|Status : Published||Published On : Sep, 2021||Report Code : VRHC1215||Industry : Healthcare||Available Format :||Page : 106|
The global knee braces market was valued at USD 1.7 billion in 2020 and is expected to grow at a CAGR of 5.2% during the forecast period (2021–2027). The market is growing at a significant rate, due to the increasing occurrence of orthopedic diseases and disorders and expanding the geriatric population. Different types such as functional knee braces, prophylactic knee braces, unloader knee braces, and rehabilitative knee braces contributed to the knee braces market size. The market has witnessed continuous demand for functional knee braces in the coming years due to enhance knee stability and function offered by functional knee braces.
Knee braces are the medical assistances used for the inhibition of the knee injury during the sports activities or fall and decrease of the pain caused owing to the medical conditions such as osteoarthritis, tendonitis and other knee injuries. Moreover, knee braces are used to protect any unwanted movement during any sports activity.
Insight by Type
On the basis of type, the global knee braces market is categorized into functional knee braces, prophylactic knee braces, unloader knee braces, and rehabilitative knee braces. Of all types, functional knee braces and prophylactic knee braces segment is expected to grow at the fastest rate in the market. In addition, the functional knee braces segment accounted for the largest share in the market, owing to enhance knee stability and function offered by functional knee braces to people with ACL injuries.
Insight by Application
On the basis of application, the global knee braces market is segmented into ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, and compression therapy. Of all the applications, the ligament injury accounted foremost share in the knee braces market in 2020, owing to a mounting number of accidents, and the escalating number of participations in sports activities.
Insight by End User
On the basis of end-user, the global knee braces market is categorized into hospitals and surgical centers, orthopedic clinics, and others. Of all the end-users, the hospitals and surgical centers accounted for a foremost share in the knee braces market in 2020, owing to the increasing number of orthopedic knee surgical procedures that require post-operative surgical rehabilitation.
Mounting alertness and adoption of orthopedic braces is the major trend in the global knee braces market.
The mounting occurrence of orthopedic knee disease and disorders such as osteoarthritis, escalating number of sports-related injuries and accident-related injuries, and expanding geriatric population are the primary growth drivers for the knee braces market. For instance, according to the World Population Ageing by United Nations in 2015, the number of people aged 65 years or older is expected to grow from approximately 901 million in 2015 to nearly 1.4 billion in 2050, with the maximum increase in the developing countries.
The escalating number of orthopedic knees surgeries related with injuries such as sprained medial knee ligament, posterior cruciate ligament rupture, anterior cruciate ligament rupture, and patella tendonitis abundant product affordability, increasing alertness regarding the preventive support system, and increasing healthcare expenditure are also facilitating the growth for the knee braces market.
Substantial acceptance of pain medication, inadequate patient experience for bracing facilitated orthopedic treatment, and inadequate clinical evidence to aid the therapeutic effectiveness of orthopedic braces are the major challenges for the growth of the knee braces market.
Increasing promotional activities by the key product manufacturers, escalating sales of online products, and escalating the number of clinical studies on knee braces over ACDF surgeries is the opportunities for the global knee braces market.
Geographically, North America is the largest knee braces market as in the region, owing to the increasing prevalence of orthopedic knee disorder and diseases such as osteoarthritis and meniscal injuries. In addition, growing geriatric population, and increasing healthcare expenditure are also up surging the growth of the North American knee brace market.
Asia-Pacific is observed to witness the fastest growth in the market, due to the growing geriatric population, and the increasing occurrence of orthopedic knee diseases and disorders. In addition, the mounting number of orthopedic surgical procedures, escalating awareness of preventive care, and increasing healthcare expenditure are also creating a positive impact on the knee braces market growth in the region.
Key players in the knee braces market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe. In February 2019, Breg, Inc., launched Breg Quantum OA, a next-generation knee brace for mild to severe osteoarthritis. In addition, in January 2019, Leatt Corporation launched Z-Frame knee brace, for active unloading in a sleek and intuitive design.
Some of the key players operating in the global knee braces market are Breg, Inc., 3M Co, Mueller Sports Medicine Inc., REH4MAT Slawomir Wronski, Leatt Corporation, DeRoyal Industries Inc., Orthofix Holdings Inc., and medi GmbH & Co. KG.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry include CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end-user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research