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LATAM Orthopedic Soft Goods and Braces Market To Generate Revenue Worth $291.1 Million by 2030

Published Date:   October 2020

The surging geriatric population, presence of a large number of physiotherapists, growing burden of orthopedic diseases, and easy product affordability and availability are the key growth factors for the orthopedic garments market in Latin America (LATAM). Due to these factors, the LATAM orthopedic garments market is expected to generate $376.3 million in revenue by 2030.

Similarly, the rising number of sports injuries and road accidents, cost-effectiveness of hip and knee replacement surgeries, initiatives taken by public and private organizations to make orthopedic surgeries affordable and make people aware about them, and rising healthcare expenditure are the key driving factors for the LATAM orthopedic soft goods and braces market. Due to the aforementioned factors, the LATAM orthopedic soft goods and braces market is expected to generate $291.1 million in revenue by 2030, growing at a CAGR of 4.9% in the coming years.

Orthopedic Garments Market Segmentation Analysis

Braces and Support Category Held Largest Share in Orthopedic Garments Industry in 2019

Based on type, the LATAM orthopedic garments market is categorized into braces and support; pantyhose, vests, socks, sleeves, masks, and others. Among these, braces and support held the largest share in 2019, primarily due to their easy availability and wide usage for healing fractures, post-surgery support, and pain relief.

Based on use area, the LATAM orthopedic garments market is categorized into knee, ankle, hand/wrist, shoulder, neck, elbow, and others. Among these, the knee category held dominating share of the LATAM orthopedic garments market in 2019. This is mainly attributed to the increasing usage of knee-related products by sportspersons and elder patients suffering from joint pain.

Orthopedic Soft Goods and Braces Market Segmentation Analysis

Knee Category To Dominate Orthopedic Soft Goods and Braces Industry during Forecast Period

Based on type, the LATAM orthopedic soft goods and braces market is categorized into knee, ankle, hand/wrist, back, elbow, calf/thigh, shoulder, and neck. Among these, the knee category is expected to dominate the industry during the forecast period, owing to the increasing cases of knee injuries, pain due to orthopedic disorders, and general musculoskeletal discomfort, thereby resulting in the rising demand for knee bracing products and soft goods.

Based on product, the LATAM orthopedic soft goods and braces market is categorized into braces and support and soft goods. Of these, the braces and support category held the larger share of the LATAM orthopedic soft goods and braces market in 2019, owing to the rising usage of these products by orthopedic patients after surgeries.

Geographically, Brazil was the largest contributor to the LATAM orthopedic garments, soft goods, & braces market during the historical period (2014–2019), and it is expected to have the highest growth rate in the coming years. This is mainly due to the rising incidence of obesity, which leads to several bone-related diseases. As per the data provided by the health ministry of Brazil, 19.8% of its population in 2018 was obese, and some of them were suffering from multiple chronic conditions. Moreover, the presence of a large number of market players is resulting in the easy availability of orthopedic products in the country.

Product Launch Is Most Effective Strategic Measure Taken by Players

Players operating in the LATAM orthopedic garments, soft goods, & braces market are involved in product launches to gain a significant edge over their rivals. For instance, in June 2020, THUASNE released a range of braces designed for the treatment of back problems that are being faced by people in their daily life. These products provide comfort with the help of the integrated lacing system technology.

In August 2019, Bauerfeind AG revealed the ErgoPad sensitive foot, a type of orthosis, which is designed to provide cushioning to sensitive feet; it can also be used by diabetic patients with foot problems.

In May 2019, Breg Inc. launched the next generation of the paperless workflow management system, named Breg Vision 7.0, for patients using the orthopedic solutions of the company. The company made it available on the Apple app store.

Some of the major players operating in the LATAM orthopedic garments, soft goods, & braces market are DeRoyal Industries Inc., Smith & Nephew PLC, 3M Company, Essity AB, Beiersdorf AG, Integra LifeSciences Holdings Corporation, Wright Medical Group N.V., BREG Inc., DJO Global Inc., Bauerfeind AG, Becker Orthopedic, Acumed LLC, Ottobock SE & Co. KGaA, Implus Corporation, Össur hf, medi GmbH & Co. KG, Remington Products Company, and THUASNE.