Orthopedic Support Systems Market Worth $5.91 Billion by 2030 - Exclusive Report by The Insight Partners
The Insight Partners
6 min read
The Insight Partners
The global orthopedic support systems market is growing at a CAGR of 8.2% during 2022–2030.
Pune, India, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Orthopedic support systems help with pain and immobility in the hands, elbows, back, shoulders, knees, or ankles. Orthopedic braces and supports are one such support system that safeguard, stabilize, support, and improve injuries or abnormal alignment via the method of rehabilitation and recovery. These functions are used for osteoarthritic care, injury rehabilitation, injury prevention, and post-operative care. The increasing incidence of sports-related injuries, the rise in geriatric population, and the rising prevalence of orthopedic diseases and disorders are the major factors contributing to the growing orthopedic support systems market size. However, the high cost of products is the major factor hindering the orthopedic support systems market growth.
According to our new research study on “Orthopedic Support Systems Market covers analysis By Product (Braces, Splint, Bandage & Sleeves, and Strap), Patient (Adult and Paediatric), Application (Upper Body Extremities and Lower Body Extremities), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America),” the orthopedic support systems market size is expected to reach $5.91 billion by 2030 from $3.13 billion in 2022; it is estimated to grow at a CAGR of 8.2% during 2022–2030.
Global Orthopedic Support Systems Market: Competitive Landscape and Key Developments Breg, Inc; DeRoyal Industries, Inc; Enovis Corporation; Bauerfeind AG; Otto Bock Healthcare GmbH; Ossur Corporate; medi GmbH & Co. KG; Boston Orthotics & Prosthetics; Essity Health & Medical (BSN medical, Inc); and ALCARE Co., Ltd are some of the key companies operating in the orthopedic support systems market. These companies adopt various strategic activities, such as product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global orthopedic support systems market are mentioned below:
In June 2021, TayCo Brace raised more than US$1 million in seed round funding to enhance its development of orthotic devices, including an ankle brace which is currently gaining popularity among teams in the NFL. The devices are used by about 65 NCAA teams, 17 NFL teams, and medical providers in 47 states.
In February 2023, OSSIO, Inc. introduced the new OSSIOfiber Compression Staple, which is the next step towards becoming the gold standard in orthopedic fixation. OSSIOfiber allows surgeons to evolve to stronger, bio-integrative compression and provide solutions for several midfoot and hindfoot procedures, including Lapidus fusions, and procedures associated with flatfoot correction.
Asia Pacific is expected to register the fastest growth rate in the orthopedic support systems market during the coming years. The market's growth is determined by the growing elderly population, increasing patient pool of osteoarthritis, rising awareness about the orthopedic braces and support systems among the people, and a growing number of market players undergoing various strategic activities to boost their reach in the region. World Population Prospects predicted in 2019 that the proportion of people aged 65 years and above in Japan would increase from 28% to 38% by 2050.
Rising Geriatric Population to Propel Global Orthopedic Support Systems Market Growth During 2022–2030: As per the United Nations World Population Ageing Report, the global population aged 65 years and above reached 727 million in 2020. The population of elderly people around the world is projected to more than double over the next three decades, reaching ~1.5 billion by 2050. According to the Technical Group on Population Projections for India and States 2011–2036, the population of elderly people will reach ∼138 million in India by 2031 (67 million men and 71 million women), up from the current 117 million population. As per the data published by the Fraser Institute, the share of Canada’s population aged 65 or older increased from 14% in 2010 to 19% in 2022 and is expected to reach 22.5% by 2030. As per the United Nations, 46% of people aged 60 and above are affected by disabilities globally, and ~250 million people suffer from moderate to severe disabilities. The increase in health risks contributes to high disability rates among older people.
Moreover, as per the article “Orthopedic Problems in Senior Citizens: Diagnosis and Treatment Options,” posted in October 2022, about 50% of people aged 65 or above experience orthopedic pain. Osteoporosis, arthritis, and fractures are the common issues faced by older patients. In addition, according to the National Psoriasis Foundation, 2020, about 3% of the worldwide population has psoriatic arthritis. According to the Global RA Network, 2021, ~350 million people have arthritis globally, and ~32.5 million US adults have osteoarthritis, as well as 1.36 million US adults, suffer from rheumatoid arthritis. Per the data published by the Spondylitis Association of America, spondyloarthritis is found in ~2.7 million people in America, which is 1 in 100.
Knee replacement surgeries are performed on seniors to treat their deteriorating joints. It is among the most commonly performed orthopedic procedures. The rise in conditions such as rheumatoid arthritis, osteoporosis, and others are driving the number of surgeries. The demand for post-operative orthopedic braces and supports is growing as the braces and supports are used to provide support and strength and help maintain the body's proper posture. Thus, with the increase in elderly population suffering from various orthopedic disorders, the need and demand for types of orthopedic support systems arises, favoring the growth of the orthopedic support systems market.
Global Orthopedic Support Systems Market: Segmental Overview The “Global Orthopedic Support Systems Market” is segmented based on product, patient, application, and geography. Based on patient, the orthopedic support systems market is segmented into adult and paediatric. The paediatric segment held the largest market share in 2022, owing to the rising number of child injuries. Child injuries are a growing global health problem and require immediate attention. Unintentional injuries make up for 90% of child injuries. These injuries are a significant healthcare problem that needs immediate attention. Moreover, the number of children born with musculoskeletal and bone disorders such as spinal and limb deformities is rapidly growing, elevating the need for orthopedic support systems worldwide to treat the pediatric patient population. In addition, the growing enthusiasm among the pediatric population to participate in sports activities is associated with sports-related injuries. Thus, owing to these factors, the demand for orthopedic support systems among these patients rises, propelling the growth of orthopedic support systems market during the forecast period.
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