It’s old news that the average human lifespan is rapidly increasing, and it’s having a big impact in all areas of the pharmaceutical industry across the globe. While on one hand longer life expectancy rates is a positive thing, it also comes with a lot of medical repercussions. One of these repercussions is the dramatic increase in the number of people suffering from debilitating diseases like osteoarthritis, degenerative disc disease, and spondylitis.
Stemming directly from the prevalence of these health problems, is the Global Orthopedic Bracing and Supports Market which has blossomed into a nearly US$3 billion field by 2012. This number is expected to climb even higher, as vendors begin to expand their customer demand beyond the elderly population and begin saturating the market in all-ages.
One wide opening for this sort of consumer expansion lies in the sporting sector. With the increasing popularity of sports and athletic enthusiasts globally, the incidence of sporting injuries is also rising. Major orthopedic product vendors are capitalizing on this by customized braces and supports for all of the most common sports injuries including sprains and strains, knee injuries, swollen muscles, Achilles tendon tears, fractures, and dislocations.
Additionally, leading players in the market are focusing on gaining a competitive edge in the market with innovative products especially for the young and active.
For example, in December 2012, DJO Global introduced the Exos Rapid Splint System and the Exos FORM Spine Bracing System—both waterproof, and designed to promote skin and brace hygiene during sweaty activities. As well, early this year Ossur introduced two new blade designs, the Cheetah Xtreme and Cheetah Xtend, both with Nike Spike Pad for amputee sprints.
At the end of the day, the success of this market comes down to one simple business fact: the wider the consumer base, the bigger the profits. Orthopedic braces and supports may have their roots in the geriatric healthcare sector, but the market’s is slowly beginning to extend across the entire spectrum of ages which all-but-guarantees rising profits in the foreseeable future.
For more info, view our 2012-2016 Global Orthopedic Bracing and Supports Market report.
