Knee Braces Market Size & Share, Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Knee Braces Market


The global knee braces market size was estimated at USD 1.5 billion in 2018 and is expected to witness a CAGR of 4.3% during the forecast period. The growing burden of osteoarthritis, increase in target population, and launch of cost-effective and easy to wear braces are the major growth propellers for the market. Moreover, a rising number of sports-related injuries is also anticipated to drive the growth.

According to Stanford Childrens Health, around 3.5 million children of age 14 and below are affected by some form of sport-related injuries every year. Among all the injuries, around 9% accounted for knee injuries. Moreover, in recent years, there has been a five-fold increase in the ACL injuries in children with their rising interest in athletic activities. These factors are anticipated to drive the demand for prophylactic and functional knee braces.

Other chronic disorders also contribute to the prevalence of osteoarthritis. For instance, according to a report by the Centers for Disease Control and Prevention (CDC), 27.7 % of adults who have arthritis are also obese. 33.7% of arthritic adults are also diabetic, while 36.4% of arthritic adult patients have heart problems. The disease is found to be more prevalent in women than men. The market players offer customized braces to address specific requirements of arthritis patients. With an upsurge in lifestyle disorders, the market is anticipated to register significant growth in near future.

Technological advancements in knee braces over the years are also projected to bolster the market growth. According to the American Academy of Orthopedic Surgeons (AAOS), the knee joint is one of the most vulnerable joints of the body. Most of the typical braces for arthritis are designed in such a way that can address only one side of the knee. But, it is found that only 6% of patients have arthritis in only one side of their knee. Rest 94% of the patients have multi-component arthritis. Recently tri compartment unloading technology has been discovered which can address requirement of rest of the 94% of the patients. It uses liquid springs and decompresses the knee as it is bent. On the same lines, in 2017 Spring Loaded Technology launched Levitation 2, a bionic brace which is reported to reduce the knee joint load by up to 64%.

Rising awareness regarding the OA related pain is helping increase the product penetration. Agencies, such as the Centers for Medicare and Medicaid offer up to 80% reimbursement for knee braces. The Word Health Organization (WHO) declared OA as a significant global health issue. The post-operative complications of Total Knee Replacement (TKR) surgeries are also restricting the patients from undergoing such surgeries. Patients are more comfortable wearing braces, which is anticipated to provide lucrative growth opportunities for the knee braces market over the forecast period.

Product Insights of Knee Braces Market

Functional braces held the largest market share in 2018, owing to effectiveness and wide acceptance of the product. These braces are used for providing stability during anteroposterior and rotational forces. The braces are mostly recommended after ACL injury and for decreasing any additional injury post ACL reconstruction. The growing prevalence of sports injuries such as ACL and PCL injuries is boosting the segment growth. According to the American Orthopedic Society for Sports Medicine, around 350,000 ACL reconstructions were performed in U.S. in 2017. Various public and private functional knee braces manufacturers operating in the market, include Ossur, Breg, MedUSA, and DJOGlobal.

Rehabilitative/ postoperative braces segment is expected to showcase significant growth over the forecast period. These are used for preventing dislocation of implant and for promoting healing of tendons and surrounding muscles. TKR is gaining traction in developing countries due to technological advancements and favorable reimbursement policies. In U.S., around 1.3 million people are expected to undergo TKR surgeries by 2030. It will eventually increase the market for post-operative braces.

The market players are investing in R&D to develop new cost-effective and comfortable products. For instance, in March 2018, Ossur launched a rebound post-op knee brace with 30% lighter weight and smart-fit packaging. Some more examples are Warrior Recovery, manufactured by DeRoyal Industries, Inc.; EPO Lite by Breg; Innovator DLX by Ossur; Pneumatic Knee Splint by Cryo; and Genu Arexa by Ottobock among others.

Application Insights of Knee Braces Market

Arthritis segment accounted for the largest revenue share in 2018 owing to the increasing product adoption along with rising disease prevalence. According to a report by the Arthritis Foundation, in 2017, around 54 million people in U.S. were affected by arthritis. XAbout one in every three people aged between 18 to 64, have accounted for doctor-diagnosed arthritis. Moreover, the rise in target population is further increasing the risk of arthritis.
The sports segment is expected to exhibit lucrative growth over the forecast period owing to the increasing incidence of sports injuries. According to the CDC, around 8.6 million sports and recreation-related injuries were recorded in U.S. in 2016. Rising application of knee braces during various sporting activities as well as during rehab is anticipated to drive the demand. Rising participation in sports and recreational activities, especially in developed countries is anticipated to further fuel the growth.

Delivery Channel Insights

E- commerce segment held the largest market share in 2018, due to the easy availability and affordable prices of the products. Factors, such as easy availability and timely delivery of products are expected to bode well for the growth of the segment. The buyers can also read the reviews regarding products they find best fit for their specific requirements. Some of the key e-commerce players are Amazon, Alibaba, mediUSA, and Walgreens among others.

Retail segment is expected to witness significant CAGR during the forecast period owing to the increased burden of arthritis, easy access to retail products, and rising public participation in sports. Eays and on-demand customization of product is anticupated to drive the preference for retail stores to buy knee braces. Availability of attractive discounts is anticipated to boost the overall market revenue in near future. In addition, factors such as increasing awareness regarding healthcare and high product adoption for preventive care are expected to contribute to the market growth.

Regional Insights of Knee Braces Market

North America dominated the global knee braces market in terms of revenue share in 2018. Knee braces are recommended by doctors for injury prevention and rehabilitation, osteoarthritic care, and postoperative care. Thus, factors such as growing prevalence of osteoarthritis, rising geriatric population, and availability of insurance coverage are projected to drive the regional demand. Moreover, growing interest for sports activities among youth population is expected to propel the demand for prophylactic and functional braces.

Asia Pacific is expected to showcase lucrative growth over the forecast period. The growth can be attributed to an increased number of medical tourism and government initiatives. Moreover, the rising aging population at the risk of osteoarthritis and other joint problems is expected to drive the regional product demand. According to National Health and Nutrition Examination Survey (NHANES) data, around 35% of adults over 60 years had radiographic osteoarthritis of the knee. In China, the prevalence of knee osteoarthritis is 43% in women and 22% in men. Whereas, in Japan, the prevalence is 11% in men and 30% in women.

Rising medical tourism in Asia Pacific due to cheaper procedural costs is further propelling the market growth. Knee replacement surgeries in Thailand and Singapore may cost as low as two-third of the price in U.S. In August 2017, India government capped the price for knee implants between 59% and 69% which is anticipated to further boost the market with untapped opportunities. The cost of special metals such as titanium and oxidized zirconium for total knee replacement surgery has been cut down by 70% and the cost of revision knee replacement has been cut down by 59% after this new regulation in India. The aforementioned factors are expected to boost the regional market growth in the forthcoming years.

Market Share Insights of Knee Braces Market

The industry is marked by the presence of various small and large industry players. The market is highly fragmented and competitive in nature. Some of the key market players include Breg, Inc., Colflax, Bauerfeind AG, Otto Bock Healthcare GmbH, Ossur Corporate etc. Ossur ranked amongst top five participants in the overall bracing and supports market and accounted for around 6-8% of market share. Colfax Corporation ranked first after acquiring the market leader DJO global in February 2019.

The players are constantly involved in strategic initiatives such as, new product launch, technological advancements, regional expansion and mergers and acquisitions in order to gain deeper penetration. For instance, in January 2019 Leatt Corporation launched new Z- frame knee braces for contact sports. In February 2019,Breg, Inc. launchedBreg Quantum OA for mild to severe osteoarthritis in order to address the need for pain management in arthritic patients.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Knee Braces Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2026. For the purpose of this study, this market research report has segmented the global knee braces market report on the basis of product, application, delivery channel, and region:

Product Outlook (Revenue, USD Million, 2014 - 2026)

  
Prophylactic
  
Functional
  
Rehabilitative
  
Unloader

Application Outlook (Revenue, USD Million, 2014 - 2026)

  
Sports
  
Ligament
  
Arthritis
  
Others

Delivery Channel Outlook (Revenue, USD Million, 2014 - 2026)

  
Hospitals/ Orthopedic Clinics
  
Retail
  
e-commerce