Braces and Support Market by Product (Knee Braces and Supports, Ankle Braces and Supports, Foot Walkers and Orthoses, Hip, Back, & Spine Braces and Supports and Shoulder Braces and Supports)
Industry: Healthcare
Published Date: February-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 250
Report ID: PMRREP33345
The Global Braces and Support Market recorded a valuation of US$ 3.2 billion in 2021 and is expected to reach US$ 5.8 billion by the end of 2032, expanding at a CAGR of 5.6% over the next ten years. According to this new study by Persistence Market Research, the knee braces and supports segment is leading the market with a share of 28.7% in the year 2021.
Braces and support systems are used to correct muscular and bone deformities in patients caused by a variety of factors. Because of the growing incidence of musculoskeletal disorders, the demand for braces and support systems has increased steadily over the years. Also, the growing geriatric population, increased hospitalizations, and technological advancements in braces and support systems by leading companies are supporting market expansion.
Sales of braces and support systems accounted for 7.9% share of the global orthopedic devices market in 2021.
| Attribute | Details |
|---|---|
| Braces and Support Market Size (2021) | US$ 3.2 Billion |
| Estimated Market Value (2024) | US$ 3.6 Billion |
| Forecasted Market Value (2032) | US$ 5.8 Billion |
| Global Market Growth Rate (2024 to 2032) | 5.6% |
| Market Share of Top 5 Countries | 48.4% |
Sales of braces and support systems increased at a CAGR of 3.2% from 2017 to 2021 owing to the rising geriatric population and inclination toward preventive care. Demand for splints and braces is increasing to lessen the discomfort caused by various ailments, such as bulging or ruptured discs, scoliosis, and stress from improper and heavy lifting. The preference for splints and braces is growing as there has been a rising number of people suffering from foot-related disorders across the world.
Recent advancements in braces and support systems, the presence of leading companies in the market, and rising demand for upper extremity braces and supports, as well as post-operative knee braces, are all expected to drive market growth. Top manufacturers are concentrating on manufacturing braces that are in line with smart technology to gain an edge over their competitors.
Many hospitals were closed down due to the pandemic and many others were converted into quarantine centers and treatment wards for COVID-19 patients.
However, the market for braces & support systems soon bounced back when the situation normalized and restrictions were reduced. The sudden reduction in neuromuscular activities among the population was seen during lockdowns, which gave rise to various neuromuscular disorders. This, in turn, increased the demand for braces and supports post-lockdowns.
North America is expected to be a key revenue-generating regional market with easy reimbursement and insurance policies and regulatory standards on product marketing as well. Sportspersons, gymnasts, and hikers are the most common groups to experience sprains, stiffness, and ligament tears.
Increase in musculoskeletal disorders and sports injuries are major factors driving the demand for braces and supports in the region. Additionally, prominent market players in the region is yet another factor driving the sales of knee braces for osteoarthritis and ligament injuries.
Overall, the global market for braces and support systems is expected to grow at a CAGR of 5.6% during the forecast period (2024 to 2032).
The market is set to present an opportunistic outlook owing to the development of technologically advanced braces and support devices. Market growth will further be propelled by the growing prevalence of musculoskeletal disorders such as fractures, muscle injury, spinal deformities, strokes, and paralysis, which can be due to heavy or improper lifting, sports, or accidents.
An increase in the sales of knee braces and supports in Spain, a rise in the demand for OTC braces and support systems in Germany, and growth in the demand for braces and support systems in the United Kingdom are being witnessed in this market.
The geriatric population is more prone to musculoskeletal illnesses due to the weakening of the bones and ligaments, posing a high risk of muscle and bone injury among them. Increasing geriatric population and rising prevalence of neuromuscular diseases are thereby driving market growth.
Additionally, the ease of availability of these products through online selling platforms and the aggressive marketing by top market players have generated profitable opportunities for manufacturers of braces and support devices.
Lack of awareness and the high cost of novel and technologically sophisticated products is limiting the demand for braces and supports. Apart from this, most end users, primarily in underdeveloped or developing regions, prefer conventional products over novel solutions.
The use of bracing-mediated treatment is constrained in patients with excessive muscle mass as a result of underlying conditions such as Edema. This restricts the patient pool, which has a detrimental effect on the overall sales of leg braces and hurts the orthopedic products sector as a whole.
Additionally, limited indication with respect to the therapeutic efficacy of braces is another factor denting the market's growth rate. Furthermore, the usage of braces and support systems is being restricted by low awareness and the population’s increased reliance on painkillers.
Why is the United States a Large Market for Braces and Support Systems?
The United States dominated the North American region with a market share of about 68.1% in 2021.
Due to rising cases of musculoskeletal conditions in the United States of America, demand for braces and support systems is higher as compared to other regions.
Because orthopedic braces make it simple to strengthen and preserve vulnerable and injured body parts, restore mobility and function, and accelerate bone and muscle healing, demand for braces and support systems has increased along with the rising incidence of musculoskeletal conditions.
What is the Outlook for Germany in the Braces and Support Market?
Germany accounted for a share of 16.8% of the European market in the year 2021.
Germany is becoming increasingly popular in the braces and supports space. Research and development activities related to orthopedic braces and support systems are quite high in the county and this projects the technical advancements in this market. Hence, Germany will be a lucrative market when it comes to braces and support systems.
Will India be a Highly Lucrative Market for Suppliers of Braces and Supports?
India held 81.7% share of the South Asian market in 2021. Rise in the geriatric population is one of the major factors driving the growth of this market in the country.
Why is Demand for Knee Braces and Supports High?
Knee braces and supports are expected to exhibit high growth at a CAGR of 6.4% between 2024 and 2032. The segment held a market share of 28.7% in 2021.
Knee braces and support systems are used to manage pain and discomfort as well as provide support to the knees post-injury or surgery. A wide variety of knee braces are available that can be used for various purposes such as knee pain, by athletes for running, or for ligament tears.
The knee braces and support segment also leads the market due to the rising geriatric and obese population across the world, the increased number of accidents and sport-related injuries, and the availability of rebates for ligament injuries. This segment is expected to exhibit significant growth due to the benefits these products offer, such as reduced knee rotation, lateral support, and protection from post-surgery injuries.
What Type of Braces and Support Systems Exhibits High Demand?
Soft & elastic braces and supports held a market revenue share of 38% in 2021 and are expected to display significant growth over the forecast period. Increasing usage and patient preference for soft and elastic braces is due to their preferred use in post-operative and preventive care, providing users with comfortable and effective treatment for their condition.
With several competitors in the braces and support system production space, companies are adopting various strategies to sustain the competition. Mergers and acquisitions, new product launches, partnerships, and collaborations are resorted to by market players to increase their product portfolios and expand the business.
Similarly, recent developments related to companies manufacturing braces and support systems have been tracked by the team at Persistence Market Research, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2024 to 2032 |
| Historical Data Available for | 2018 to 2022 |
| Market Analysis | US$ Billion for Value |
| Key Regions Covered |
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| Key Countries Covered |
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| Key Market Segments Covered |
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| Key Companies Profiled |
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| Pricing | Available upon Request |
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This global braces and support market was valued at US$ 3.2 billion in 2021.
Sales of braces and supports are expected to reach US$ 5.8 billion by 2032.
Demand for braces and supports increased at 3.2% CAGR from 2017 to 2021.
The market for braces and supports is projected to expand at 5.6% CAGR between 2022 and 2032.
The knee braces and supports segment led with 28.7% market share in 2021.
The U.S., India, China, U.K., and Germany account for a significant share of the braces and support market, currently holding 48.4% market share.
The U.S. accounted for 68.1% share of the North American market in 2021.
The European market is predicted to expand at 5% CAGR over the forecast period.
