Factors such as growing prevalence of musculoskeletal disorders and diseases, rapid growth in the geriatric population, increasing sport participation across the globe (coupled with rising number of sports-related injuries), and growing market availability of orthopedic braces through e-commerce online sales and retail shops are driving the growth of the market.
Based on product, the lower extremity braces and supports segment is expected to witness the highest growth during the forecast period.
On the basis of product, the orthopedic braces and supports market are categorised into lower extremity (knee, ankle, foot, back, hip, and spine) and upper extremity (shoulder, elbow, and wrist and hand) braces and supports.
In 2017, the lower extremity braces and supports segment is expected to account for the largest share of the market. It is also expected to register the highest CAGR during the forecast period.
This can be attributed to favourable reimbursement scenario, growing prevalence of obesity and diabetes, and increasing number of orthopedic surgeries (such as knee and hip replacement surgeries).
On the basis of type, the market is segmented into soft and elastic, hinged, and hard and rigid braces and supports.
In 2017, the soft and elastic segment is expected to account for the largest share of the market, majorly due to the growing market availability of patient-friendly and advanced soft braces and increasing adoption and patient preference for orthopedic braces in post-operative and preventive care.
Based on application, the ligament injury segment is estimated to have the largest share of the market in 2017.
Based on application, the market is categorized into preventive care, ligament injury, post-operative rehabilitation, osteoarthritis, and other applications (osteoporosis, Paget's disease, and spinal degenerative conditions).
In 2017, the ligament injury segment is expected to account for the largest share of the market, owing to rising number of accidents worldwide and growing availability of medical reimbursement for the treatment of ligament injuries.
Based on end user, the market is segmented into hospitals, orthopedic clinics, over-the-counter platforms, and other end users such as research and academic institutes and contract research organisations.
The hospitals and surgical centers segment is expected to register the highest CAGR during the forecast period.
This can be attributed to the growing number of orthopedic surgical procedures that require post-operative patient rehabilitation, favourable reimbursement for customised braces and supports, and availability of medical coverage for the surgical treatment of orthopedic disorders (such as ligament injury, bone deformity, scoliosis, and osteoporosis).
North America is expected to dominate the orthopedic braces and supports market in 2017.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2017, followed by Europe.
The market in North America is primarily driven by the continuous development and commercialization of novel orthopedic braces and support products and a significant level of medical reimbursements and insurance available for major orthopedic bracing procedures.
However, Asia Pacific is expected to register the highest growth rate during the forecast period due to the rising geriatric and obese population (coupled with the significant prevalence of orthopedic and diabetes-related diseases in this population segment).
The major players in the orthopedic braces and supports market include DJO Finance LLC, Breg, Inc., Ossur Hf (Iceland), DeRoyal Industries, Inc., and Bauerfeind AG (Germany). Other key players in this market include Otto Bock HealthCare (Germany), BSN Medical (Germany), medi GmbH and Co. KG (Germany), 3M company, and Thuasne Group (France).
vTv Therapeutics secures USD51m private placement for cadisegliatin Phase 3 study
AbbVie names new chief executive officer
SkinBioTherapeutics expands foot care products in AMEA with Dermatonics partnership
Diamyd Medical granted US FDA Fast Track designation for Diamyd diabetes treatment
Insulet's Omnipod 5 integration with Abbott FreeStyle Libre 2 Plus Sensor secures CE Mark approval
Kyowa Kirin enrols first subject in phase two tivozanib eye drops (KHK4951) clinical trial
China accepts GSK's Shingrix application for at-risk adults
Novo Nordisk to boost manufacturing capacity with acquisition of three fill-finish sites
Breye Therapeutics commences phase 1b/2a danegaptide clinical trial
DexCom Inc breaks ground on new manufacturing facility in Ireland
VibroSense Dynamics AB secures provisional patent for chemotherapy-induced nerve damage prediction
Innovent Biologics signs collaboration agreement with Sanegene Bio USA
Japan approves GSK's filing for Arexvy vaccination for at-risk adults