The study involved four major activities to estimate the current size of the orthopedic braces and supports market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size.
Secondary Research;
In the secondary research process, various secondary sources, such as annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold-standard & silver-standard websites, regulatory bodies, and databases (such as D&B Hoovers, Bloomberg Business, and Factiva) were referred to in order to identify and collect information for the orthopedic braces and supports market study.
Browse 280 market data Tables and 30 Figures spread through 374 Pages and in-depth TOC on “Orthopedic Braces & Supports Market”
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Expected Revenue Surge: The global orthopedic braces and supports market size is projected to reach USD 4.1 billion by 2025 from USD 3.1 billion in 2020, at a CAGR of 5.8% during the forecast period
COVID-19 Impact on the global orthopedic braces and supports market;
The orthopedic braces market is impacted due to the pandemic, resulting in short term negative growth due to factors such as a sharp decline in elective surgeries and ban on organized sports. Moreover, O&P clinics were temporarily closed, and hospital access restricted to non-essential care. Thus, limited access to clinics, social distancing, the lockdown of the population, which results in less trauma and workplace injuries, and slow-down in patient flow and referrals has also impacted the market growth.
Geographical Scenario in Depth: Asia Pacific is estimated to be the fastest-growing market for orthopedic braces and supports during the forecast period. The Asia Pacific market is driven principally 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 in APAC countries, and growing public awareness. Furthermore, increasingly localized product manufacturing, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries are aiding the market growth.
Leading Key-Players:
DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US) are the key players in the global orthopedic braces and supports market.
DJO Finance LLC (US) is one of the major players operating in this market. 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 distribution networks in Australia, Canada, South Africa, and Tunisia and distributes its braces and supports in more than 36 countries. DJO mainly focuses on the development of technologically innovative products to strengthen its position in the market. The company focuses on market expansions to further improve its position in the market. For instance, in December 2018, the company established its new global headquarters in Dallas, US, to develop and market DonJoy products.
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Recent Developments;
– In December 2018, DJO Finance LLC established its new global headquarters in Dallas, US, to develop and market DonJoy Products, which includes braces and supports.
– In November 2018, DJO Finance LLC launched EMPOWR Porous Knee System and EMPOWR Complex Primary Knee System. This helped the company to improve its position in the orthopedic braces and supports market.
– In March 2018, DJO Finance LLC launched X4 Smart Brace with Motion Intelligence.
– In March 2017, DJO Finance LLC launched TriFit Knee Brace (a DonJoy Product).