Market Trends of Orthopedic Braces And Supports Industry
Spinal Braces and Supports Segment is Expected to Witness Significant Growth Over the Forecast Period
Spinal orthoses or braces are appliances used to correct and support the spine. These provide support and protection to the spine in many ways. Spinal orthotics include bracing to support or correct various conditions caused by injury or illness in the cervical, thoracic, lumbar, and sacral vertebral columns.
The spinal braces and supports segment is expected to witness significant growth in the orthopedic braces and supports market over the forecast period. It is due to factors such as the rising prevalence of osteoporosis, the increasing geriatric population, and growing company activities. For instance, according to an article published in the Journal of Orthopedic and Research in October 2021, it was observed that the prevalence of osteoporosis in the world ranged between 15% to 18.3%, and women aged 50 years and above are more likely to develop osteoporosis than the normal population.
Furthermore, the rising launches of spinal braces and support products in the market are also contributing to the market growth. For instance, in February 2021, Breg, Inc. launched two new lines of spinal orthoses, Pinnacle and Ascend, with 15 new products designed to elevate care for patients with spinal injuries. This launch assists the company in expanding its portfolio by manufacturing major orthopedic bracing products such as upper and lower extremity braces, walker boots, and cold therapy devices.
Therefore, owing to the factors above, the studied segment is expected to grow over the forecast period.
North America is Expected to hold the Significant Market Share Over the Forecast Period
North America is expected to hold a significant market share over the forecast period due to rising musculoskeletal disorders and orthopedic fractures, a growing geriatric population, and an increasing burden of road and sport-related injuries. It is also due to the presence of a well-established healthcare infrastructure along with high healthcare spending.
The incidence of sport-related injuries among the population is increasing in the region due to the increasing number of sports events and competitions, especially in the United States. It is anticipated to increase the demand for various braces and supports that help reduce pain and increase the healing rate. For instance, as per the data published by GJEL, in June 2022, the five most dangerous sports that caused the highest number of injuries in 2021 are basketball with 2,823 injury cases, American football with 1,719, soccer with 1,289, baseball with 347 and boxing with 247 injury cases.
Additionally, according to the United States Department of Transportation's National Highway Traffic Safety Administration 2021 data, an estimated 20,070 traffic fatalities occurred in the first half of 2021 in the United States, an increase of 18.4% from the previous year. Thus, the high burden of road injuries raises the risk of fractures and other musculoskeletal problems. It is anticipated to fuel the demand for advanced orthopedic braces and supports in the region, bolstering the market growth.
Furthermore, the rising number of musculoskeletal disorders among the population, especially older people, propels the demand for orthopedic support and braces that help them during walking and reduce pain, contributing to the market growth. For instance, according to the 2022 statistics published by Osteoporosis Canada, about 2.3 million people were living in Canada in 2022, and about 80% of all fractures in people aged 50 years and above are caused by osteoporosis.
Moreover, the increasing product launches in the region are also contributing to the market growth. For instance, in May 2022, Ultra Athlete, LLC, DBA Ultra Ankle, entered into a partnership agreement with Tandem Sport to accelerate growth for both companies in the fast-growing North American volleyball market. It adds Ultra Ankle's renowned ankle brace product line to the extensive catalog of volleyball products carried by Tandem Sport. Also, in June 2021, TayCo Brace, a South Bend-based medical device startup, raised more than USD 1 million in seed round funding to further its development of orthotic devices, including an ankle brace.
Therefore, owing to the factors above, the studied market is expected to grow over the forecast period.
