Orthopedic braces are primarily medical devices that are designed to address musculoskeletal issues, including properly aligning, correcting the position, and protecting the muscles, joints, and bones while healing from injury or trauma. They are increasingly preferred over other invasive treatments as they are less painful and assist in quick recovery while limiting the incidences of post-surgical complications.
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Market Trends and Drivers
The incidence of orthopedic diseases & disorders is expected to increase further in the coming years with the rising prevalence of obesity and related lifestyle disorders, as obese individuals are at a greater risk of orthopedic & musculoskeletal injuries as well as diabetes. Orthopedic braces and supports offer several benefits, such as better affordability, higher efficacy, greater patient comfort, and ease of use compared to conventional products. Due to these benefits, key players are increasingly developing specialized products for the treatment of various orthopedic diseases as well as to address the unmet market needs. In developed as well as emerging markets, patient preference for orthopedic braces is rising due to their financial affordability and easy market accessibility. Sports and related physical activities often result in musculoskeletal injuries such as sprains, ligament injuries, and fractures. Therefore, the increasing public participation in such activities drives the prevalence of these conditions. Orthopedic braces and supports are increasingly being considered an effective clinical alternative for orthopedic surgeries for conditions such as rheumatoid arthritis, osteoporosis, gout, and fractures. Various public-private sports organizations and medical professionals are undertaking initiatives to spread public awareness related to the clinical management of orthopedic injuries, such as conferences, workshops, and symposiums.
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Global Orthopedic Braces & Supports Market Segmental Overview
The report analyses the global orthopedic braces & supports market based on product, application, end use, and region.
Major Players in the Global Orthopedic Braces & Supports Market
The key players in the market are DJO Finance LLC (US), Ossur HF (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), Essity (Sweden), 3M (USA), Ottobock Holding GmbH (Germany), Thuasne Group (France), Zimmer Biomet Holdings, Inc. (US) and ALCARE (Japan), among others.
COVID-19 Impact
COVID-19 had adversely impacted various value chain stages, primarily due to strict lockdown imposed by the government in most countries. Many companies had to halt their manufacturing for some time as well temporarily. Similarly, supply and distribution networks also got interrupted, majorly due to restrictions in traveling due to lockdown and decline in sales activity. The COVID-19 pandemic also impacted the buyer’s or customer’s buying capacity and behavior. As a result, the orthopedic braces and supports market, like other markets, saw a decline in 2020. However, with the ongoing vaccination drives and the government slowly uplifting lockdown restrictions, the economy has started to rise again. A similar trend can be observed in the global orthopedic braces and supports market. The annual revenue of the seven major players in the market saw a decline from FY 2019 to FY 2020. However, almost all players saw a peak in their revenue collection in FY 2021.
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