Future Market Insights (FMI), in its latest report, has revised the global orthopedic braces market growth projection to 6.1% CAGR through 2030. This revised projection considers the sluggishness induced due to the COVID-19 pandemic.
Advancements in orthopedic braces and support market have offered umpteen benefits, bringing substantial improvements in average quality of life and lifespans.
Tech-driven innovation holds true potential for market players to enhance the understanding of patients, thus enabling at-scale convenience and individualized care.
The healthcare industry is embracing technological intervention with digital health, virtual health, and telehealth to treat patients.
Such trends are emerging as a potential disruptor in the orthopedic braces and support market, which has been facing the brunt of the COVID-19 pandemic.
Key Takeaways of Orthopedic Braces and Support Market Study
- The orthopedic braces and support market to grow at robust 6.1% CAGR through 2030
- Lower extremity products to capture around 70% revenue share; knee braces and supports to lead the way
- East and South Asia to represent potential growth avenues for market players
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COVID-19 Impact on Orthopedic Braces and Support Market
The COVID-19 pandemic has affected every facet of the healthcare industry including, orthopedic braces and supports.
Regular orthopaedic practice has been considerably impacted by the pandemic.
Surgery schedules have been revamped, with elective cases being instantly delayed or cancelled and urgent cases demanding huge attention, particularly in suspected or confirmed COVID-19 cases.
This is having a measurable impact on inpatient management, accenting the need for dedicated personnel, patient quarantine and limited visiting hour regulation.
On the flip side, outpatient visits have been restricted to avoid contacts between patients and the hospital staff, with notable implications on post-operative quality of care delivery and healthcare professionals.
The pandemic has rapidly spurred the adoption of telehealth options such as performing non-urgent check-ups and post-operative visits via electronic mediums instead of in-person.
Visits are being organized by video or by phone. This sudden adoption of telemedicine has triggered a process that would have, otherwise, taken far longer to execute on such a global level.
Orthopedic Braces and Support Market – Competitive Intelligence
The global orthopedic braces and support market is slightly fragmented with presence of limited number of prominent players and large number of small- and medium-scale players. In order to sustain their customer base, market players are investing in product launches.
In addition to this, market players are also cashing in on acquisitions in a bid to expand their regional foothold. For instance, 3M has taken on Acelity Inc. and its KCI subsidiaries across the world to expand its offerings in advanced wound care.
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