Foot and Ankle Braces Market by Product (Soft Braces, Rigid Braces & Hinged Braces), By Application (Osteoarthritis, Hammertoe, Neurological Disorders, Rheumatoid Arthritis, Bunions, Osteoporosis and Others), By End-User (Hospitals, Ambulatory Surgery Centers, Orthopedic Clinics, Homecare Setting and Others), By Distribution Channel (Offline & Online) and by Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030
Industry Perspective
The global Foot and Ankle Braces Market size was worth around USD 857.7 million in 2021 and is predicted to grow around USD 1,896.4 million by 2030 with a compound annual growth rate of roughly 9.2% between 2022 and 2030. The rising demand for orthopedic braces among the elderly, affordable product prices, increase in bone degenerative diseases, and accessibility of orthopedic braces are likely to aid the market growth.
Additionally, an increase in orthopedic surgeries, an increase in sports participation, and the use of orthopedic braces as preventative care is expected to drive the ankle and foot braces market share.
Market Overview
Foot and ankle braces are effective in treating a variety of conditions that affect the feet and ankles, including diabetic foot, arthritis, bunions, hammertoes, and other orthopedic issues. A foot that has been lost as a result of trauma, amputation, congenital deformity, or another sort of accident can also be replaced with one of these devices. The global market for foot and ankle devices is being propelled forward by a number of factors, including an aging population and an increased incidence of orthopedic conditions.
According to the results of the National Health Interview Survey (NHIS), each year a diagnosis of arthritis affects around 22.7 % of the population in the United States. Additionally, those who suffer from arthritis make up 23.9 percent of the female population and 18.6 percent of the male population. There has been an increase in demand for foot and ankle braces. In addition, growth in the number of people who suffer injuries to their feet and legs as a result of activities such as sports and accidents is projected to drive the market.
In addition, advancements in technological capabilities within this sector will drive the rise of the foot and ankle braces market. On the other side, the growth of the market might be hampered by the expensive nature of the available technology as well as a dearth of appropriately trained workers.
Key Insights
- As per the analysis, the global foot and ankle braces market is estimated to grow annually at a CAGR of around 9.2% over the forecast period (2022-2030) and is projected to reach USD 1,896.4 million, by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate
- Based on the product, the soft braces segment witnessed to show largest market share in the year 2021
- Based on application, the osteoarthritis segment held the largest market share in the year 2021
- On the basis of end-user, the orthopedic clinic segment dominated the market share in the year 2021
- On the basis of distribution channels, the online segment showcased the largest market share in the year 2021
- On the basis of region, North America accounted largest market share in the year 2021
Rising Incidence of Sports & Road Injuries Across the Globe
The growing engagement of millennials in sports and fitness activities is anticipated to increase the number of sports and fitness-related injuries. Additionally, increases in the number of people injured in road accidents and at sporting events are driving the sales of foot and ankle devices. Injuries sustained as a result of participation in sports have also gone up in tandem with the expansion of professional athletic competition. For instance,
- According to Health City Cayman Islands, out of a total of 239,943 injuries that were treated in emergency departments at hospitals in the United States, 79,384 were strains and sprains, 48,806 were fractures, and 5,401 were dislocations.
- Also, in June 2022, WHO stated accidents involving motor vehicles claim the lives of around 1.3 million people annually. Males are more likely than females to be involved in road traffic accidents. Around 73% of all road traffic fatalities include males under the age of 25 who are nearly three times more likely to die in a road traffic collision than females.
Increasing Musculoskeletal Disorders in Geriatric Population Augmenting Market Growth
The geriatric population is one of the largest contributors to the demand for foot support and braces and is very prone to musculoskeletal diseases. Age naturally weakens bones and connective tissues, such as ligaments and cartilage. This places the elderly at considerable risk for foot and ankle injuries.
Adoption of Smart Products in Foot Braces to Generate High Revenue Streams
Leading manufacturers of orthopedic braces and supports are placing a greater emphasis on the development of smart technology-based adjustable orthoses. Recent introductions of smart orthopedic equipment include smart ankle foot orthosis which is expected to grow new opportunities for the market growth.
Segmentation Analysis
Based on offerings, the market is segmented into soft braces, rigid braces, and hinged braces. Soft braces dominate the market share in 2021 owing to the rising availability of soft and elastic braces and the huge demand by homecare. As it is easy to wear and no skilled medical professional is required.
On the basis of application, the market is bifurcated into offline & online. The online segment is dominating the market share in 2021 owing to the wide variety of products and rising huge sales from the outbreak of the COVID-19 pandemic. Furthermore, great discounts and door-to-door delivery have made online retailers popular among millennials.
Recent Development
March 2022- Breg has made a partnership with a new distributor, Osmose to expand the distribution network and product portfolio of bracing especially foot and ankle products.
Regional Landscape
North America to Dominate Market Share Amid Presence of Key Players
North America accounted for the largest market share in the year 2021 owing to the presence of major players and supportive government initiatives. The proliferation of orthopedic surgeries, technological advancements, and huge investments in R&D for innovations is likely to aid the foot and ankle braces market growth for the region.
This region's considerable market share is mostly due to its high risk of accidental accidents and its sizeable elderly population. Various trauma centers are built by regional governments in order to address catastrophes. Due to factors such as rising sales of knee braces and supports, the presence of significant foot and ankle medical device manufacturers, and a robust healthcare infrastructure, the North American market is anticipated to expand.
Competitive Landscape
Breg, Inc., The Richie Brace, DJO, LLC, BioSkin, 3M, Medline Industries, LP., DARCO International, Inc., TayCo Brace, Inc., Ottobock, Brownmed, Inc., VISSCO REHABILITATION AIDS PVT. LTD., Alex Orthopedic Inc., Beiersdorf (Hansaplast), Bauerfeind USA, amongst others.
The global foot and ankle braces market is segmented as follows:
By Product
- Soft Braces
- Rigid Braces
- Hinged Braces
By Application
- Osteoarthritis
- Hammertoe
- Neurological Disorders
- Rheumatoid Arthritis
- Bunions
- Osteoporosis
- Others
By End-User
- Hospitals
- Ambulatory Surgery Centers
- Orthopedic Clinics
- Homecare Setting
- Others
By Distribution Channel
- Offline
- Online
By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Reunion
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Foot and Ankle Braces Market by
- December-2022
- 148
- Global
- healthcare-medical-devices-biotechnology
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