The global orthopedic braces and support system market was valued at around US$ 3 Bn in 2020, which amounts to around 11% share of the overall orthopedic devices market. Sales of orthopedic braces and support systems are slated to accelerate at a CAGR of 6% to top US$ 5.5 Bn by 2031. Demand for knee braces and supports is set to increase at a CAGR of 5% across the assessment period of 2021 to 2031.
Key Takeaways from Market Study
- Global orthopedic braces and support system market to top US$ 5.5 Bn by 2031.
- Knee braces and supports projected to reach around US$ 2.7 Bn by 2031.
- Ankle braces and supports projected to record above 4% CAGR over next 10 years.
- Market in North America holds share of more than 40%.
- Market in France expected to reach valuation of US$ 700 Mn by 2031.
- Market in Australia to record 3% CAGR over forecast period of 2021- 2031.
“Application of orthopedic braces enables controlling and guiding a joint or injured body part to limit or immobilize extremities during a foot injury, and demand for a faster restoration process of fractures after removing the cast continues to contribute towards high demand for orthopedic braces & support systems,” says a Fact.MR analyst.
Key manufacturers of orthopedic braces and support systems are investing in innovation and diversification to accelerate sales growth, extend customer reach, and improve customer retention and loyalty. Partnerships and collaborations are two of the most popular ways for companies to increase their market share.
- In July 2020, Thuasne announced the launch of its ActionReliever, a prescription-only arthritis knee brace. This is a low-cost option that can help individuals with unicompartmental knee arthritis avoid or postpone surgery.