The Orthopedic Braces and Supports Market market was valued at approximately USD 4,152 million in 2020. The market is expected to reach USD 5,692 million by 2026, registering a CAGR of nearly 5.4% during the forecast period.
In 2020, due to COVID-19, orthopedic surgeries have been delayed, which led to a decline in the consumption of orthopedic braces and supports. As per the data provided by the University of Birmingham, published in the British Journal of Surgery in May 2020, about 6.3 million orthopedic surgeries were postponed or canceled worldwide due to COVID-19. Along with that in a few regions, the orthopedic and small hospitals were shut down or their operations had been limited, and other hospitals were being converted to containment facilities and treatment wards for COVID-19 patients, which is expected to impact the studied market.
Ankle and Foot Braces are Expected to Witness Healthy Growth Over the Forecast Period
Ankle and foot fractures are among the most commonly diagnosed forms of trauma, which are managed by orthopedic teams, globally. The long-term consequences and complications are significantly characterized by pain and disability, physical, psychological, and social factors into consideration. Stress fractures due to overuse and repetitive activity in the ankles and feet are very common among athletes, including running sports. The initial strategies include refraining from high-impact activities while returning quickly increases the risks of complete fractures.
North America is Expected to Dominate the Global Market
North America is one of the major contributors in the studied market, owing to the rise in Musculoskeletal Disorders and growing cases of sports-related injuries in the region. Data from the U.S. Department of Health and Human Services, 2018 reports an estimated 8.6 million sports injuries occur each year in the United States.
Furthermore, the growing geriatric population is another factor attributing to the growth of the Orthopedic Braces and Supports Market. As per the world population aging report, in the United States, the number of people above 65 years of age is projected to reach 84,813 thousand by 2030, from 53,340 thousand in 2019, and the 65-and-older age group’s share in the total population may rise from 16.2% in 2019 to 22.4%, by 2050.