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The orthopedic garments market in Latin America (LATAM) generated $223.1 million revenue in 2019, which is expected to grow at a CAGR of 5.2% during the forecast period (2020–2030). The presence of a large number of physiotherapists, increasing burden of orthopedic diseases, growing geriatric population, and easy product affordability and availability are the key growth factors driving the LATAM orthopedic garments market.
Similarly, the LATAM orthopedic soft goods & braces market was valued at $177.4 million in 2019, and it is expected to grow at a CAGR of 4.9% during the forecast period. The growth is primarily due to the cost-effectiveness of hip and knee replacement surgeries, initiatives taken by public and private organizations to raise awareness about orthopedic surgeries and make them affordable, rising number of sports injuries and road accidents, and increasing healthcare expenditure.
In the midst of COVID-19, governments in LATAM have taken steps in order to ensure the stability of their finances, such as implementing new economic plans. Moreover, several manufacturing companies are facing challenges as a result of the lower-scale movement of goods and people, which leads to a reduction in supply, and ultimately, usage. Therefore, due to the lockdown during this pandemic, the lower supply of raw materials and production of orthopedic products have had a negative impact on the LATAM orthopedic garments, soft goods, & braces market.
In 2019, braces and support accounted for the largest share in the LATAM orthopedic garments market, based on type, primarily due to the easy availability of these products. Moreover, braces are designed to support the ligaments and help in the reduction of the weight on the joints, which provides relief to patients from pain.
The knee category dominated the market during the historical period, and it is expected to maintain the same trend during the forecast period (2020–2030), based on use area. The growth of the category is mainly due to the broad availability of advanced orthopedic knee supports and braces. Moreover, these products are widely used by older patients and for the rehabilitation of patients with knee injuries.
The women category generated the higher revenue in the LATAM orthopedic garments market in 2019, based on gender. Moreover, it is expected that the women category will have the higher growth rate during the forecast period, owing to the higher usage of long sleeves, socks, thigh support and braces, and garments by women.
Geographically, Brazil was the largest contributor to the LATAM orthopedic garments market during the historical period, and it is set to be the fastest-growing market in the coming years. This growth would primarily be due to the rising cases of orthopedic diseases and the presence of market players who are providing an enormous number of products in the country. Moreover, the increasing awareness on preventive orthopedic care is leading to the increasing demand for orthopedic garments in the nation.
The braces and support category is expected to generate the highest revenue in the LATAM orthopedic soft goods and braces market during the forecast period, based on product. This is primarily attributed to the high usage of these products by patients with orthopedic disorders and disabilities. Moreover, these products are also being widely used in for rehabilitation, after orthopedic surgeries.
Among all types, the knee category generated the highest revenue in the LATAM orthopedic soft goods and braces market in 2019, and it is also expected to grow the fastest during the forecast period. This is mainly due to the easy availability of these products for knee injuries, disorders, and discomfort. Moreover, these products are also being used by people with sports injuries and arthritis.
Geographically, Brazil held the largest revenue share in the LATAM orthopedic soft goods & braces market during the historical period. This was primarily due to the increasing cases of obesity in the country, which leads to orthopedic diseases, as the bones become unable to carry the additional weight of the body. The obesity incidence in the country rose from 11.8% in 2006 to 19.8% in 2018, as per the data provided by the health ministry of Brazil. Moreover, market players who are providing an enormous number of products are playing a significant role in the growth of market by offering various types of advanced products.
Advancements in orthopedic products are one of the major trends being observed in the LATAM orthopedic garments, soft goods, & braces market. With the increasing cases of orthopedic diseases and disorders, as well as technical advancements in orthopedic products, such as garments, braces, and soft goods, the demand for these products is on the rise. Based on the data provided in the Orthopedics Design & Technology magazine in 2019, certain advancements that were introduced in orthopedic soft goods and braces have proven widely useful for patients.
According to the report World Population Ageing 2019, published by the United Nations Department of Economic and Social Affairs (UNDESA), in Brazil, the proportion of people aged 65 years and above in its total population was 9.3% in 2019, and it is projected to increase to 13.6% by 2030. Similarly, individuals aged 65 years and above accounted for 7.4% of the total population of Mexico, 11.2% of Argentina, 11.9% of Chile, 8.8% of Colombia, 8.4% of Peru, and 7.4% of Ecuador in 2019. Their population is further expected to account for 10.2% of the total in Mexico, 12.7% in Argentina, 17.2% in Chile, 13.0% in Colombia, 11.4% in Peru, and 10.1% in Ecuador by 2030. The rising percentage of older people is resulting in the rising incidence of orthopedic diseases, in turn, supporting the growth of the orthopedic garments, soft goods, and braces market in the region.
As stated by the World Confederation for Physical Therapy, as of June 2019, there were 350,221 physiotherapists in the region. Of these, Brazil had around 250,000 practicing physiotherapists, Mexico had 4,861, Chile had 30,360, Peru had 5,000, Ecuador had 2,530, and Colombia had 29,483. These physiotherapists generate a considerable demand for orthopedic garments, braces, and soft goods, for limiting the requirement for patient revisits. Therefore, the high number of physiotherapists would lead to the rising demand for such products, to provide better treatment to patients, thus resulting in the growth of the orthopedic garments, soft goods, and braces market.
In the LATAM region, the easy availability of orthopedic garments, braces, and soft goods is attributed to the presence of major market players, including SIGVARIS AG and Tactile Systems Technology Inc. Some of the products readily available in the region are abdominal binders and rib belts, ambulatory aids, arm slings and elevators, cast shoes, knee immobilizers, and post-op shoes, all of which help in the treatment of people suffering from orthopedic diseases. Thus, the easy product affordability and availability are having a positive impact on the orthopedic garments, soft goods, and braces market in LATAM.
The LATAM orthopedic garments, soft goods, & braces market is consolidated in nature, due to the presence of market players such as Johnson & Johnson, Stryker Corporation, Ottobock SE & KGaA, Smith & Nephew PLC, Essity AB, and DeRoyal Industries Inc.
In recent years, players in the LATAM orthopedic garments, soft goods, & braces market have launched multiple products to gain a significant edge in the competitive landscape. For instance:
The Latin America orthopedic garments, soft goods and braces market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Use Area
Based on Gender