The global orthotic devices orthotic splints and orthopedic braces and support market is poised for substantial growth, with a projected Compound Annual Growth Rate (CAGR) of 4.8% from 2022 to 2032. This surge is attributed to several key factors, including demographic shifts such as the aging population, increased incidence of disabilities, and the rise in chronic and lifestyle diseases.
Orthotic devices play a vital role in supporting, preventing, aligning, and correcting the functioning of movable body parts, encompassing areas such as the neck, shoulder, wrist, knee, and ankle. They serve as indispensable aids in the treatment of a wide array of conditions, ranging from sports injuries to cerebral palsy and spinal cord injuries.
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The orthotic devices orthotic splints and orthopedic braces and support market primarily comprises two categories: splints and braces. Splints are primarily utilized to immobilize a joint or limb, whereas braces offer support and stability.
“The growing demand for orthotic devices orthotic splints and orthopedic braces and support market underscores the importance of advanced healthcare solutions in addressing diverse medical needs,” stated FMI. “As the market continues to evolve, innovation will play a pivotal role in meeting the rising demands for effective orthotic solutions.”
With technological advancements and an increasing emphasis on patient-centric care, the orthotic devices orthotic splints and orthopedic braces and support market is expected to witness significant expansion in the coming years.
Key Takeaways from the “Orthotic Devices Orthotic Splints and Orthopedic Braces and Support Market by 2022 to 2032” report:
- The global orthotic devices, orthotic splints, and orthopedic braces and support market is expected to grow at a CAGR of 4.8% from 2022 to 2032, reaching a value of US$ 10.3 billion by 2030.
- North America is the largest market for orthotic devices, orthotic splints, and orthopedic braces and support, accounting for over 40% of the global market share in 2022.
- The soft & elastic braces and supports segment is expected to account for the largest revenue share in 2022, owing to the increasing demand for these products for preventive care and post-operative support.
- The knee braces and supports segment is expected to grow at the highest CAGR during the forecast period, due to the increasing prevalence of knee injuries and osteoarthritis.
- The major factors driving the growth of the orthotic devices, orthotic splints, and orthopedic braces and support market include the rising prevalence of chronic diseases such as arthritis, osteoporosis, and diabetes; the increasing geriatric population; and the growing awareness of the benefits of orthotic devices for preventive care and rehabilitation.
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Competitive Analysis:
Market Players:
- DeRoyal Industries,
- Otto Bock Holding GmbH& Co.,
- Bauerfeind AG,
- DJO Inc.
With an extensive SWOT analysis, the FMI’s study presents the strengths, weaknesses, growth prospects and challenges of each player. The report also includes important data including the sales strategy, pricing strategy, and marketing strategy adopted by these players in the Orthotic Devices Orthotic Splints and Orthopedic Braces and Support market
Orthotic Devices Orthotic Splints and Orthopedic Braces and Support Market: Segmentation
Key Segments:
By Product:
- Knee
- Ankle
- Hip
- Spine
- Shoulder
- Neck
- Elbow
- Hand
- Wrist
By Category:
- Soft
- Hard
- Hinged
By Application:
- Ligament (ACL, LCL)
- Preventive
- OA
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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