RIGID KNEE BRACES MARKET ANALYSIS

Rigid Knee Braces MarketSize and Trends

The global rigid knee braces market is estimated to be valued at US$ 991.4 million in 2023 and is expected to exhibit a CAGR of 4.6% during the forecast period (2023-2030).

The global rigid knee braces market trends, development, and marketing channels are analyzed. The knee braces consumption is mostly driven by patients suffering from osteoarthritis. According to World Health Organization (WHO), over 20% of the world’s population aged over 60 which accounts for around 130 million people will suffer from osteoarthritis by 2050.

Global Rigid Knee Braces Market - Driver

Technological advancement in Knee braces

Technological advancement in Knee braces is expected to drive market growth in the near future. For instance, on August 22, 2021, OPUM, a medical device and AI company, and Thuasne Group, an orthopedic bracing manufacturer, signed a partnership on a digital solution for the non-invasive non-pharmacological treatment of osteoarthritis (OA). The first product will integrate OPUM’s AI-enabled Digital Knee care platform with Thuasne’s Rebel Reliever OA knee brace.

Global Rigid Knee Braces Market - Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic spread to over 100 countries across the globe and the World Health Organization (WHO) declared it a public health emergency. According to the World Health Organization report, the manifestation of coronavirus (COVID-19) resulted in more than 768 million confirmed cases and over 6.9 million deaths globally as of June 18, 2023.

COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, the U.A.E., Egypt, and others, faced problems with the transportation of drugs from one place to another.

Moreover, The pandemic brought on significant changes to the mechanism of injury, number of admissions, type of injuries, and patient outcomes.

The initial months of the COVID-19 pandemic saw the greatest decreases in knee procedures, which have since rebounded with some reaching levels higher than they were before the pandemic. As orthopedic knee procedures return to pre-pandemic levels while COVID-19 persists, it is important to consider how we can safely provide care for patients with orthopedic pathology while caring adequately for those with COVID-19 and other medical problems.

Global Rigid Knee Braces Market - Key Trends

The key market players are engaged in adopting strategies such as product launches is expected to drive the growth of the market. For instance, on October 28, 2022, Vissco, a medical device manufacturer of Orthopedic, Mobility product portfolio, and services Vissco has developed a product portfolio backed by latest technology, and robust research & development. Vissco has now launched its one-stop online platform for Health & Well-being - Vissco Next.