Orthopedic Braces and Supports Market

The global Orthopedic Braces and Supports Market is valued at USD 4.12 Billion in 2023 and is projected to reach a value of USD 6.72 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 6.31 % between 2024 and 2032.

Key Highlights of Orthopedic Braces and Supports Market

• The market was mainly led by the North America region in 2023, accounting for 37.1% of the total market share
• The Asia Pacific market is expected to grow significantly from 2024 to 2032
• Based on Type, the Soft & Elastic Braces and Supports segment accounted for the largest market share in 2023
• On the basis of the Application, the Ligament Injury category accounted for about 37.5% of the market share in 2023
• Based on End-User, the Orthopedic Clinics category accounted for the market share of about 27.3% in 2023
• The key drivers of the Orthopedic Braces and Supports market are increasing technological progress, a growing number of sports-related traumatic injuries, an increase in the elderly population, and increased public awareness about preventive healthcare.

Orthopedic Braces and Supports Market: Regional Overview

The North America Orthopedic Braces and Supports market exhibited substantial dominance in 2023, capturing 37.1% of the revenue share.This dominance is mainly due to the presence of key market players and technologically advanced healthcare infrastructure in the U.S. and Canada. The region's leadership is bolstered by the prevalence of chronic conditions, leading to a rise in orthopedic surgeries. Additionally, the aging population, particularly those over 65, contributes significantly to this demand. For example, in the U.S., there are around 58 million adults in this age group. In Canada, approximately 130,000 people are waiting for orthopedic operations according to the Canadian Orthopedic Association (COA). Furthermore, the focus on research and development, along with innovative orthopedic technologies driven by collaborations between academia and the private sector, further propels market growth.

U.S. Orthopedic Braces and Supports Market Overview

The Orthopedic Braces and Supports market in the U.S., with a valuation of USD 1.26 Billion in 2023, is projected to reach around USD 2.04 Billion by 2032. This forecast indicates a substantial Compound Annual Growth Rate (CAGR) of 6.21 % from 2024 to 2032. Orthopedic issues rank high among reasons for seeking medical care in the U.S., with over 1.4 million knee and hip surgeries performed in 2022. Despite a slight dip in the number of orthopedic surgeons from 2022 to 2023, demand for their services is rising. This specialty remains highly desirable, attracting significant investment from medical device and pharmaceutical companies. Orthopedic surgeons not only contribute substantially to hospital revenues but also rank among the highest-paid specialists. Both established manufacturers and startups in Orthopedic Braces and Supports are drawing interest from global investors, solidifying the United States' position as a significant market player.

The global Orthopedic Braces and Supports market can be categorized as Product, Type, Application, End-User and Region.

Orthopedic Braces and Supports Market: Type Overview

In 2023, the global Orthopedic Braces and Supports market saw significant growth, particularly in the Soft & Elastic Braces and Supports segment, which held a dominant 77.3% share. The Testing segment is separated into Soft & Elastic Braces and Supports, Hard Braces and Supports, and Hinged Braces and Supports. This growth is driven by rising preference for soft braces in preventive and post-operative care, their lower cost compared to hard braces, favourable reimbursement scenarios, and their availability on e-commerce platforms and retail pharmacies. The demand surge for these braces is due to increased focus on comfort and flexibility, promoting patient compliance. Furthermore, innovations in materials and design technologies have led to the development of lightweight yet efficient soft braces, addressing various orthopedic conditions while ensuring greater mobility.

Orthopedic Braces and Supports Market: Application Overview

In 2023, the global Orthopedic Braces and Supports market experienced notable expansion led by the Ligament Injury segment accounting for 37.5% share. The Application segment is categorized into Subcutaneous, Intramuscular, Preventive Care, Ligament Injury, Post-operative Rehabilitation, Osteoarthritis, Compression Therapy, and Others. This growth is primarily driven by increased engagement in sports and athletic activities, alongside a rise in accidents worldwide. Moreover, the availability of medical reimbursement for ligament injuries has heightened demand for Orthopedic Braces and Supports. In the U.S. alone, over 30 million children and teens participate in organized sports, with more than 3.5 million injuries annually. Advancements in orthopedic technology have also contributed, with specialized braces providing targeted support for ligament injuries, catering to both active individuals and the growing elderly population susceptible to such injuries.

Orthopedic Braces and Supports Market: End-User Overview

In 2023, the global Orthopedic Braces and Supports market experienced notable growth, with the Orthopedic Clinics segment leading with a 27.3% share. The End-User segment is categorized into Orthopedic Clinics, Over the Counter (OTC), Hospitals, DME Dealers, and Others. This surge is fueled by the increasing number of orthopedic surgeons and the pivotal role orthopedic clinics play as primary healthcare providers for musculoskeletal pain. These clinics specialize in diagnosing, treating, and rehabilitating musculoskeletal conditions, boasting unparalleled expertise in orthopedic device selection and application. Staffed with skilled orthopedic clinicians, including surgeons and physiotherapists, these clinics offer tailored solutions backed by advanced diagnostic tools, resulting in enhanced patient outcomes and market expansion.

Key Trends

1. Utilization of 3D scanning, CAD, and additive manufacturing enables precise customization of orthopedic braces, catering to individual patient anatomies. This trend enhances comfort and efficacy, driving market growth.
2. Integration of advanced biomechanical studies and computational modeling results in orthopedic braces that mimic natural joint movements. Enhanced functionality with support and natural motion drives demand for these braces in the market.
3. February 2023, the new OSSIOfiber Compression Staple, the next step towards becoming a gold standard for orthopedic fixations, has been introduced by OSSIO, Inc. OSSIO’s fifth product family, OSSIOfiber® Compression Staples, allow surgeons to evolve to stronger, bio-integrative compression.
4. Smart braces equipped with sensors and accelerometers offer real-time data on biomechanics and patient movement. This trend aids healthcare professionals in assessing patient progress and optimizing treatment plans, fueling market expansion.
5. With a preference for non-invasive treatment methods, orthopedic braces are increasingly sought after for managing various musculoskeletal conditions without resorting to surgery. This trend boosts demand for braces and supports in the market.

Premium Insights

The Orthopedic Braces and Supports market showcases a dynamic landscape driven by innovation and increased investment in product development. Tynor Orthotics made a significant Rs. 800 crore investment in a state-of-the-art manufacturing facility in Punjab, India, in December 2023. In Asia Pacific rising obesity rates, a growing elderly population, and increased healthcare spending, particularly in China and Japan fuel market demand. However, stringent regulatory frameworks, such as the new European Union Commission's medical device regulation, pose challenges, requiring extensive safety enhancements and post-market surveillance. Additionally, the prevalence of osteoarthritis, highlighted by the CDC projecting 78 million U.S. adults to be diagnosed by 2040, remains a key driver for Orthopedic Braces and Supports demand worldwide.

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Market Dynamics

The global Orthopedic Braces and Supports market is thriving due to advancements in materials and design, resulting in lightweight, durable, and hypoallergenic products. The rapidly ageing population in the US, with almost 45 million people over 65 years of age expected to reach 98 million by 2060, will further strengthen the market. As older adults experience biological changes and an increased likelihood of orthopedic injuries, the demand for such products rises. Additionally, there's a growing awareness among individuals about the benefits of orthopedic devices for pain management and musculoskeletal health.

The market sees significant growth driven by the escalating incidences of musculoskeletal disorders globally, affecting approximately 1.71 billion people. Musculoskeletal conditions are a leading cause of disability worldwide, with low back pain alone being the primary cause in 160 countries. Moreover, the prevalence of osteoarthritis, affecting 1 in 3 older adults, underscores the necessity for effective non-surgical solutions. Furthermore, the increasing awareness of early intervention and injury prevention encourages individuals to seek Orthopedic Braces and Supports, not only to reduce injury risks but also to enhance performance.

Competitive Landscape

In the global Orthopedic Braces and Supports market, major players are implementing strategic initiatives to fortify their positions and uphold dominance. These efforts involve investing in R&D for innovative products tailored to specific conditions and consumer needs. Additionally, companies are pursuing acquisition strategies to enhance their market presence and product offerings. For example, Ultra Ankle and Tandem Sport formed a partnership in May 2022 to capitalize on the expanding North American volleyball market, demonstrating a trend toward collaborative growth strategies within the industry.

Recent Market Developments

• In January 2024, The Don was launched by Enovis DjO. Joy Roam OA knee brace for osteoarthritis or any knee pain and instability. To reduce pain, improve stability, and assist in dynamic mobility, Roam OA uses an unloader technology that removes the pressure of unicompartmental osteoarthritis from the affected knee by shifting weight away.
• In January 2024, OrthoPediatrics Corp. acquired Boston Orthotics & Prosthetics, a pediatric orthotic management company. This acquisition expands our company's launched OrthoPediatrics Specialty Bracing division.
• In September 2023, Enovis Corporation announced a definitive agreement to acquire LimaCorporate S.p.A., a privately held orthopedic company. Lima's technological solutions, including digital innovation and patient-tailored hardware, are developed to empower surgeons and improve patient outcomes following joint replacement surgery. By acquiring this company, Enovis Corporation can increase its product portfolio and business revenues.