A new market report published by MarketsandMarkets forecasts that the Orthopedic Braces and Support Systems Market will be worth around $4.3 billion by 2020.
This number is expected to be reached at a CAGR of 5.0% from 2015 to 2020, according to a media release from MarketsandMarkets.
The market is comprised of knee braces and supports, foot and ankle braces, spinal orthoses, and upper extremity braces and supports.
Per the release, the knee braces & supports segment accounted for the largest share of 42.5% of the market in 2014 and was valued at 1.4 billion in the same year.
In terms of end users, the market is comprised of orthopedic clinics, over the counter (OTC), hospitals, and other end users. The release estimates that OTC sales of orthopedic braces and support systems will increase in the coming years. A few factors in this increase, per the release, are the rising cost of orthopaedic surgeries, as well as the use of these products to prevent injuries during recreational and sport activities.
For more information, visit MarketsandMarkets.
[Source(s): MarketsandMarkets, PR Newswire]