Global Orthopedic Braces and Supports Market - Analysis and Forecast to 2020

Pune, India, October 2, 2015 (Newswire.com) - The global orthopedic braces and supports market is driven by the rising population of geriatric population lobally. Some of the major healthcare condition driving this market is osteoarthritis, sports injuries, other traumatic wounds, orthopedic surgeries, obesity and osteoporosis. Manufacturers and suppliers developing and promoting braces and supports for prophylactic and performance-enhancing products are expected to fueling the market revenue. A new trend of increasing sales of orthopedic braces and supports via e-commerce is expected to become the biggest sales channel for these devices by 2025. Also stock and bill programs allow manufacturers to bill insurers directly another positive factor for this markets growth.

The market report provides insights of the key industry trends in the orthopedic braces and supports market, such as the changing technology and its acceptance in different geographies, key strategies of major market players. According to United States Census Bureau, in the U.S. the population aged above 65 years was around were about 43 million populations with age above 65 years in 2012 and is expected to reach around 84 million by 2050. This increasing number of aged population is expected to drive the market of orthopedic braces and supports in North America. While in Asia-Pacific the growth of these devices is expected to be highest, between 1990 and 2011 there was an increase 36% in the geriatric population share of the Asia-Pacific population. By sub region there was an increase in the share of geriatric population by 51% in North and East Asia, 42% in the south East Asia and 19% in the Pacific region.

According to Eurostat, the population of Europe as on 1 January 2014 the elder population aged 65 years and above accounted for 18.5% of the share, which is an increase of 0.3% compared with the last year. While in Europe in 2014 the aged population share in Europe-28 countries is increasing by 0.3% each year and is 18.5% in 2014. The global osteoarthritis population is also a major driving force in the growth of orthopedic braces and supports market. According to Centers of Disease Control and Prevention (CDC), in the U.S. around estimated 52.5 million of the adults are reported to have some form arthritis, according to center of disease control and prevention. According to multiple sources about 667,000 people are expected to have osteoarthritis in Asia-Pacific. 

The increasing trend of lifestyle activities in the elderly populations has caused to a rising incidence of osteoarthritis and the increasing awareness of braces and supports will definitely create growth in this market more than what is expected. Also larger the customer base larger is the main focus of this market, the user pool is mostly of geriatric population but the spread into other age’s population is the new market goal.

The global orthopedic braces and supports market is segmented into type (Knee braces and supports, Foot and ankle braces and supports, Spinal orthoses, Upper extremity braces and supports and Leg walkers), end-user (Hospitals, Orthopedic clinics and Others).

The knee braces and supports market is segmented into 4 product types (Knee Support, Knee braces for osteoarthritis, Knee braces for ligament injury and Post operative knee braces. Knee support holds a lion’s share of 57.0% of the knee braces and supports market in 2014, expected to reach $1,112.5 million by 2020 growing at 6.2% CAGR from 2015 to 2020.

Currently North America dominates the market with a revenue share of 47.8% in 2014 expected to grow to $1,970.9 million by 2020 growing at 4.6% in the forecast period. Asia-Pacific is the fastest growing geography in this market, at a CAGR of 9.6% from 2015 to 2020, owing to the rising incidence of orthopedic ailments in countries like India and China.

Some of the major players operating in this market are DJO Global, Ossur Corporate, Bauerfeind AG, Breg, Inc., BSN Medical GmbH, DeRoyal Industries, Inc., Otto Bock Healthcare GmbH, Alcare Company Ltd., Oppo Medical, Trulife among other vernacular Players, DJO Global dominates the market with 18.2% market share globally. 

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