The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s orthopedic braces and support devices and equipment market report forecasts the orthopedic braces and support devices and equipment market size to grow to $4.98 Billion by 2027, with a CAGR (compound annual growth rate) of more than 5%.

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Orthopedic Braces And Support Devices And Equipment Market Size Forecast

The global orthopedic braces and support devices and equipment market is expected to grow from $3.86 billion in 2022 to $4.08 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The orthopedic braces and support devices and equipment market size is expected to grow to $4.98 billion in 2027 at a CAGR of 5.1%.

North America held the largest orthopedic braces and support devices and equipment market share.

Key Orthopedic Braces And Support Devices And Equipment Market Driver ­– Rise In The Geriatric Population

For example, In the US 70% of the population aged between 50-70 years suffers from osteoarthritis and is likely to increase further in the forecast period. This is one of the major contributing factors to the growth of this market. High adoption of pain medications worldwide restraints the growth of the orthopedic braces and support devices market. As more amount of people relies on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/braces. For example, Americans consume 80% of the world’s supply of painkillers including painkillers for orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market.

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Key Orthopedic Braces And Support Devices And Equipment Market Trend – Innovative Technologies

Due to the increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use innovative technologies such as bionic energy savers to solve problems related to injuries in the knee, arms, or any other movable part of the body. For example, spring-loaded technology uses LevitationTM bionic knee brace that enhances mobility and provides strength to legs by storing energy when a person sits or rests. These technologies are providing a better quality of life to people and positively impact the growth of the market.

Orthopedic Braces And Support Devices And Equipment Market Segment

1) By Type: Lower extremity braces, Upper extremity braces, Back and hip braces, Other braces

2) By End User: Hospitals, Home Healthcare, Clinics, Other End-Users

3) By Product: Soft & Elastic Braces and Supports, Hinged Braces and Supports, Hard & Rigid Braces and Supports

Orthopedic Braces And Support Devices And Equipment Market Major Players and Strategies

Major players in the orthopedic braces and support devices and equipment market are DJO Global, Bauerfeind AG, Otto Bock Healthcare GmbH, Breg, Inc., Ossur Hf, DeRoyal Industries, Inc., BSN Medical, Medi GmbH & Co. KG, THUASNE Group, 3M Company, and Lohmann & Rauscher.

In April 2021, DJO, a global leader in braces and support devices acquired Medshape Inc. for an undisclosed amount. This acquisition, the portfolio includes innovative devices for, joint fusion, fracture fixation, and soft tissue injury repair that utilize biomaterial technologies designed to improve patient outcomes. Medshape Inc., a company operating in orthopedic braces and support devices market-based in Georgia.

The Orthopedic Braces And Support Devices And Equipment Global Market Report 2023 covers regional data on orthopedic braces and support devices and equipment market size, orthopedic braces and support devices and equipment market trends and drivers, opportunities, strategies, and orthopedic braces and support devices and equipment market competitor analysis. The countries covered in the orthopedic braces and support devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Orthopedic braces and support devices and equipment are primarily used in injury prevention, injury rehabilitation, post-operative care, and osteoarthritic care.

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