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The global orthopedic braces and supports (orthotics) market will rise in value from $2.56 billion in 2014 to reach just under $3.5 billion by 2021, largely driven by an aging population and patient preference for braces and supports as non-invasive treatment options, says research and consulting firm GlobalData.
The company's latest report states that this increase, which will occur across the 10 major markets of the US, France, Germany, Italy, Spain, the UK, Japan, India, China, and Brazil, represents a moderate Compound Annual Growth Rate (CAGR) of 4.6%. The US will continue to dominate the orthotics space, retaining over 50% of the market share throughout the forecast period.
According to Ms Jennifer Ryan, GlobalData's analyst covering medical devices, the expanding utilization of braces and supports reflects the growing proportion of the population likely to benefit from their use, namely post-operative patients and the elderly.
Ms Ryan says: "Braces are increasingly being adopted worldwide thanks to their dynamic therapeutic approach, especially in fracture treatment and post-operative rehabilitation. While the market is dominated by knee braces, upper extremity braces are expected to grow at the fastest rate during the forecast period, at a CAGR of 5.1%.
"However, developing countries with little to no reimbursement for patients requiring expensive custom devices will restrict market growth."