The report "Orthopedic Braces & Supports Market by Product (Knee Braces, Foot & Ankle Braces, Spinal Orthoses, Upper Extremity Braces), by End User (Orthopedic Clinics, Over the Counter, Hospitals and Others), by Geography - Global Forecast to 2020", the global orthopedic braces and support systems market was valued at USD 3.2 Billion in 2014, and is estimated to reach USD 4.3 Billion by 2020, at a CAGR of 5.0% from 2015 to 2020.
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Based on the condition for which these braces & supports are used, orthopedic braces & supports are segmented in four types, namely, knee braces and supports, foot and ankle braces & supports, spinal orthoses, and upper extremity braces and supports. The knee braces & supports segment accounted for the largest share of 42.5% of the market in 2014 and was valued at 1.4 billion in the same year.
According to National Institute of Health (NIH), in 2010 approximately 524 Million people across the globe were registered to be within the age group of 65 years or above, representing 8.0% of the global population. By 2050, this number is expected to rise threefold and reach 1.5 Billion, representing 16.0% of the global population. Thus, the incidence rate of various diseases, especially the disorders and diseases related to bones, is expected to increase. The prevalence of other comorbidities associated with aging population, such as osteoarthritis, diabetes, obesity, and osteoporosis also contribute to the increase in the patient pool for the global orthopedic braces & support system, thereby driving the growth of the market.
Based on end users, the global orthopedic braces & supports system market has been segmented into orthopedic clinics, over-the-counter (OTC), hospitals, and other end users. Among all end-users, the sale of orthopedic braces & supports over the counter is expected to increase in the coming years. According to federal government of the U.S., the cost for undergoing orthopaedic surgeries has been growing in the recent years, and is expected to grow by 60% by 2020.
In the recent years, a large number of population is opting for recreational and sport activities. Orthopedic braces are used by this population to prevent any sports injuries. These braces are readily available in pharmacies and can be sold over-the-counter.
Some of the major players in the orthopedic braces & supports market globally include Bauerfeind AG (Germany) Breg, Inc. (U.S.) DeRoyal Industries, Inc. (U.S.), DJO, LLC (U.S.), Ossur (Iceland), Ottobock (Germany), and BSN Medical (Germany), among others.
The research study is aimed at identifying emerging trends and opportunities in the global orthopedic braces & supports market along with detailed classifications, in terms of revenue. It provides comprehensive competitive landscape and identifies the key players with respect to market size and market share. The research study also includes a detailed segmentation of the market, on the basis of type, application, end user, and region.
Apart from the market segmentation, this report also makes use of the Porter’s Five Forces Analysis, which provides an in-depth analysis of the market by providing a detailed process flow diagram and market dynamics, such as drivers, restraints, and opportunities in the global orthopedic braces & supports systems market.
