A latest revised market intelligence report from Future Market Insights (FMI) on global orthopaedic braces market projects growth to 6.1 per cent CAGR through 2030. This revised projection considers the sluggishness induced due to the COVID-19 pandemic.
Advancements in orthopaedic 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 individualised 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 orthopaedic braces and support market, which has been facing the brunt of the COVID-19 pandemic.
Key takeaways of the orthopaedic braces and support market study
- The orthopaedic braces and support market to grow at robust 6.1 per cent CAGR through 2030
- Lower extremity products to capture around 70 per cent 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 the human torso simulator is opening the door for back brace innovations. The simulator allows development of new back braces that are optimised to restrict specific motions, yet allowing for other movements. Moreover, it can assist with the design of braces and supports with targeted constraint of movement,” says the analyst.
COVID-19 impact on the orthopaedic braces and support market
The COVID-19 pandemic has affected every facet of the healthcare industry including, orthopaedic 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 organised 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.
Orthopaedic braces and support market – Competitive intelligence
The global orthopaedic 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.
These insights are based on a report on Orthopedic Braces and Support Market by Future Market Insights