Why Orthopedic Braces Are a Growing Market

The market for braces and supports is expected to grow by more than a third in coming years, according to a new report.

Chris Newmarker

The global market for orthotics--external orthopedic braces and supports--is expected to expand from $2.56 billion in 2014 to $3.5 billion in 2021, according to a new report from research and consulting firm GlobalData (London).

Growth will be driven by an aging population and the preference of many of those aging people to delay surgery and seek less invasive solutions, says Jennifer Ryan, GlobalData's analyst covering medical devices.

"Braces provide a cheaper and less invasive option to surgery, two attractive qualities in patients' eyes," Ryan says.

Major implantable orthopedic device companies such as Johnson & Johnson, Stryker, Zimmer Biomet, and Medtronic shouldn't worry about the trend, though, according to Ryan.

Ryan says "surgery is generally eventually necessary for these patients."

"Additionally, not every patient is appropriate for bracing; there does exist a patient population in too much pain to delay surgery so they will certainly skip over the bracing option," Ryan says. "Therefore I do not expect the orthopedic joint replacement/surgical markets to be affected by an increase in bracing as even the bracing patients will eventually come around to surgery."

Ryan noted that the market is dominated by knee braces, but upper extremity braces are expected to grow at the fastest clip over the next six years.

"While the global orthotics market is fragmented and composed of many smaller players, major companies that have made a name for themselves do hold large shares in this space courtesy of their known and trusted brands," Ryan said. "These include DJO, Bauerfeind, Breg, Ossur, and Ottobock."

Besides braces and supports, devices that help aid people with movement could also be an option for people seeking to delay surgery. For example, Minneapolis-based RxFunction has its externally worn Walkasins device, which provides gentle, vibratory cues around the lower legs to help people maintain balance.

"I agree that implants of any kind should be avoided whenever possible (although they are certainly important and lifesaving when needed), and I think emerging wearable medical devices that have a meaningful use for patients represent a huge market opportunity over the next five to 10 years. We hope to be a leader in this emerging space with a particular focus on advanced balance technologies," says Lars Oddsson, a University of Minnesota adjunct professor in physical medicine and rehabilitation who is RxFunction's founder and chairman.

Chris Newmarker is senior editor of Qmed and MPMN. Follow him on Twitter at @newmarker.

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