Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
The
global orthopedic braces and support market is anticipated to grow with a CAGR
of ~6% during the forecast period, i.e., 2022-2031. The market is segmented by
end-user into orthopedic clinics, hospitals, ASCs, over the counter (OTC) and
home care setting. Out of these segments, hospital segment is estimated to
garner the largest market share by the end of 2031, baked by the rising growth
of healthcare industry and increasing number of hospitals globally.
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The
global orthopedic braces and support market is estimated to garner a revenue of
~USD 5 billion by the end of 2031, up from a revenue of ~USD 3 billion in year
2021. Rising cases of sports related injuries and increasing prevalence of
orthopedic diseases & disorders are expected to fuel the market growth.
Moreover, increasing public awareness about preventive care along with greater
product affordability and market availability is also estimated to drive the
growth of the market during the forecast period.
Geographically,
the global orthopedic braces and
support market is segmented into five major regions including North America,
Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of
these, the market in North America is projected to garner the largest market
share by the end of 2031, backed by the presence of key manufacturers and rising
cases of osteoporosis in the region. Apart from this, the market in Asia
Pacific is anticipated to register the highest growth in the coming years.
The
research is global in nature and covers detailed analysis on the market in
North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain,
Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden,
Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America
(Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India,
Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand,
Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE,
Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East
and Africa). In addition, analysis comprising market size, Y-O-Y growth &
opportunity analysis, market players’ competitive study, investment
opportunities, demand for future outlook etc. has also been covered and displayed
in the research report.
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Increasing
Level of Geriatric Population to Drive the Market Growth
Globally,
in 2020, there were approximately 1 billion population aged 60 years and above,
which is expected to reach 1.4 billion by 2030, as per data by World Health
Organization (WHO).
The
increasing growth of elderly is considered to be one of the key drivers of the
growth of the market as this population is one of the largest contributors to
demand for orthopedic braces and supports. Older people are at greater risk of
musculoskeletal disorders, bones and connective tissues that naturally weaken
with increasing age, and this factor predicts a higher risk of knee and
shoulder injury in older age. Hence such factor is therefore estimated to drive
the growth of global orthopedic braces and support market in the coming years.
However, the low awareness about the benefits of orthopedic braces and support is expected to operate as key restraints to the growth of global orthopedic braces and support market over the forecast period.
This
report also provides the existing competitive scenario of some of the key players
of the global orthopedic braces and support market which includes company
profiling of 3M Healthcare, DJO Global Inc., Breg Inc., OSSUR, Otto Bock Healthcare, Zimmer
Biomet Holdings, Inc., Bauerfeind AG, Alcare Company Ltd, Becker Orthopedic, Frank
Stubbs Company Inc. and BSN medical Inc. The profiling enfolds key
information of the companies which encompasses business overview, products and
services, key financials and recent news and developments. On the whole, the
report depicts detailed overview of the global orthopedic braces and support
market that will help industry consultants, equipment manufacturers, existing
players searching for expansion opportunities, new players searching
possibilities and other stakeholders to align their market centric strategies
according to the ongoing and expected trends in the future.
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