Global Knee Braces Market Is Estimated To Witness High Growth Owing To Increasing Incidence of Sports Injuries

The global knee braces market is estimated to be valued at US$1.85 billion in 2021 and is expected to exhibit a CAGR of 4.34% over the forecast period 2022 to 2029, as highlighted in a new report published by Coherent Market Insights.

1. A) Market Overview:

Knee braces are medical devices designed to provide support and stability to the knee joint. They are commonly used by athletes and individuals with knee injuries or conditions such as arthritis. Knee braces offer several advantages, including pain relief, improved mobility, and prevention of further injury. These products play a crucial role in the rehabilitation process and help patients recover faster.

1. B) Market Key Trends:

One key trend in the knee braces market is the increasing incidence of sports injuries. With the growing popularity of sports activities, the number of sports-related injuries has also risen. Knee injuries, such as ligament tears and strains, are common among athletes. In order to prevent these injuries or provide support during the recovery process, knee braces are widely used. For example, professional athletes often wear knee braces as a preventive measure to reduce the risk of injury.

1. C) Porter’s Analysis:
2. Threat of new entrants: The knee braces market has significant barriers to entry due to the requirement of extensive research and development, and compliance with regulatory standards. Established companies have a strong foothold in the market, making it difficult for new players to enter.
3. Bargaining power of buyers: Buyers in the knee braces market have moderate bargaining power due to the availability of multiple options and competition among manufacturers. However, the quality and effectiveness of the product play a crucial role in the purchasing decision.
4. Bargaining power of suppliers: Suppliers in the knee braces market have moderate bargaining power as there are multiple suppliers offering similar products. However, manufacturers often maintain long-term contracts or partnerships with suppliers to ensure a consistent supply of quality materials.
5. Threat of new substitutes: The threat of new substitutes in the knee braces market is relatively low. Braces are an essential part of the treatment and rehabilitation process for knee injuries, and there are limited alternatives available.
6. Competitive rivalry: The knee braces market is highly competitive, with several key players vying for market share. These companies invest heavily in research and development to introduce innovative products and gain a competitive edge.
7. D) Key Takeaways:
   4. The global Knee Braces Market is expected to witness high growth, exhibiting a CAGR of 4.34% over the forecast period. This growth can be attributed to the increasing incidence of sports injuries and the rising adoption of knee braces in the rehabilitation process.
   5. In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the knee braces market. This can be attributed to the high prevalence of sports injuries, well-established healthcare infrastructure, and the presence of major market players in the region.
   6. Key players operating in the global knee braces market include Colfax Corporation (DJO Global, Inc.), 3M Company (3M Science), Orthofix Medical, Inc. (Breg, Inc.), Mueller Sports Medicine, Inc., McDavid, Inc. (EZ GARD Industries, Inc.), Bauerfeind AG, Medi GmbH & Co. KG, Otto Bock Healthcare GmbH, Tynor Orthotics Private Limited, Ossur Corporate, Zimmer Inc., Corin Group, DePuy Synthes, Johnson & Johnson Services Inc., B. Braun Melsungen AG, DJO Global, Inc., Baumer Holding AG, SurgTech Inc., and Wright Medical Group N.V.

The global knee braces market is experiencing significant growth due to the increasing incidence of sports injuries. The market is highly competitive, with key players focusing on research and development to introduce innovative products. North America is expected to dominate the market due to its well-established healthcare infrastructure and higher prevalence of sports injuries.