According to the new market research report “Orthopedic Braces and Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Neck, Elbow, Hand, Wrist), Category (Soft, Hard, Hinged), Application (Ligament (ACL, LCL), Preventive, OA), Distribution (Hospital) & Region – Global Forecast to 2025″, published by MarketsandMarkets™, the Orthopedic Braces Market size is estimated to be USD 3.1 billion in 2020 and projected to reach USD 4.1 billion by 2025, at a CAGR of 5.8 %.Browse in-depth TOC on “Orthopedic Braces and Supports Market”280 – Tables30 – Figures374 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=24806829The Increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, greater product affordability & market availability, rising number of sports and accident-related injuries, and growing public awareness related to preventive care are the key factors driving the growth of the orthopedic braces and supports industry.The Orthopedic Braces And Supports Market includes major Tier I and II suppliers like DJO Finance LLC (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), and DeRoyal Industries, Inc. (US).
These suppliers have their manufacturing facilities spread across regions such as North America and Europe.
COVID-19 has impacted their businesses as well.
Demand for orthopedic braces and supports from key end-users has significantly declined amidst the global COVID-19 pandemic.
Industry experts believe that COVID-19 will have short-term negative growth for the orthopedics and supports market in 2020, but will experience normal growth as the market gradually steadies by the end of 2020.Demand for knee braces and supports among medical professionals and athletes is expected to result in the segment occupying the majority of the market shareThe knee braces and supports market is estimated to have the largest market share by value.
Growth of this segment can be attributed to the growing demand for knee braces & supports among medical professionals and athletes and favorable reimbursement scenario for knee braces in developed countries.