extremity Braces and Supports
- Lower Spine Braces and Supports
- Upper Spine Orthoses
- Elbow Braces and Supports
- Facial Braces and Supports
- Post Operational Knee Braces
- TLSOs
- LSOs
- Walker Boots
- Pneumatic Walker Boots
- Non-pneumatic Walker Boots
By Type:
- Soft & Elastic Braces and Supports
- Hinged Braces and Supports
- Hard Braces and Supports
By Application:
- Preventive Care
- Ligament Injury
- Anterior Cruciate Ligament Injury
- Lateral Collateral Ligament Injury
- Post-Operative Rehabilitation
- Osteoarthritis
- Compression Therapy
By End User:
- Orthopaedic Clinics
- Hospitals
- Ambulatory Surgical Centres
- Home Care Settings
- Over-the-Counter (OTC) Braces and Supports
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East and Africa (MEA)
About Persistence Market Research:
Business intelligence is the foundation of every business model employed by Persistence Market Research. Multi-dimensional sources are being put to work, which include big data, customer experience analytics, and real-time data collection. Thus, working on “micros” by Persistence Market Research helps companies overcome their “macro” business challenges.
Persistence Market Research is always way ahead of its time. In other words, it tables market solutions by stepping into the companies’/clients’ shoes much before they themselves have a sneak pick into the market. The pro-active approach followed by experts at Persistence Market Research helps companies/clients lay their hands on techno-commercial insights beforehand, so that the subsequent course of action could be simplified on their part.
Contact Us:
Persistence Market Research
Teerth Technospace, Unit B-704
Survey Number - 103, Baner
Mumbai Bangalore Highway
Pune 411045, India
Email: sales@persistencemarketresearch.com
Web: https://www.persistencemarketresearch.com
