The global orthopedic brace market is expected to reach $4.3 billion by 2020, at a CAGR (compound annual growth rate) of 5% from 2015 to 2020, according to data published in January by Frampton, UK-based BioPortfolio Reports.
The report segments the brace market into four categories: knee, foot and ankle, spine, and upper extremity. The knee brace segment had the largest share of 42.5% of the market in 2014 and was valued at $1.4 billion in the same year, which also saw the Asia Pacific market garner 14.1% of global brace sales, due to the region’s low production costs. Rising awareness of braces among the general population is one factor contributing to the market increase, according to BioPortfolio.
Read the full report at bioportfolio.com.