DJO Finance LLC (US), Ossur HF (Iceland) and Breg, Inc. (US) are leading players in Orthopedic Braces and Supports Market
The global orthopedic braces and supports market is estimated to reach USD 4.6 billion by 2027 from USD 3.4 billion in 2022, at a CAGR of 5.8% during the forecast period (2022-2027). Growth in the orthopedic braces and supports market is mainly driven by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability and market availability, rising number of sports and accident-related injuries, and growing public awareness of preventive care. Increased sales of off-the-shelf and online products, and the expansion and promotion initiatives undertaken by major product manufacturers are also expected to provide a wide range of growth opportunities for players in the market. On the other hand, the limited patient qualification for bracing-mediated orthopedic treatment, limited clinical evidence to support the therapeutic efficacy of orthopedic braces, and the high adoption of pain medications are the major factors expected to limit market growth to a certain extent in the coming years.
In 2021, DJO Finance LLC (US), Ossur HF (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and Essity (Sweden) were the top five players in the global orthopedic braces and supports market. Other prominent players operating in this market include 3M (USA), Ottobock Holding GmbH (Germany), Thuasne Group (France), Zimmer Biomet Holdings, Inc. (US), ALCARE (Japan), Bird & Cronin, Inc. (US), Nippon and Sigmax (Japan), and Becker Orthopedic (US), among others.
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The major players are focused on expanding their presence in emerging markets such as the Asia Pacific Latin America and the Middle East. In the Asia Pacific region, the market in China is expected to grow at the highest CAGR due to the growing demand of orthopedic braces and supports driven by the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment), increasing GDP and healthcare expenditure.
DJO LLC (US) was the leading orthopedic braces and supports market player. The leading position of DJO LLC can be attributed to the extensive product portfolio of orthopedic braces and supports, and wide geographic presence. They are a worldwide provider of orthopedic devices. The company offers a broad range of orthopedic braces and supports used in various applications, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries like the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on developing technologically innovative products to strengthen its position in the market further
Ossur HF (Iceland) has a prominent presence in 20 countries across the Americas, Europe, and Asia. To strengthen its current position and gain a larger market share, the company mainly focuses on product commercialization. For instance, the company launched Formfit Pro Knee OA, Formfit Pro Knee, Formfit Pro Wrist, Formfit Pro Ankle, and Formfit Pro Elbow. Össur also focuses on other growth strategies, such as strategic acquisitions, agreements, and partnerships to build a competitive advantage in the market.
Breg, Inc. (US) is also one of the major players in the orthopedic braces and supports market involved in developing, manufacturing, and marketing various premium bracing and sports medicine products. The company has a strong geographical presence with a wide distribution network across North America, Europe, and the Asia Pacific. The company offers a strong product portfolio of orthopedic braces for pre-operative care, post-operative rehabilitation, preventive care, and osteoarthritis. It focuses on R&D activities and customizations to enhance its product portfolio.
Related Reports:
Orthopedic Braces & Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Rigid, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Pharmacies) & Region - Global Forecast to 2027
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