Europe Orthopedic Braces & Support Market
Europe Orthopedic Braces And Support Market By Type, By Application, By Distribution Channel, By Region And Forecast
According to Verified Market Research, the Europe Orthopedic Braces and Support Market is expected to be valued at USD 1219.2 Million in 2018 and is expected to witness a growth of 4.5% from 2019-2026 and reach USD 1726.0 Million by 2026.
Orthopedic braces and supports are the medical devices that are used externally for holding, aligning, correcting and supporting certain body parts such as muscles, joints, and bones while healing from an injury or a trauma. These braces & support devices are manufactured using specialized materials with intelligent designs that offer intense targeted support to the knee, spine, foot, ankle, wrist, upper elbow, shoulder, hip, and other body parts. These devices are often prescribed to patients for wearing it during the process of recovery and rehabilitation.
The market for orthopedic braces & support is growing in the Europe region. The demand for innovative, cost- and time-effective, and minimally invasive solutions is increasing in Europe. The market is mainly driven by a growing number of injuries leading to fractures, rise in incidences & prevalence of osteoarthritis, osteoporosis and ankle arthritis. Trends such as growing aging population, efficient shaping/ 3D printing and smart orthopedic devices are offering opportunities for Europe orthopedic braces and support market.
The geriatric population in many European countries is rapidly increasing. According to a 2018 Ageing Report, it was stated that the total population in the EU is projected to rise from 511 million in 2016 to 520 million in 2070. However, the working-age population (people aged between 15 and 64) will decline substantially from 333 million in 2016 to 292 million in 2070. Also, according to the world population aging 2017 report, it was stated that older persons are expected to account for 35% (Approx.) of the population in Europe in 2018. This factor will further contribute to the sales of braces and supports in the Europe region.
Currently, the two most common therapies used to treat post-orthopedic surgery pain are nonsteroidal anti-inflammatory drugs (NSAIDS) and/or opiates. Administration of these medications offering anti-nerve growth factor before orthopedic surgery or after bone fracture reduces the skeletal pain by 40% to 70% depending on the endpoint being assessed. The data suggest that nerve growth factor helps in driving pain caused due to orthopedic surgery or bone fracture. Thus, it can be suggested that adoption of pain reliever medications hinders the growth of orthopedic braces and support and act as a potential restraint for the market.
The Europe Orthopedic Braces and Support Market is segmented on the basis of Type, Application and Distribution Channel. The gist of breaking down the market into various segments is to gather information about various aspects of the market.
On the basis of Type, the market is bifurcated on the basis of Soft & Elastic Braces and Supports, Hard & Rigid Braces and Supports and Hinged Braces and Supports. Soft & Elastic Braces and Supports accounted for the largest market share in 2018, with a market value of ~USD 500 Million and is projected to grow at a CAGR of xx% during the forecast period.
In terms of Application, Ligament Injury accounted for the largest market share of xx% in 2018. Ligament injuries are considered to be more common as compared to other orthopedic related injuries/disorders. Thus, braces and supports used for ligament injury is considered to be the largest market in the European Union.
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