Growing prevalence of arthritis, spinal deformities, sciatic nerve, impaired muscle, paralysis, fracture injury and stroke has led to an upsurge in demand for orthopedic braces & support system. Improper and heavy lifting further leads to bulging or ruptured disks, scoliosis, stress-induced back pain and scoliosis. According to CDC, an estimated 22.7% of the adults reported doctor diagnosed arthritis with higher age-adjusted prevalence in the women (23.5%) as compared to men (18.1%) in 2015. Wide range of foot related problems has led to a surge in adoption of the orthotic shoe devices and other orthopedic braces globally. According to Fact.MR, the global orthopedic braces & support system market is expected to represent a value of over US$ 3,000 Mn by the end of 2022.
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Leg and Knee Injury to Boost Adoption
In order to offer comfort and convenience, the manufacturers in the orthopedic industry are focusing on exploring leading technology to integrate advanced features in the orthotic shoe devices that enable the end users to keep their foot in the neutral position and offer cushioning to protect the foot from overuse. Increasing incidences of fracture has led to surge in demand for speedy restoration process post removal of the cast. In addition, growing need to support the weak limbs continues to boost sales of the orthopedic braces and supports globally. The orthopedic braces guide or control an injured body segment or joint and immobilizes or limits an extremity during foot injury.
Application of the orthopedic braces also witness significant demand for managing weight issues among obese people. Obese patients struggle to walk or move comfortably and conveniently due to unmanageable weight. In order to reduce the weight bearing, the orthopedic braces are increasingly used among the obese people.
Technological Advancements to Underscore Lucrative Growth Opportunities
Manufacturers in the orthopedic industry are increasingly focusing on designing the orthopedic braces in line with smart technology. Some of the recently launched orthopedic products equipped with smart technology include step smart braces, smart AFO braces and smart spine braces. Companies operating in this industry are focusing on product innovation and developments in order to gain a competitive edge over the other market players. In order to gain traction in the global market, the companies are designing the smart devices with features that enable the skin to breathe and avoid developing bad smell. Manufacturers are increasingly adopting anatomical modelling software applications and hypoallergenic materials for enhanced accuracy and efficiency in designing the product. As these devices are lightweight and water resistant, demand for the orthopedic devices is likely to increase in the healthcare industry.
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Hospitals to Represent a Leading Segment
With the growing prevalence of knee and leg injuries has led to an upsurge in demand for the knee braces & supports. On the basis of product type, the knee braces & supports is expected to generate significant revenues, accounting for a value of over US$ 500 Mn by the end of 2022. The knee braces & support product type segment is expected to register a robust CAGR throughout the forecast period.
Based on end users, the hospitals segment is expected to represent the highest revenue growth, recording a value of over US$ 500 Mn by the end of 2017. However, the ASCs end users segment is expected to register the highest CAGR through 2022.
Leading market players operating in the global orthopedic braces & support system market include Bauerfeind AG, Breg, Inc., BSN Medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Ossur hf., Otto Bock Healthcare GmbH, Promedics Orthopedics Ltd., Ascent Meditech Ltd. and Trulife Inc.