According to MRFR analysis, the Global Orthopedic Braces Market is expected to register a CAGR of ~6.1% during the forecast period of 2019 to 2025 and was valued at USD 4.6 billion in 2018.
Orthopedic braces are devices used to support and strengthen the muscles and joints of the knee, ankle, neck, elbow, back, wrist, hip, and fingers. These are used to rectify structural deformities as well as for controlling the movement of limbs and joints. These braces are designed to provide mechanical strength and support to reduce pain due to sprain, strain, and other musculoskeletal disorders.
Orthopedic Braces Market Size has been segmented based on product, type, application, and end user.
The market, based on product, has been divided into knee braces, foot and ankle braces, upper extremity braces, and others. The knee braces segment is likely to be the fastest during the review period as knee braces provide medial and lateral support, reduces rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
The global orthopedic braces market has been segmented, on the basis of type, into soft and elastic braces, hinged braces, and hard braces. The soft and elastic braces segment is expected to be the fastest market as they are easy to use, flexible as well as highly customizable as compared to other surgical alternatives.
The Americas has the regional edge in terms of revenue-generation capacity for the market. This is primarily due to the infrastructural advantage that the regional market has, contributions from the US and Canada, better influx of investment is also slated to promote the regional market. In Europe, the growth parameters would be the same.
The global market for orthopedic braces is witnessing a strong traction from various strategic moves from companies like Breg, Inc. (US), BSN medical (Germany), Bauerfeind (Germany), DJO LLC (US), Weber Orthopedic Inc. (US), Ottobock (Germany), THUASNE SA (France), DeRoyal Industries, Inc. (US), Frank Stubbs Company Inc. (USA), and Aspen Medical Products (US). These companies are well-established and their competition with the new entrants are helping the market in making progress. Among various methods, these companies often adopt mergers, acquisitions, collaborations, and other time-tested models. They are also trying to launch innovative products by hiking the funding for research and development sector and ensuring better practices for researchers. MRFR listed these recent activities of various companies to get a proper knowledge about how things are moving forward for the global market.
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In April 2020, OrthoSpin announced that they have secured a funding of USD 5 million using Johnson & Johnson Innovation’s help.The company has recently made some stunning progress in the field of bone lengthening. Their new orthopedic brace are digitally-enabled and can set complex fractures and correct various skeletal deformities. The fund is to secure more production of these braces and ensure a safe passage for its clinical use.