(MENAFN- P&S Intelligence) A number of factors, such as the increasing cases of orthopedic illnesses, surging aging population, growing healthcare expenditure, increasing cases of road accidents and sports injuries, presence of an umpteen number of physiotherapists, cost-effectiveness of knee and hip replacement surgeries, and rising number of products available for musculoskeletal rehabilitation and their affordability, are projected to boost the growth of the Latin American (LATAM) orthopedic garments, soft goods, and braces market during the forecast period (2020–2030).
The primary factor improving the LATAM orthopedic garments, soft goods, and braces market growth prospects is the burgeoning aging population. As per the World Population Ageing 2019 report, in Brazil, Mexico, and Argentina, the proportion of individuals aged 65 years and above was 9.3%, 7.4%, and 11.2%, respectively, in 2019. These shares are expected to reach 13.6%, 10.2%, and 12.7%, by 2030, respectively. The increasing geriatric population is leading to the surging prevalence of orthopedic illnesses, which, in turn, is supporting the market growth.
The gender segment of the LATAM orthopedic garments, soft goods, and braces market is categorized into men and women. Between the two, the women category held the larger market share in 2019, and it is projected to witness the higher growth rate in the foreseeable period. This can be attributed to the higher usage of socks, long sleeves, garments, thigh support and braces, and other garments for musculoskeletal rehabilitation by females across the region.
The LATAM orthopedic garments market is consolidated with the presence of few major companies like Johnson & Johnson, Ottobock SE & KGaA, Stryker Corporation, Smith & Nephew PLC, DeRoyal Industries Inc., and Essity AB. These players have launched several products to gain a competitive edge over others in recent years. For instance, DeRoyal Industries Inc. launched a sport ankle brace with boa closure system in January 2020. This product, also identified as vulnerable ankle, is designed to manage ankle and foot injuries.
Thus, the surge in the aging population and presence of a large number of physiotherapists are expected to propel the market growth during the forecast period.
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