Orthopedic orthotic devices Market Forecast to 2022 with Competitive Landscape Analysis and Key Comp

From: crystal market research
Published: Mon Nov 27 2017

The latest trending report published by Crystal Market Research titled, Orthopedic orthotic devices Market, approximates that the Orthopedic orthotic devices market size is estimated to flourish at a significant CAGR in the future, and this is attributed to the escalation in need for this product across the globe along with novel innovations in the market.

Orthopedic orthotic devices are medical devices that are used to support or treat joints or skeletal parts that are injured or deformed. These devices are designed to address issues related to musculoskeletal. These are predominantly used during the rehabilitation and recovery process. There are two types of braces, namely, upper and lower limb, depending upon its application. Upper limb braces are used for the recovery of injuries related to collarbones, elbows, wrists, fingers, shoulders, and arms; while the lower limb braces are fitted over the ankles, feet, legs, and knees. These devices allow recovering mobility and function of the injured body part.

Key Market Players:
• McDavid Knee Guard Inc.
• Frank Stubbs Co. Inc.
• Allcare Company Ltd.
• Breg Inc.
• Otto Bock Healthcare GmbH
• DeRoyal Industries Inc.
• Össur Corporate
• BSN medical Inc.
• DJO Global Inc.
• Bauerfeind AG.

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Elderly population is highly susceptible to joint disorders such as arthritis. Arthritis is one of the most common joint disorders in persons aged 65 years and above. According to a study conducted by Arthritis Foundation, currently more than 50 million adult Americans have arthritis and this number is expected to increase to 67 million by 2030 whereas around 300,000 children have arthritis or some other form of rheumatic diseases. The risk of arthritis is more prevalent in women than men. Thus, the rapidly aging population will accelerate the demand for orthotic devices in near future. Such high target population will bring in ample growth opportunities for the key players to develop technologically advanced orthotic devices. In addition to this, the rising number of surgical procedures conducted for the treatment of these joint disorders is set to propel the market growth. As per the Centers for Disease Control and Prevention (CDC) estimates, in the U.S., almost 65,000 shoulder replacement surgeries were performed in 2012. Moreover, the National Institute of Health states that there has been an increase of 393% in the number of surgeries performed related to total shoulder arthroplasty from 2001 to 2010. Thus, these large numbers of procedures will be in need of orthotic devices after the surgery for the recovery.
Moreover, increased focus of key players on the development of innovative orthopedic braces, supports and splints to meet the unmet medical needs will further contribute to the market growth. For instance, in March 2013, DJO Global Inc. introduced a new Exos Rapid Splint System, which is developed based on Exos thermoformable technology. This system helps to treat injuries and fractures requiring stabilization. Likewise, in March 2016, BSN medical exhibited a new line of Actimove orthopedic braces for osteoarthritis of the thumb, at the American Academy of Orthopaedic Surgeons (AAOS) 2016 Annual Meeting. This product development helped the company to strengthen its product portfolio to sustain its position in the market.
Orthotic Devices Market Segmentation:
By Product:
• Upper Extremity Braces & Supports
o Elbow Braces and Support
o Spinal Braces and Support
o Shoulder Braces and Support
o Wrist Braces and Support
o Neck Braces and Support
• Lower Extremity Braces & Supports
o Knee Braces and Support
o Ankle Braces and Support
o Hip Braces and Support
• Orthotic Splints
o Upper Extremity Splints
o Lower Extremist Splints

Browse Full research report with TOC on "Orthopedic orthotic devices Market by Application and End User - Global Industry Analysis and Forecast to 2022": https://www.crystalmarketresearch.com/report/orthopedic-orthotic-devices-market
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