Knee Braces Market
By Type (Hard Braces and Support, Soft and Elastic Braces Support, Hinged Braces and Support),
By Application (Sports, Ligaments, Arthritis, Others),
By Product (Functional Knee Braces, Unloader Knee Braces, Prophylactic Knee Braces, Rehabilitative Knee Braces),
By End Use (Hospitals, Orthopedic Clinics, Rehabilitation Centers, Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global knee braces market is to be worth more than USD 3.38 billion by 2033.
The growth of knee support brace systems can be attributed to a variety of factors, including rising knowledge of preventive support systems during sports participation, an increase in the number of accidents resulting in a high rate of knee issues, and an older population with a higher incidence of arthritic patient populations. Moreover, the rising occurrence of osteoarthritis, an aging population, and expanding knowledge of knee braces for arthritis and injuries are the primary drivers driving future growth. According to the World Health Organization, osteoarthritis will impact more than 20% of the world's over-60-year-old demographic, or approximately 130 million people, by 2050. Musculoskeletal issues have high health and societal consequences. Additionally, Expanding disposable income and a higher adoption rate of modern technology in hospitals and orthopedic centers in developed countries are leading to earlier diagnosis and growing adoption of orthopedic braces and support structures, which are responsible for the market growth.
The companies keep a strong position in the global knee braces marketplace owing to significant R&D investment expenditures and contract extension connections with clients. Manufacturers of knee braces are growing production by investing in terms of technology-improved items all around the world. For instance, In February 2019, Breg, Inc., a leading producer of sports medicine products and services, announced the release of the Breg QuantumTM OA, its latest unloader knee braces for mild to severe osteoarthritis. Quantum combines technology and usability, combining dynamic emptying with a clean and straightforward design. It has been meticulously designed to fulfill the needs of orthopedic practitioners seeking pain-relieving osteoarthritis brace for their patient populations.
According to the CXOs and primary research conducted, Major firms are also producing adjustable braces with a simplified user interface while considering client preferences. They're also doing away with laces in favor of Velcro and pulley systems, which will make application and customization easier. This, together with the increasing prevalence of minor and major musculoskeletal deformities and dysfunctions caused by people's hurried lifestyles, is driving market expansion. Furthermore, the growing acceptability of robotic-assisted knee surgery will result in a global increase in use. The high prevalence of knee osteoarthritis will create several prospects for expansion for industry participants.
The knee braces market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to grow rapidly during the forecast period due to improved healthcare infrastructure and rising disposable income, particularly in developing countries such as China and India, which are also major manufacturing hubs for knee bracing goods, including metal-on-metal (MOE) devices used primarily for prophylaxis or rehabilitation. The major companies operating within the market are 3M Company, Bauerfeind AG, Colfax Corporation, Johnson & Johnson Services Inc., Mueller Sports Medicine, Inc., McDavid, Inc.,Medi GmbH & Co. KG, Otto Bock Healthcare GmbH, Ossur Corporate, Zimmer Inc