FMI Revises Orthopedic Braces and Support Market Outlook to 6.1% CAGR on Account of COVID-19 Impact

Jul 30,2020 | Healthcare, Pharmaceuticals and Medical devices

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

Recent tech-driven innovations such as human torso simulator is opening door back brace innovations. The simulator allows development of new back braces that are optimized to restrict specific motions yet allowing for other movements. Moreover, it can assist with design of braces and supports with targeted constraint of movement,” says the analyst at FMI.

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.

For More Detailed Insights on Orthopedic Braces and Support Market

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.

  • Otto Bock Healthcare has rolled out Agilium® Vantage, a low-key, wraparound knee brace, that is developed for delivering prolonged pain relief for patients having mild unicompartmental osteoarthritis (OA)
  • Breg Inc. has developed Breg Quantum™  OA for mild to severe OA in a bid to satiate the need for pain management in arthritic patients

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.

Want more insights?

FMI, in its new market research study, offers an unbiased assessment of the orthopaedic braces and support market which comprises global industry analysis for 2015–2019 and opportunity assessment for the 2020–2030. The report delivers complete analysis on orthopaedic braces and support market through three different categories – by product, by distribution channel, and region.

The global orthopaedic braces and support market study provides insights of pricing by different life cycle analysis, product life cycle, key market trends and technologies that are being implemented in the development of orthopaedic braces and supports and product adoption in various end-use industries

About Healthcare division of FMI

The Healthcare team at Future Market Insights has consistently tracked and analyzed rapidly evolving trends and developments in the global healthcare industry, encompassing pharmaceuticals and medical devices markets. The team facilitates corporates, government, investors, and associated audiences in the healthcare sector to identify and accentuate vital aspects applicable to product strategy, regulatory landscape, technology evolution, and other crucial issues to achieve sustainable success. Our unique approach to gathering market intelligence equips you in devising innovation-driven trajectories for your business. Know more about our sector coverage.

About Future Market Insights (FMI)

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centres in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously track emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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