Rigid Knee Braces Market Growing Rapidly Thanks to Technological Advancements in Knee Brace Design and Materials
Rigid knee braces are widely used for preventing injuries and providing support to knees affected by osteoarthritis or other degenerative conditions. They are made of sturdy plastic or metal frames that limit knee mobility to a certain degree for stabilization.
The Global Rigid Knee Braces Market is estimated to be valued at US$ 1142.1 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period from 2024 to 2030.
Key players operating in the rigid knee braces are Mueller Sports Medicine, Inc., DJO Global, LLC, ACE Brand, Tynor Orthotics Private Limited, 3M Science, Mava Sports, Bauerfeind AG, Breg, Inc., Ossur, Thuasne USA, Zimmer Biomet, Kao Chen Enterprise Co., Ltd, Õssur, Orthosys, Bauerfeind USA Inc., Orliman S.L.U., Steeper Inc., Beagle Orthopedic, Essity Medical Solutions, Bird & Cronin, LLC, Ottobock, Trulife, DeRoyal Industries, Inc., and Remington Medical Equipment.
Key Takeaways
Key players: Key players like Mueller, DJO Global, and Ossur hold a major share of the market.
Key opportunities: Increasing incidence of knee injuries and rising geriatric population suffering from knee disorders represent key growth opportunities.
Technological advancements: Developments like 3D-printed braces, use of advanced lightweight and durable materials, and integration of sensors are driving the market.
Market drivers
Growing incidence of knee injuries: Rising sports injuries and accidental falls among the elderly are major factors leading to knee injuries. This is expected to drive sales of rigid knee braces.
Increasing healthcare expenditure: Growing global healthcare spending allows for higher adoption of orthopedic support devices like rigid knee braces for fast recovery from knee problems.
Rising geriatric population: The population aged 65 years or more being more prone to arthritis and joint disorders creates increased demand for rigid knee braces.
Challenges in the Rigid Knee Braces Market
The rigid knee braces market is facing few challenges in terms of high cost of rigid knee braces, lack of awareness and limited reimbursement policies. Rigid knee braces are still not an attractive option for price sensitive customers, as they are more expensive than other alternative treatment options. Moreover, lack of awareness about benefits of rigid knee braces among patients is also restricting growth of this market. Reimbursement scenario for rigid knee braces is also not favorable across various countries which limits their adoption. However, continuous research and development activities by manufacturers are expected to introduce more affordable options during forecast period.
SWOT Analysis
Strength: Rigid knee braces provides more stability and comfort to patients suffering from knee injuries as compared to other alternatives.
Weakness: High cost of rigid knee braces restricts their adoption in price sensitive regions.
Opportunity: Increasing sports injuries and number of orthopaedic surgeries present an opportunity for market growth.
Threats: Threat from substitute treatment options like physical therapy and medicines.
Geographical regions
North America region currently holds largest share of over 35% in rigid knee braces market owing to rising prevalence of knee injuries and favorable reimbursement scenario. Asia Pacific is emerging as the fastest growing regional market attributed to large patient pool, rising healthcare spending and increasing awareness.
Fastest growing region
Asia Pacific region is expected to witness highest growth during forecast period owing to improving economic conditions, rising medical tourism and expansion strategies by key market players. Countries like India, China and Japan are likely to offer huge untapped market potential for rigid knee braces over next few years.
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