The global orthopedic braces and supports (orthotics) market will rise in value from $2.56 billion in 2014 to reach just under $3.5 billion by 2021, largely driven by an aging population and patient preference for braces and supports as non-invasive treatment options.
Reportstack’s latest report "MediPoint: Orthotic and Prosthetic (O&P) Devices - Global Analysis and Market Forecasts" states that this increase, which will occur across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, India, China, and Brazil, represents a moderate Compound Annual Growth Rate (CAGR) of 4.6%. The US will continue to dominate the orthotics space, retaining over 50% of the market share throughout the forecast period.
One of the Analyst covering Medical Devices, the expanding utilization of braces and supports reflects the growing proportion of the population likely to benefit from their use, namely post-operative patients and the elderly.
Complete report available @ MediPoint: Orthotic and Prosthetic (O&P) Devices - Global Analysis and Market Forecasts
“Braces are increasingly being adopted worldwide thanks to their dynamic therapeutic approach, especially in fracture treatment and post-operative rehabilitation. While the market is dominated by knee braces, upper extremity braces are expected to grow at the fastest rate during the forecast period, at a CAGR of 5.1%.
“However, developing countries with little to no reimbursement for patients requiring expensive custom devices will restrict market growth.”
The analyst adds that as the number of indications for which braces are employed expands, manufacturers are taking advantage and broadening their product portfolios to include devices tailored to specific indications.
“While the global orthotics market is fragmented and composed of many smaller players, major companies that have made a name for themselves do hold large shares in this space courtesy of their known and trusted brands. These include DJO, Bauerfeind, Breg, Ossur, and Ottobock.
“Smaller manufacturers tend to be most successful in developing markets, where it is cheaper to use local products rather than import branded devices.”
However, key opinion leaders noted that there is a lack of brand loyalty in orthotics, as physicians require access to as many different options as possible to meet a diverse range of patient needs, indicating that opportunities remain for new players to enter this therapy area.
Key questions answered in this report:
What is the current and future market outlook in the developed and emerging markets? What trends are affecting the global market?
Which are the key, high growth markets that manufacturers should expand into? Which markets are growing the fastest, and what are the top-selling products in each segment?
What are the unmet needs with products currently on the market? How will emerging technologies fulfill these unmet needs?
What clinical factors and technical specifications influence a physician to use one type of brace or prosthetic device over another? What is the physician’s perception and market outlook?
With the development of next-generation products, what aspects of the technology are device manufacturers focused on optimizing? How will new entrants impact the global market?
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