London, UK-based health industry research firm GlobalData reported on July 30 that the global orthopedic braces and orthotics market will rise from $2.56 billion in 2014 to just under $3.5 billion by 2021, largely driven by an aging population and patient preference for braces and supports as noninvasive treatment options.
The company reported this increase represents a moderate compound annual growth rate of 4.6%. The US will continue to dominate the orthotics space, retaining more than 50% of the market share throughout the forecast period.
While the global orthotics market is fragmented and composed of many smaller players, major companies hold large shares, said GlobalData medical device analyst Jennifer Ryan.
Key opinion leaders interviewed by GlobalData, however, noted there is a lack of brand loyalty in orthotic devices and that opportunities remain for new players.