The Asia Pacific region is expected to be the fastest-growing region during the study period. The demand for orthopedic braces and supports in the Asia-Pacific is supported by to the rising geriatric and obese population (coupled with the significant prevalence of orthopedic & diabetes-related diseases in this population segment) and increasing healthcare expenditure in Asia-Pacific countries. The increasing cases of obesity and diabetes are likely to enhance the risk of osteoarthritis, driving the market growth. Asia-Pacific is predicted to grow at the fastest growth rate during the forecast period. This is owing to increased consumer knowledge regarding the benefits associated with the use of orthopaedic braces, improvements in healthcare infrastructure, and an increase in the number of hospitals with modern medical facilities. The region has a rapidly growing middle class with rising disposable incomes, which has led to an increased demand for healthcare services, including orthopedic braces and supports. The Asia-Pacific region has a high prevalence of osteoarthritis, a degenerative joint disease that can lead to pain, stiffness, and reduced mobility. Orthopedic braces and supports are often used as a non-invasive treatment option for osteoarthritis, and the high prevalence of the condition has contributed to the growth of the orthopedic braces and supports market in the region. Also, traditional medicine and therapies are still widely used in many parts of Asia-Pacific, and this has influenced the adoption of orthopedic braces and supports. For example, acupuncture and herbal remedies are often used in conjunction with braces and supports to treat orthopedic conditions. One of the main reasons for the increasing adoption is to prevent injuries or reduce the risk of further damage to an existing injury. Another reason is to support the joints and muscles during physical activity or to aid in the recovery process after an injury or surgery. Additionally, orthopedic braces and supports may be used to alleviate pain or discomfort caused by certain medical conditions such as arthritis. In many cases, people in Asia-Pacific also use orthopedic braces and supports for posture correction and to improve overall comfort during daily activities. According to the research report, “Asia-Pacific Orthopedic Braces & Supports Market Outlook, 2028” published by Bonafide Research, the market is expected to grow at 7.47% CAGR by 2023-28. Owing to the high-growth potential of the region, leading product manufacturers are undertaking strategic initiatives such as product commercialization to maintain their market position. Asia Pacific is estimated to expand rapidly owing to investments by the companies to expand their regional presence and develop healthcare infrastructure. For example, the All India Institute of Medical Sciences (AIIMS) in Bhubaneswar India, procured Medtronic accessories and consumables for cautery machine with vessel sealing in January 2021 through the company’s authorized representative in the country- Sushruta Surgicals Pvt. Ltd. The products were intended to equip the institute’s Department of Surgical Oncology. The market in Asia Pacific is expected to register highest revenue CAGR during the forecast period. The rise in healthcare costs, the prevalence of orthopedic problems, and public knowledge of the advantages of early detection and treatment of musculoskeletal conditions are major factors contributing to the market revenue growth in this region. Revenue growth of the orthopedic braces and supports market in this region is also being fuelled by rising government initiatives to upgrade the region's healthcare infrastructure and rising investments in Research and Development (R&D) activities. Additionally, the primary driver of market expansion is an increase in surgical operations in emerging nations like China and India. The Asia-Pacific market is growing because of the dense populations of nations like China and India. Additionally, it is expected that developing nations like India, which have a sizable patient population and are expected to have an increase in healthcare spending along with an increase in GDP, will open up new prospects. In Asia-Pacific, there are many regulatory bodies which regulate orthopedic braces and supports to be safe and effective for their intended use. For instance, the National Medical Products Administration (NMPA) is responsible for regulating medical devices in China. The agency oversees the registration and approval process for medical devices, including orthopedic braces and supports. The Pharmaceuticals and Medical Devices Agency (PMDA) is the regulatory body responsible for ensuring the safety and efficacy of medical devices in Japan. The Central Drugs Standard Control Organization (CDSCO) is responsible for regulating medical devices in India. The agency oversees the approval process for medical devices, including orthopedic braces and supports. Manufacturers must obtain a CDSCO license before they can sell their products in India. The Therapeutic Goods Administration (TGA) is responsible for regulating medical devices in Australia. The rising geriatric and obese population combined with the considerable prevalence of orthopedic and diabetes-related disorders in this age group and increasing healthcare expenditure in Asia-Pacific countries are driving the demand for orthopedic braces and supports in the region. To preserve their market position, top product makers are adopting strategic activities such as product commercialization, owing to the region's significant growth potential. Due to the existence of superior manufacturing facilities and technology, Japan is also a big contributor to the industry. In China, sales of orthopedic braces and supports are predicted to increase due to the presence of contemporary production facilities and technology, as well as increased demand for advanced therapies and goods. The rising disposable incomes, rapid urbanization, and the increasing availability of these devices and systems are also propelling the growth of the market. Along with this, the easy accessibility of orthopedic braces and supports via internet platforms has also offered a hassle-free buying experience for consumers with detailed product information and guidance on usage. Furthermore, the development of customized products with advanced data sensors and synchronization systems by manufacturers is also positively impacting the market. The market has been observed to be at growth stage, with competition being concentrated with not more than companies operating within the Asian region. The trend of robotic and minimally invasive surgery is expected to increase in regions where government is promoting and approving clinical trials coupled with the increase in share of healthcare spending. The growth Orthobilogy and sports medicine is majorly driven by China and Japan with increased emphasis on sports and athletes for upcoming Tokyo Olympics. Knee injuries are becoming increasingly common in Asia-Pacific due to the aging population, sports-related injuries, and sedentary lifestyles. This has led to a higher demand for knee braces and supports as a non-invasive treatment option. Sports medicine is gaining popularity in Asia-Pacific, with an increasing number of people engaging in sports activities. This has led to a higher demand for knee braces and supports for both professional and amateur athletes. With advancements in materials and technology, knee braces and supports are becoming more comfortable, durable, and effective. This has led to an increase in adoption among patients who may have previously been hesitant to use them. There is a growing focus on injury prevention in Asia-Pacific, with an emphasis on proactive measures such as using knee braces and supports to prevent knee injuries before they occur. The demand for customized knee braces and supports is increasing in Asia-Pacific, as patients seek products that fit their individual needs and provide optimal support and comfort. Further, soft & elastic braces and supports are dominating the market in 2022. With an increasing preference for non-invasive treatments in Asia-Pacific, orthopedic braces and supports are becoming a popular alternative to surgery for ligament injuries. These devices are less invasive and have fewer risks and complications compared to surgery, making them a more attractive option for many patients. Also, there has been an increased focus on rehabilitation in Asia-Pacific, with many healthcare providers emphasizing the importance of exercise and physical therapy as part of the recovery process after a ligament injury. Orthopedic braces and supports are often used as part of this rehabilitation process, helping patients to gradually regain strength and mobility in the affected knee. There are many trends which are boosting the market growth for ligament injury segment which includes stem cell therapy, use of biologics, minimally invasive surgery and rehabilitation programs. Hospitals and surgical centers have become major distribution channels for orthopedic braces and supports in the Asia-Pacific region as they are the primary healthcare providers for patients with orthopedic injuries and conditions in the Asia-Pacific region. Therefore, it makes sense for these institutions to stock and distribute orthopedic braces and supports to their patients. Hospitals and surgical centers have highly trained and skilled healthcare professionals who can provide guidance and assistance to patients in selecting and using the right type of orthopedic brace or support. This can lead to better outcomes for patients and reduce the risk of complications or further injury. Also, they often have direct relationships with orthopedic brace and support manufacturers and suppliers, which allow them to purchase these products at a lower cost and pass on the savings to their patients. They can also provide orthopedic braces and supports as part of a comprehensive treatment plan, which may include physical therapy and rehabilitation services. Recent Product Launches: • In February 2021, Japan-based orthopedic device company, OssDsign AB, launched OSSDSIGN Cranial PSI Accessories in Australia and New Zealand. This product provides surgeons with a complete range of pre-contoured plates to fit patient anatomy and reduce surgical time. • In December 2020, Singapore-based medtech company, AEvice Health, launched its wearable device, AEvice Health Monitor, in Singapore. The device is a non-invasive, wireless device that is designed to diagnose and monitor respiratory disorders. • In September 2020, India-based medical device company, Axio Biosolutions, launched its MaxioCel advanced wound care dressing in the Philippines. This product is designed to provide optimal moisture management and reduce pain during dressing changes. • In August 2020, Japan-based orthopedic device company, KYOCERA Medical Corporation, launched its Lumbar Spinal Fixation System in Japan. This product is designed to provide stabilization and support for patients with spinal injuries or degenerative conditions. Major Companies present in the market: Stryker corporation, Johnson & Johnson (DePuy Synthes), Zimmer Biomet Holdings, Inc., Medtronic, Smith & Nephew plc, Enovis, NuVasive, Inc., Globus Medical, Inc., Beijing Naton Technology Group Co.,Ltd., Orthofix, Essity AB, Arthrex, Inc., Meril Life Sciences Pvt. Ltd, Conmed Corporation, Ottobock SE & Co. KGaA, Microport , Medacta International, Lima corporate Considered in this report • Geography: Asia-Pacific • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • Asia-Pacific Orthopedic Braces & Supports market with its value and forecast along with its segments • Country-wise Orthopedic Braces & Supports market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Countries covered in the report: • China • Japan • India • Australia • South Korea By Product • Knee Braces and Supports • Ankle Braces and Supports • Foot Walkers and Orthoses • Hip, Back, And Spine Braces and Supports • Shoulder Braces and Supports • Elbow Braces and Supports • Hand & Wrist Braces and Supports • Facial Braces and Supports By Type • Soft & Elastic Braces and Supports • Hard Braces and Supports • Hinged Braces and Supports By Application • Preventive Care • Ligament Injury • Post-operative Rehabilitation • Osteoarthritis • Compression Therapy • Other Applications By Distribution Channel • Hospitals and Surgical Centres • Orthopedic Clinics • Pharmacies & Retailers • E-commerce platforms • Other End Users The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Artificial Lawn industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
Asia-Pacific dominates the market and is the largest and fastest-growing market in the animal growth promoters industry globallyDownload Sample