Major players in the orthopedic braces and support devices and equipment market are DJO Global, Bauerfeind AG, Otto Bock Healthcare GmbH, Breg, Inc. and Ossur Hf. The global orthopedic braces and support devices and equipment market is expected to decline from $4.
New York, Sept. 24, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Orthopedic Braces And Support Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery" - https://www.reportlinker.com/p05967814/?utm_source=GNW
1 billion in 2019 to $3.2 billion in 2020 at a compound annual growth rate (CAGR) of -21.8%. The decline is mainly due to COVID-19 outbreak and the measures to contain it. Several medical care facilities in affected countries have been completely closed or have been only providing minimal treatment for emergency cases. The orthopedic surgeries have been postponed and in some cases cancelled due the nations lockdown. The restrictions on non-essential medical services including orthopedic services coupled with slowed production of orthopedic devices and implants due to extending factory closures in various countries is contributing to the markable decline in the market growth. The market is then expected to recover and grow at a CAGR of 5.9% from 2021 and reach $5.1 billion in 2023.
The orthopedic braces and support devices and equipment market consists of sales of orthopedic braces and support devices and equipment and related services. Orthopedic braces and support systems are primarily used in injury prevention, injury rehabilitation, post-operative care and osteoarthritic care. These are also used to protect, support and strengthen the joints and muscles and are used by atheltes to prevent themselves from injuries. The orthopedic braces and support devices and equipment market is segmented into lower extremity braces, upper extremity braces and back and hip braces.
The North American region accounts for about 50% of the global orthopedic braces and support devices and equipment. During the forecast period, Asia Pacific region is expected to be the fastest growing market.
On 19 November 2018, Colfax acquired DJO Global for $3.15 Billion. Colfax aims at creating a new platform for itself in orthopedic solution market as DJO Global is a leader in braces and support devices it brings a plethora of opportunities for Colfax to diversify product portfolio, gain end-market exposure and increase profitability. DJO manufactures a variety of orthopedic products for rehabilitation and physical therapy. It was founded in 1978 and headquartered in California, USA.
Due to increase in the demand for orthopedic braces and support devices and equipment, various companies are adapting themselves to use the innovative technologies such as bionic energy savers to solve problems related to injuries in knee, arms or any other movable part of the body. For example, Spring loaded technology uses LevitationTM bionic knee brace that enhances mobility and provides strength to legs by storing energy when a person sits or rests. These technologies are providing better quality life to people and positively impacts growth of the market.
In March 2018, 3M’s consumer health care division issued orders to recall ankle braces and supports as the product contained undeclared natural latex rubber which may lead to allergic reactions in a few users. FDA ranked the recall as class 2, which are labelled as products causing a temporary health issue or pose a risk of minimal adversity. Thus, any product recall may hamper the market’s growth as it would create a negative feedback regarding the product and people would hesitate to use the products.
Rise in geriatric population is driving the orthopedic braces and support devices and equipment market. Elderly people are more prone to injuries as their bones and connective tissues weakens with age. For example, In US 70% of the population aged between 50-70 years suffers from osteoarthritis and is likely to increase further in the forecast period. This is one of the major contributing factor for the growth of this market. High adoption of pain medications worldwide restraints the growth of orthopedic braces and support devices market. As more amount of people rely on pain killers for pains related to orthopedic disorders instead of adopting the use of a proper support device/braces. For example, Americans consume 80% of the world supply of painkillers including painkillers for Orthopedic treatments, thereby, hindering the orthopedic braces and support devices and equipment market.
Read the full report: https://www.reportlinker.com/p05967814/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001