Orthopedic Braces And Supports Market To Reach $7.01 Billion By 2030

Comments · 37 Views

These elements are crucial in fostering the development of innovative products and solutions aimed at improving patient outcomes.

The global orthopedic braces and supports market was valued at approximately USD 4.44 billion in 2023 and is projected to experience robust growth, with an expected compound annual growth rate (CAGR) of 7.0% from 2024 to 2030. Several key factors are driving this expansion, including ongoing technological advancements, an increasing incidence of sports and accident-related injuries, a growing geriatric population, and heightened public awareness surrounding preventive care. These elements are crucial in fostering the development of innovative products and solutions aimed at improving patient outcomes. For example, projections from the Population Reference Bureau indicate that the population in the U.S. aged 65 and older is anticipated to surge from 58 million in 2022 to a staggering 82 million by 2050, further intensifying the demand for orthopedic supports.

 

The need for various market products—such as postoperative bracing solutions and unloader osteoarthritis (OA) braces—is set to rise, driven by multiple factors. The growing popularity of amateur sports, coupled with increasing activity levels among the general population, contributes to a heightened need for orthopedic braces and supports. As the global population ages, there is a notable increase in the prevalence of musculoskeletal issues, which in turn escalates the demand for these products. Furthermore, the rising number of orthopedic surgeries contributes significantly to the demand for postoperative bracing solutions, as they play a critical role in recovery and rehabilitation.

 

Gather more insights about the market drivers, restrains and growth of the Orthopedic Braces And Supports Market

 

Product Segmentation Insights

 

Within the market, the braces and supports segment emerged as the dominant category, capturing an impressive revenue share of 74.9% in 2023. This prominence is largely attributed to the escalating incidence of orthopedic disorders and injuries, such as arthritis. This segment can be further divided into several categories, including back braces, ankle braces, knee braces, upper extremity supports, and walking boots. The increasing frequency of injuries related to the ankle, knee, and upper extremities among individuals has significantly driven the demand for braces and support products. These injuries may arise from a variety of sources, including sports activities, physical exertion, accidents, or underlying medical conditions. Common injuries in this context include ankle sprains, knee ligament tears, and upper extremity ailments like wrist fractures or shoulder instability. Notably, data from the Datalys Center and Hospital for Special Surgery (HSS) indicates that anterior cruciate ligament (ACL) tears have surged by 12% between the years 2007-08 and 2021-22.

 

Moreover, the braces and supports segment is anticipated to witness the fastest CAGR growth during the forecast period, driven by an increasing number of individuals experiencing knee joint-related disorders. As awareness about the importance of early intervention and proper support in managing and healing these injuries continues to grow, more individuals are seeking reliable and effective braces and supports. These products are designed to provide stability, compression, and targeted support to affected areas, aiding in pain relief, reducing inflammation, promoting healing, and preventing further damage.

 

In 2023, pain management products also held a substantial market share, primarily due to the rising prevalence of pain-related conditions and an increasing demand for effective treatments for chronic joint and back pain. This segment can be divided into categories such as Deep Vein Thrombosis (DVT) products and cold therapy solutions. For instance, data released by the University of Sydney in May 2023 estimates that by 2050, more than 800 individuals worldwide will experience back pain, highlighting the pressing need for effective pain management solutions in the orthopedic braces and supports market.

 

Order a free sample PDF of the Market Intelligence Study, published by Grand View Research.

 

Comments