by The global knee braces market is estimated to be valued at US$ 1.85 billion in 2021 and is expected to exhibit a CAGR of 4.34% over the forecast period, as highlighted in a new report published by Coherent Market Insights.
- A) Market Overview:
Knee braces are orthopedic devices designed to provide support and stability to the knee joint. They are primarily used to protect and prevent knee injuries, reduce pain, and aid in the recovery process. Knee braces find extensive applications in sports activities, post-surgery rehabilitation, and for individuals with knee osteoarthritis. The market is driven by the increasing incidence of knee injuries, growing geriatric population, rising awareness about the benefits of knee braces, and advancements in technology leading to the development of innovative and effective products.
- B) Market Dynamics:
The knee braces market is driven by two main factors – the rising incidence of knee injuries and increasing awareness about knee braces. Firstly, knee injuries, such as ligament tears, meniscus tears, and patellar dislocation, are becoming increasingly common, especially among athletes and the elderly population. The use of knee braces helps in stabilizing and protecting the knee joint, allowing individuals to continue their daily activities and recover faster. Moreover, the growing prevalence of knee osteoarthritis further fuels the demand for knee braces as they provide pain relief and improve joint function.
Secondly, there is a growing awareness among individuals, both athletes and non-athletes, about the benefits of using knee braces. They are becoming more conscious about preventing knee injuries and seeking ways to support and protect their knees, even during daily activities. Additionally, advancements in technology have led to the development of innovative knee braces that are more comfortable, lightweight, and offer better support and adjustability. These factors have contributed to the increased adoption of knee braces in the market.
- C) SWOT Analysis:
Strength:
- Increasing incidence of knee injuries
- Rising awareness about knee braces
Weakness:
- Limited reimbursement coverage for knee braces
- Availability of alternative treatment options
Opportunity:
- Growing demand for minimally invasive knee braces
- Untapped market potential in emerging economies
Threats:
- Intense competition among market players
- Stringent regulations for product approval
- D) Key Takeaways:
- The global Knee Braces Market is expected to witness high growth, exhibiting a CAGR of 4.34% over the forecast period, due to increasing incidence of knee injuries and rising awareness about knee braces.
- In terms of regional analysis, North America is expected to dominate the market due to the high prevalence of knee injuries, well-established healthcare infrastructure, and increasing participation in sports activities. Asia Pacific is the fastest-growing region, driven by the growing geriatric population, rising sports injuries, and increasing disposable income.
- Key players operating in the global knee braces market include Colfax Corporation (DJO Global, Inc.), 3M Company (3M Science), Orthofix Medical, Inc. (Breg, Inc.), Mueller Sports Medicine, Inc., McDavid, Inc. (EZ GARD Industries, Inc.), Bauerfeind AG, Medi GmbH & Co. KG, Otto Bock Healthcare GmbH, Tynor Orthotics Private Limited, Ossur Corporate, Zimmer Inc., Corin Group, DePuy Synthes, Johnson & Johnson Services Inc., B. Braun Melsungen AG, Baumer Holding AG, SurgTech Inc., and Wright Medical Group N.V. They focus on product launches, partnerships, and collaborations to enhance their market position and cater to the increasing demand for knee braces.
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