New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Braces And Support Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277195/?utm_source=GNW
The global orthopedic braces and support devices and equipment market will grow from $3.86 billion in 2022 to $4.08 billion in 2023 at a compound annual growth rate (CAGR) of 5.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The orthopedic braces and support devices and equipment market is expected to grow to $4.98 billion in 2027 at a CAGR of 5.1%.
The orthopedic braces and support devices and equipment market consist of sales of soft & elastic braces and supports, hard braces and supports, and hinged braces and supports.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Orthopedic braces and support devices and equipment are primarily used in injury prevention, injury rehabilitation, post-operative care, and osteoarthritic care.
North America was the largest region in orthopedic devices and equipment market in 2022.Western Europe was the second-largest region inorthopedic devices and equipment market.
The regions covered in the orthopedic braces and support devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of orthopedic braces and support devices and equipment are lower extremity braces, upper extremity braces, back, and hip braces, and other braces.Lower extremity braces are the braces that are used to support the ankle, foot, knee, and hip and are used in various applications.
The various products are soft and elastic braces and supports, hinged braces and supports, and hard and rigid braces and support that are used by hospitals, home healthcare, clinics, and other end-users.
The rise in the geriatric population is driving the orthopedic braces and support devices and equipment market.Elderly people are more prone to injuries as their bones and connective tissues weaken with age.
For example, In the US 70% of the population aged between 50-70 years suffers from osteoarthritis and is likely to increase further in the forecast period.This is one of the major contributing factors to the growth of this market.
High adoption of pain medications worldwide restraints the growth of the orthopedic braces and support devices market.As more amount of people relies on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/braces.
For example, Americans consume 80% of the world’s supply of painkillers including painkillers for orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market.
Due to the increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use innovative technologies such as bionic energy savers to solve problems related to injuries in the knee, arms, or any other movable part of the body.For example, spring-loaded technology uses LevitationTM bionic knee brace that enhances mobility and provides strength to legs by storing energy when a person sits or rests.
These technologies are providing a better quality of life to people and positively impact the growth of the market.
3M’s consumer health care division issued orders to recall ankle braces and supports as the product contained undeclared natural latex rubber which may lead to allergic reactions in a few users. FDA ranked the recall as Class 2, which are labeled as products causing a temporary health issue or pose a risk of minimal adversity. Thus, any product recall may hamper the market’s growth as it would create negative feedback regarding the product and people would hesitate to use the products.
In April 2021, DJO, a global leader in braces and support devices acquired Medshape Inc. for an undisclosed amount. This acquisition, the portfolio includes innovative devices for, joint fusion, fracture fixation, and soft tissue injury repair that utilize biomaterial technologies designed to improve patient outcomes. Medshape Inc., a company operating in orthopedic braces and support devices market-based in Georgia. [xii]
The countries covered in the orthopedic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The orthopedic braces and support devices and equipment market research report is one of a series of new reports that provides orthopedic braces and support devices and equipment market statistics, including orthopedic braces and support devices and equipment industry global market size, regional shares, competitors with a orthopedic braces and support devices and equipment market share, detailed orthopedic braces and support devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the orthopedic braces and support devices and equipment industry. This orthopedic braces and support devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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