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Knee Braces Market: Global Opportunity Analysis and Industry Forecast, 2020-2027

A10858
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Jun 2021 | 116 Views
 
Author(s) : Onkar Sumant
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COVID-19

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Knee Braces Market Outlook - 2027

Knee braces are medical tools that are primarily used for knee alignment, pain reduction in several medical conditions including tendonitis, osteoarthritis and other injuries and in maintaining functional and structural attributes of the knee. Knee braces also offer relief to patients suffering from meniscus injuries and aid in injury rehabilitation. The use of these orthopedic tools by athletes during sports activities offers prevention from various knee injuries, and help patients affected due to arthritis and to get rid of pain. Knee braces provide structural support to knee joints which helps to prevent injuries. Knee braces are made from combination of several flexible and rigid components including metal, moldable foam, plastic, padding, synthetic rubber or elastic material and straps. These medical tools are available in various sizes and variable provisions for adjustments of pressure. Customized knee braces are also available in the market designed for perfectly fitting the knee measurements.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Type, Applications, End users and Region

  Regions covered

•             North America (U.S., Canada, Mexico)

•             Europe (France, Germany, UK, Italy, Spain, Rest of Europe)

•             Asia-Pacific (Japan, China, India, Australia, South Korea, Rest          of Asia-Pacific)

•             LAMEA (Brazil, South Arabia, South Africa, Rest of LAMEA)

  Companies covered

3M Company, Becker Orthopedic, Chase Ergo Inc., Corflex Inc., BSN Medical GmbH, Medi Gmbh & Co. Kg, Remington Products Company, Pelican Manufacturing, Zimmer Biomet Holdings Inc. and Spring Loaded Technology Inc.

 

COVID – 19 scenario analysis:  

  • The COVID-19 pandemic has emerged as a humanitarian as well as economic crisis, creating strain on the society and affecting millions of people and businesses
  • Industry closures and people are asked to stay in their homes which has cause taken a huge toll in terms of money and economic growth
  • Over 4 million people affected globally, with 300 thousand losing their lives due to SARS-CoV-2
  • Healthcare organizations are already working in battle mode, preparing new plans to respond growing COVID-19 patients, right from sourcing rapid diagnosing kits to sufficient PPE kits for workers
  • Due to diversion of medical field towards treating COVID-19, the funding to R&D activities related to knee braces has been reduced and this segment have to face negligence subsequently causing negative impact on knee braces market

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The growing incidences of osteoarthritis, increase in patient pool suffering with knee ailments, introduction of affordable and cost-effective braces are the major factors driving the market. Moreover, a rising adoption of knee braces due to rise in the number of injuries associated with sports activities would further propel the growth of the market. 

The Stanford Children’s Health studies stat that approximately 3.5 million children aged 14 and under are suffering due to some type of sport-associated injuries annually, with around 9% of these injuries are knee injuries. Moreover, recently there has been immense rise in the ACL injuries due to rising athletic activities. These factors would favor the demand for knee braces in coming future.

Rising prevalence of chronic disorders along with increasing geriatric population around the world, would also contribute to the increase in cases of osteoarthritis. The Centers for Disease Control and Prevention (CDC) report highlights around 27.7 % of adults suffering with arthritis are also found to be obese. The prevalence of diabetes in seen in almost 33.7% of adults suffering with arthritis, while 36.4% of arthritic adult patients also suffer due to cardiac diseases. The technical advancements and availability of customized knee braces to meet exact requirements of the patients will further augment the market growth in the near future.

Furthermore, healthy reimbursement scenario, declaration of osteoarthritis by WHO as a global threat, rising awareness among people regarding osteoarthritis and related treatment would aid in market expansion. Centers for Medicare and Medicaid provide upto 80% reimbursement for these braces. Fear among patients pertaining to post-operative complications related to Total Knee Replacement (TKR) restrain patients from undergoing such operatives. These patients opt for knee braces as they are comfortable to wear and provide optimal levels of relief to patients would benefit the market.

However, few physicians are against the use of knee braces as they believe it could worsen the knee condition and henceforth do not suggest their use. This could potentially hamper the market for knee braces.

Increasing incidences of knee-related ailments

The prevalence of Osteoarthritis and meniscus injuries coupled with aging population are the primary factors that would stimulate growth for the global knee braces market. The United Nations stats that people aged 60 years and above is estimated to rise by 56%, elevating the current elderly population base from 901 million to 1.4 billion by the year 2030. Furthermore, the CDC data highlights 23.7 million adults in the U.S. have problems in performing regular movements owing to arthritis and potentially resulting in strong prevalence of osteoarthritis. Other factors such as knee ailments, use of knee braces to prevent knee injuries by athletes and sports players, meniscus injury, and people with genetic deformities who have defects in production of natural collagen resulting in knee pain would ensure development of global knee braces market.

Technological advancements to propel growth

Technological developments in the field of orthopedic tools over the years are estimated to cement the market growth. The American Academy of Orthopedic Surgeons (AAOS) stated that knee joint is among most pivotal and vulnerable joints in the body. Majority of knee braces available in the market for arthritis treatment are intended to be used only on one side of the knee. However, research have found that 94% of the people suffer with multi-component arthritis and only 6% of the patients have arthritis in one side of their knee. Recently, a technology has been discovered that can address the requirement of patients with multi-component arthritis. This technology is known as tri compartment unloading technology and it works with the help of liquid springs. Similarly, a leading player in knee braces market, Spring Loaded Technology introduced Levitation 2, a bionic brace having abilities to curb the knee joint load by 64%. Such advancements would augment the market growth in near future. On the same hand, Leatt Corporation introduced a new Z- frame knee braces in the market targeting the sports segment.

Key segments:

Segments

Sub-segments

  Type

  • Functional knee braces
  • Prophylactic knee braces
  • Unloader knee braces
  • Rehabilitative knee braces

  Applications

  • Sports Use
  • Arthritis
  • Ligament Support
  • Others

  End users

  • Hospitals
  • Orthopedic Clinics
  • Rehabilitation Centers
  • Others

  Region

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

 

 Key benefits of the report:

  • This study presents the analytical depiction of the global knee braces market along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global knee braces market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global knee braces market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
  • The report provides a detailed global knee braces market analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the Knee braces Market research report:

  • What are the leading market players active in the knee braces market?
  • What the current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in taking further strategic steps?
 
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