Asia-Pacific (APAC) Orthopedic Braces and Supports Market, By Product (Knee Braces & supports, Foot & Ankle Braces and Supports, Spinal Orthoses, Upper Extremity Braces and Supports, Leg Walkers), By End-User (Orthopedic Clinics and Hospitals), By Country (Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of APAC) - Trends and Forecast to 2024
The APAC Orthopedic Braces and Supports Market accounted for USD 547.1 million in 2016 and is expected to reach USD 1112.9 million by 2024, growing at a CAGR of 7.3% during the forecast period of 2017 to 2024. The report includes the market value, volume and average selling price of orthopedic braces and supports market.
The APAC orthopedic braces and supports market is driven by the rising population of geriatric population globally. Some of the major healthcare condition driving this market is osteoarthritis, sports injuries, other traumatic wounds, orthopedic surgeries, obesity and osteoporosis. Manufacturers and suppliers developing and promoting braces and supports for prophylactic and performance-enhancing products are expected to fueling the market revenue. A new trend of increasing sales of orthopedic braces and supports via e-commerce is expected to become the biggest sales channel for these devices by 2025. Also stock and bill programs allow manufacturers to bill insurers directly another positive factor for this markets growth.
The increasing trend of lifestyle activities in the elderly populations has caused to a rising incidence of osteoarthritis and the increasing awareness of braces and supports will definitely create growth in this market more than what is expected. Also larger the customer base larger is the main focus of this market, the user pool is mostly of geriatric population but the spread into other age’s population is the new market goal.
The APAC orthopedic braces and supports market is segmented into type knee braces and supports, foot and ankle braces and supports, spinal orthoses, upper extremity braces and supports and Leg walkers, and by end-user hospitals, orthopedic clinics and others.
The knee braces and supports market is segmented into 4 product types knee support, knee braces for osteoarthritis, knee braces for ligament injury and post-operative knee braces.
Based on geography the market is segmented into Japan, China, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, and Rest of APAC.
The APAC market for orthopedic braces and supports is crowded with a large number of manufacturers, including Chinese companies which are majorly dominant in China and South Asian countries. Some of the major players operating in this market are DJO Global, Ossur Corporate, Bauerfeind AG, Breg, Inc., BSN Medical GmbH, DeRoyal Industries, Inc., Otto Bock Healthcare GmbH, Alcare Company Ltd., Oppo Medical, Trulife among other vernacular players. Ottobock Healthcare dominates the APAC market with 10.2% market share.