Rise in orthopaedic diseases such as rheumatoid arthritis, ankylosing spondylitis, and accident-related injuries has triggered demand for orthopaedic braces devices. Orthopaedic braces devices are designed to provide support to affected musculoskeletal tissue and correct posture through the course of the treatment. It is specifically designed to repair the tendon, ligament, or joint, which may have sustained injury. The global orthopaedic bracing devices market was valued to be US$3.9 Bn in 2022 and is expected to cross US$5.0 Bn by 2027, registering a healthy CAGR of 6.0% from 2022-2027. Growing awareness, rise in sports injuries, wider range of product availability, and affordability has created excellent growth opportunities for the global market.
Rise in Sports Related Injuries to Support Orthopaedic Bracing Devices Market Through Higher Sales
Increasing participation in sports has led to a rise in sports injuries. U.S. alone reports 3.5 million injuries every year out of 30 million children and teenagers participating in some form of organized sports, states John Hopkins Institute. According to Consumer Safety Product, outdoor activities such as basketball, baseball, bicycling, football, ice hockey, skating, and sledging have reported to have maximum sports injuries in children between the age group of 5-14 years. The most common injuries observed in well trained athletes include strains, sprains, rotator cuff injury, tennis elbow, groin pull, hip flexor strain, plantar fasciitis, strained calf muscle, and Achilles tendinopathy. All these injuries need support for building and strengthening of muscle strengths through physiotherapy and suitable sport orthopaedic bracing devices. This has given the global orthopaedic bracing devices excellent opportunity to clock higher sales as number of patients have been on the rise.
Health Complications Amongst Aging Population Creates Opportunities for Orthopaedic Bracing Devices Market
According to the World Health Organization, by 2050, the world's 60-year-old population and older will reach 2.1 billion. The number of 80-year-old persons will reach 426 million by 2050. This evidently translates higher number of aging complications such as osteoarthritis, rheumatoid arthritis, and osteoporosis that lead to fractures, dislocation, and acute discomfort that will demand orthopaedic bracing devices.
Efforts to ensure the elderly live a comfortable life with minimum loss of mobility is expected to bring in tremendous innovation in the market. Furthermore, its easy accessibility and affordability will also drive the global orthopaedic bracing devices market. Most braces do not require serious consultations and can be bought over-the-counter to alleviate pain and restore normalcy in movement. This very nature of the devices will win the market a solid consumer base through the forecast period. Quick recovery is compromised, prevention of surgery, reduced pain, improved mobility, and a chance to continue the same lifestyle will give the global market a shot in the arm. The orthopaedic bracing devices market will serve a critical purpose of post-operative support for faster recovery.
Combination of Digitalization and Artificial Intelligence Arrives to Upgrade Orthopaedic Bracing Devices Market
Digitalization of musculoskeletal care is finding its foot in the global orthopaedic bracing devices market. For instance, in March 2020 OPUM technologies received FDA approval for its revolutionary rehabilitation platform named Digital Knee®. The company also received reimbursement verification at selective orthopaedic centres. The Digital Knee brace is a wearable bracing devices that works in conjunction with AI platform known as OPUM LabTM to help in accurate diagnosis and suggestive treatment therapy. This is designed to reduce treatment costs and provide better patient outcomes. The brace works in concurrence with a mobile app to aid remote patient monitoring and provides real-time data to surgeons. The Digital Knee is expected to aid automated rehabilitation program planning through connected healthcare solutions.
OPUM Technologies Limited announced its partnership with Thusane Group for collaborating on digital solution for non-invasive and non-pharmacological treatment of osteoarthritis in January 2022. Such partnerships are expected to bring a seismic shift in treatment of orthopaedic conditions for many.
Patient Volume Across Asia Pacific to Give Region an Edge Over Others
Rise in the total geriatric population coupled with increasing incidence of chronic diseases such as diabetes, nutritional deficiencies, and musculoskeletal conditions is expected to drive the regional market. Rising awareness of orthopaedic conditions, availability of bracing devices, and improved income opportunities have also been identified as undercurrents for growth in the Asia Pacific orthopaedic bracing devices market.
North America would continue to dominate with the largest market share of the orthopaedic braces market owing to sustained demand for innovative products coupled with the high prevalence of orthopaedic disorders and diseases.
Global Orthopaedic Bracing Devices Market: Competitive Landscape
The major players operating in the market are Bauerfeind AG, Zimmer Biomet Holdings. DJO Finance LLC, Ossur HF, Breg, Inc, Essity,3M, Ottobock Holding GmbH, Thuasne Group, ALCARE, Nippon and Sigmax , Bird & Cronin, Inc.
Global Orthopaedic Bracing Devices Market is Segmented as Below:
By Distribution Channel
Key Elements Included In The Study: Global Orthopaedic Bracing Devices Market
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