Orthopedic Braces & Supports Market

Orthopedic Braces & Supports Market Insights, Trends | Global Industry Report, 2024 | MarketsandMarkets™

The orthopedic braces and supports market is projected to reach USD 5.5 billion by 2024 from USD 4.1 billion in 2019, at a CAGR of 5.7% during the forecast period. Factors such as the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, market availability & product affordability, rising number of sports & accident-related injuries, and growing public awareness related to preventive care are driving the growth of the orthopedic braces and supports market. However, the inability to accept bracing-mediated orthopedic treatment due to medical conditions, limited clinical evidence to support the therapeutic efficacy of orthopedic braces, and the high adoption of pain medications are expected to restrain the growth of this market during the forecast period.

DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US) are the top five players in the orthopedic braces and supports market. Other prominent players operating in this market are Ottobock Holding GmbH & Co. KG (Germany), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Corflex, Inc. (US), Reh4Mat (Poland), 3M Company (US), Zimmer Biomet Holdings, Inc. (US), Bird & Cronin, Inc. (US), Becker Orthopedic (US), and United Ortho (US), among others. The analysis of market developments between 2014 and 2019 revealed that several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the orthopedic braces and supports market.

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DJO Finance LLC (US) dominated the market in 2018. The company offers a broad range of orthopedic braces and supports that are used in various areas, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries, such as the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on the development of technologically advanced products to further strengthen its position in the market. For example, the company launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection on Demand (POD) Ankle Braces, and AirSelect suite from 2016 to 2018.

Össur Hf (Iceland) held the second position in the orthopedic braces and supports market in 2018. The company operates across the Americas, Europe, and Asia. To strengthen its current position and further increase its share in the market, the company mainly focuses on product commercialization. For instance, Össur commercialized Formfit Pro Knee OA, Formfit Pro Knee, and Formfit Pro Wrist in June 2018. Össur also focuses on other growth strategies, such as strategic acquisitions, agreements, and partnerships. In line with this, in September 2016, the company acquired Medi Prosthetics (Germany) to expand its orthotics product portfolio.

Related Reports:

Orthopedic Braces & Supports Market by Product (Knee, Ankle, Spine, Shoulder, Neck, Elbow, Wrist, Facial), Category (Soft, Hard), Application (Ligament (ACL, LCL), Preventive, OA), Distribution, and Region - Global Forecast to 2024

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Report Code
MD 3845
RI Published ON
5/22/2019
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