Global Pediatric Ankle Orthoses Market, By Product Type (Elastic Ankle Braces, Light Support, Moderate Support, Extra Support, and Others), By Application (Plantar Fasciitis, Flatfoot, Ankle Sprain, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 269.8 Million in 2023 and is expected to exhibit a CAGR of 6.9% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
The key market players are focused on adopting growth strategies such as acquisition and partnerships, which will drive the global pediatric ankle orthoses market. For instance, in January 2022, Hanger, Inc., a provider of orthotic and prosthetic (O&P) patient care services and solutions, announced acquisition of Surestep, a manufacturer of custom pediatric orthotic devices. The collaboration will provide Surestep with access to resources to help solidify its position as the leading manufacturer of custom pediatric orthotics, and is a continuation of Hanger’s investment in its recently launched Pediatric Specialty, which was designed to help ensure children from infancy to young adulthood have access to the highest quality, individualized O&P care. The transaction also includes the Surestep’s sister company, Transcend O&P, which includes 13 patient care clinic locations in six states of U.S.
Global Pediatric Ankle Orthoses Market– Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019 as "coronavirus disease 2019" or COVID-19. This virus spread quickly and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to the lockdown, several countries such as India, China, Brazil, and others faced problems with regard to the transportation of drugs from one place to another.
COVID-19 had a positive impact on the global pediatrics ankle orthoses market. A worldwide public health disaster brought on by COVID-19 has impacted practically every business and industry. During the forecast period, the long-term consequences are anticipated to have an impact on industry growth. Major market players were impacted by the drop in sales, demonstrating that COVID-19 had a substantial impact on the market and stunted its expansion. However, throughout the pandemic, orthotics research and development expanded. For instance, in November 2020, according to an article published in the Journal of Medical Internet Research, mentioned that, during the pandemic, the growing interest in digital technology for prosthetic and orthotic service provision was seen and when the study was conducted using three-dimensional scanning, and digital imaging as leading technologies primarily for footwear, ankle-foot orthoses, and transtibial and transfemoral sockets, the rise in consultation and adoption of technology was seen. Hence, the study concluded that the prosthetic and orthotic industry needs digital transformation to prioritize creating the required infrastructure. Therefore, the current research and developments during the pandemic are anticipated to positively impact the studied market.
Global Pediatric Ankle Orthoses Market: Key Developments
Cascade Orthopedic Supply, a distributor of prosthetic and orthotic products, announced an investment made in the company by Ottobock North America. The investment aims to strengthen the collaboration of the two companies to further improve access to product for all orthotic and prosthetic (O&P) customers and drive efficiencies in supply chain operations that will spur growth for the industry. The Cascade team brings a wealth of knowledge from the supply chain management and e-commerce arenas. Together with our subsidiaries in 59 countries, this investment will help us advance our logistics operations and support Ottobock’s global patient care network.
In January 2020, Superfeet, an innovator over-the counter insoles and footwear for the active lifestyle and outdoor industries secures New Balance License Agreement. There are three distinct purpose made collections-Casual, Running and Sport in the new line of New Balance Insoles made on signature base of Superfeet form.
In April 2022, 3D Ortho Pro, an Orthotic provider in specialized 3D printed Orthotic products for orthotists, announced the launch of new ankle-foot orthoses (AFO) and spinal mobility orthoses (SMO) for both end-users who want to get these ankle-foot orthoses for their children and practices in the U.K. who are looking to adopt this new ankle foot orthoses into their own clinics.
Browse 30 Market Data Tables and 27 Figures spread through 190 Pages and in-depth TOC on “Global Pediatric Ankle Orthoses Market”- Forecast to 2030, Global Pediatric Ankle Orthoses Market, By Product Type (Elastic Ankle Braces, Light Support, Moderate Support, Extra Support, and Others), By Application (Plantar Fasciitis, Flatfoot, Ankle Sprain, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/pediatric-ankle-orthoses-market-3785
Key Takeaways of the Global Pediatric Ankle Orthoses Market:
- The global pediatric ankle orthoses market is expected to exhibit a CAGR of 6.9% during the forecast period. The collaboration with emerging economies offers lucrative growth opportunities for players in the global pediatric ankle orthoses market. The spread of orthotics technologies has been driven by high public awareness in developed economies such as the U.S. and Europe.
- Among application, the Plantar Fasciitis segment is expected to growth in the global pediatric ankle orthoses market over the forecast period. For instance, in May 2021, according to an article published in the journal of Sports Medicine and Therapy, Approximately 30,000 ankle injuries occur every day in the United States. With the incidence, estimated at more than 3 million a year and at a rate of 2.15/1,000 in the U.S. alone, medical specialists and other healthcare providers caring for the foot and ankle must take notice.
- Among Product Type, the Elastic Ankle Braces segment is expected to hold a dominant position in the global pediatric ankle orthoses market during the forecast period and this is attributed due to the increasing incidence of injuries and trauma that require surgical procedures. For instance, in May 2022, Ultra Athlete, LLC, develops and distributes the most technologically advanced ankle braces, in an industry dominated by outdated designs, DBA Ultra Ankle, designing performance-driven ankle braces used for prevention and recovery by professional and amateur athletes, active enthusiasts, and sports medicine professionals and Tandem Sport, a full-service sports and entertainment agency with expertise in athlete management, talent representation, marketing services announced that they have entered into a partnership agreement to accelerate growth for both companies in the fast-growing North American volleyball market. The new agreement will add Ultra Ankle's renowned ankle brace product line to the extensive catalog of volleyball products carried by Tandem Sport.
- Among region, North America is expected to be the dominant region in the global pediatric ankle orthoses market, owing to the increasing launch of products. For instance, on June 01 2023, Betterguards, a next-generation sports technology innovator, announced it has won the Sports Technology Award for the Best Technology for Injury Prevention and Recovery as the company launched sales across the U.S. market. The award recognizes, Betterguard ankle brace for its innovative injury prevention and recovery technology.
- Major players operating in the global pediatric ankle orthoses market include Orthomerica Products, Inc., Restorative care of America, Inc. (RCAI), Bioskin, ING Source, Inc., DJO, LLC, Ottobock, Ortho Europe, Invent Medical Group, Boston Orthotics & Prosthetics, Allard USA, Inc., Surestep, and Truelife.
