Consumer Behavior: Bauerfeind sports knee support

Consumer Behavior: Bauerfeind sports knee support

The market behavior

The knee brace market comprises of a market with particular products that are designed to offer support of muscles around the knee, support for the joint and pain relief around the knee area. The market distribution of these products includes a particular product design and the aim of the use of the product. Express wire release a forecast report on the growth of the market (Market watch, 2019). This report identifies the importance of medical tourism and the rate of increase in the focus on orthopedics in most government bear a lot of responsibility in the creation of the virtual market of the knee brace products. The rate of cases that require the use of orthopedics has grown rapidly since 2016, according to the Global Market research that was published in 2016. This report indicates the rapid growth in the industry through the increase in the rate of the use of the therapy to treat ailments such as Osteoarthritis. The report released indicated the increase in the rate of infection of these conditions among the elderly. According to this research, there has been an increase in the rate of growth of the aged population across the globe, especially in developing countries across the globe. The aging population in developed countries is characterized by middle class and rich retired people with purchasing power to sustain the rapid growth in these countries. The Global Newswire posted a research article in 2019 indicting that the overall contribution of the orthopedics in the support for the knee braces industry by recording a 3.8 billion US dollars in the fiscal year of 2018. This is a promise that the knee brace products such as Bauerfeind knee support braces have an opportunity to create better profits from the changes that are occurring in the industry.

The Grand View Research (2019), in its research, published that there has been a rapid upward trend in the increase of injuries among the children aged below 14 years. According to this research, there are roughly about 3.5 million children every year who have suffered knee injuries while playing. According to statistics, about 9%of the total injuries that are recorded across the world constitute knee injuries making the potential market of the knee braces like Bauerfeind knee support braces to have a steady market of its products throughout the year. Another factor accelerating the knee brace industry is the fact that Vynz research (2019) released a report indicating that there has been a rapid insurgence of the sports in the international arenas. This increase in sports activities creates an increase in the market of the support products for the knee joint and knee muscle support. Similarly, knee injuries have progressively increased with an increase in the number of sporting events in the industry.

According to Knowledge-Based Value Research, it is estimated that the industry will surpass the 1.9 billion dollar mark by the end of the forecast period in the United States only in 2025. With a rapid increase in the need for knee braces, the research forecasts a random growth rate of about 4.4% annually. This is an indication that the products in the knee brace industry might experience a boost within this period.

Market segmentation

The market is divided into three different market segments. This model of segmentation is based on the nature of demographics as recorded from the market trends.

Age

Age is a very critical factor in the market of the knee brace industry. The rate of consumption is readily distributed throughout the ages. There is a likelihood of the increase in the use of the products basing on age; the youth are more active hence the tendency for high cases of injuries while the rate of increase in health conditions among the aged is creating a sudden surge in the market from the aging population. According to the Global Newswire report (2019), it can be deduced that more Americans are affected by health conditions, the number estimated in this research is that about 21 million Americans suffer from the condition called Osteoarthritis with the majority of those affected by the condition comprising of old people. According to the Grand View Research (2019), there are about 28% of Americans with health conditions related to arthritis and the research also revealed that the use of the spring-loaded technology by the people affected had seen a recovery rate of about 64%. In this case, similar technology is embraced when making the knee support devices. According to Anderson and Loeser (2010), the rate of the case of Osteoarthritis has shown an increased rate throughout the ages. A 33% rate among those between the age of 60-70 and 43% for individuals older than 70 years old.

The youth have also created a reasonable market share in the industry that is related to knee injuries. For instance, according to the Grand View Research (2019), a total of about 3.5 million children recorded knee injuries in the United States only. More than half of sports professionals are people within their middle ages between 18- 35 years old. Similarly, according to the center of disease and control in the United States, the rate of underlying conditions such as general arthritis increase with the age of the person.

Professionalism

The most target profession is sports. Most sportspersons are likely to use the knee braces for different preseasons, as indicated in the research by Grand View Research (2019). According to this research, knee braces can be used to offer support to the knee joint and muscles and also offer protection to the joint.  According to Bauerfiend.com, the product Bauerfeind knee support is used in the creation of comfort and support for the knee joint and muscle structure. The product is also used to deliver a different amount of pressure using the cushion feature on the product to distribute inflammation in the joint. Research done by Express wire indicates the importance of the knee brace products in the provision of comfort in games and sports. This follows a statement that indicates that increased sporting activity and its gradual effect on the growth of the industry. Sportspersons in the fields of basketball, soccer, football, and other games report the case of knee injuries (Nicolini, 2010).

Sex

Most of the knee brace products are bisexual, and there is not much targeting that is based on the gender of individuals. However, marketing strategies now depend on the nature of the knee problems and hoe they are related to gender. According to the Andersons and Loeser (2010), most women are affected by arthritis as compared to men. This means that targeting the market structure with arthritis or Osteoarthritis may commonly involve women. Similarly, most sporting activities show a higher engagement of males than women. This increases the need to create better strategies to focus on men than women in sports. This has been proved in a research done by Appleby and Foster (2013) on gender involvement in sports.

Market distribution by region

Currently, the United States is the largest market for knee braces in the world. According to Markets and Markets (2020), better healthcare insurances and recommendation for the use of the therapy of braces in the medical field is the main driver of the market in the United States. Other markets in northern America include Canada. According to Globe Newswire (2019), Italy, Spain, UK, and Germany are leading markets in the European market. The Asian countries that are actively involved in the knee brace industry include; China, Japan, and India. Brazil is a major sports hub in Latin America, and it’s the largest market in South America. Other small progressive markets are located in different countries around the globe. Global distribution of the knee braces is not well developed due to poor supply chain systems that are expensive and lack of proper advertisement by the producing companies.

Consumer behavior

According to research, consumer behavior in the knee support brace industry plays a critical role in the modeling of the market setting of the industry (Arenas-Gaitán et al. 2019). Different factors have significant input in the control of the market for Bauerfeind knee support braces. The following factors affect consumer behavior in the knee brace support industry.

Demographic factors

The trend in the knee braces and support industry is based on different ages of the consumers (Chands, 2018). According to the grand view research (2019), it can be deduced that the age distribution for the people using this product increases with age. This is because the age factor affects the basic factors that promote the development of the knee brace industry. Increasing age is directly proportional to the ability of the user to buy the product. Similarly, age is an important fact to consider when looking at the health condition that affects the knee joint. Cases of arthritis and Osteoarthritis have a tendency to increase as the age of the user increases above 50 years. Research has also proven a reduced activity among the aging population, which is likely to stimulate the development of joint-related issues such as arthritis. Another research indicates that age is a very important factor to consider in sports. Since sports are a major influencing factor in the market for knee braces, it is important to note that the higher the tendency to get involved in games, the higher the chances of knee injuries. The grand view research published in 2019 indicated that the number of cases of arthritis exceeds above 30 million people in the United States alone. About 9% of total injuries recorded across the globe are relayed to the nee join. With this research, it is easy to presume that the number of injuries increasing between the ages of 10 years to 35 years. The same report indicated that research in a university in the United States recorded up to more than 3.5 injuries of the knee among children who are aged between 0-14 years.

The level of income of the consumers is directly proportional to their consumer ability. This is an indication that individuals with better salaries are likely to purchase these products than students and unemployed people. A recent report indicated the tendency of males to be involved in =the games and sports as compared to females. Health research done by Sokka at al  (2009) indicate that more women are likely to be affected by arthritis and other knee-joint rated health conditions than their male counterparts.

Legal constraints in different markets play a critical role in the development of consumer behavior. The United States, for instance, provides a medical system that supports the use of braces and knee support items from the industry. Such culture is important in creating an environment that is used in creating consumer patterns in the market. This means that the government support for the braces increases the trust that consumers have in the products for the treatment of conditions of knee injury and providing support. Government factors affecting the consumer patterns such as taxation reliefs create favorable markets for the producers to display their products to consumers. The globalization behavior in the markets has created a paradigm shift in the channels of distribution, making online marketing, and selling to be the most presumed model for the industry. Ecommerce shops such as those provided by companies such as Amazon, eBay, Alibaba, and other online companies have increased throughout the globe in the past set of 5 years. This consumer behavior has encouraged the production of basic supply chains in the market allowing global consumers to receive their orders of the products at home from any destination.

Product descriptions are a basic factor in controlling the behavior of consumers. The price of the product is relative to the nature of consumers in the market. Similarly, other product qualities such as the quality and interchangeability of the use of the product are related to increased consumption of the product even when the product is expensive. Bauerfeind knee support braces, according to the amazon.com market, are the most expensive products in the knee and brace industry. However, other brands like Futuro still manage to keep their products low while maintaining single-use products. Bauerfeind knee support braces still maintain higher product quality by keeping the product high. According to Bauerfeind.com (2020), the product for its knee brace is used alternatively for knee muscle support at the same time the pain-relieving for injured knees.

Marketing and recommendation

New marketing strategies play an important role in the growth and expansion of global markets. According to research, it is eminent that the advisement sector in any organization is very important in the creation of awareness. Creating product awareness, industry awareness, and brand awareness are critical areas that stakeholders in this industry need to put into consideration. The tree designs of marketing will be important for the key developments and expansion of the knee and braces industry. The following is a detailed overview of the recommendations that stakeholders in the knee support and braces industry.

Sector advertisement

The knee support and brace industry is still a new market in most parts of the world. This means that there is a lot of effort that is needed for the growth and development of the industry. Sector advertisement is critical for the overall creation of awareness of different untapped markets that are as well not embraced in the world. So far, according to statistics, the United States is one of the most exploited markets in the knee braces and support industry (Jara-Figueroa et al., 2018). Companies like Bauerfeind have been out i8n the market since 1985, and there is a need for companies like this to introduce their brand in other competing markets. This will create a global market trend that should be able to steer a globalized market and culture (Lovering, n.d.). This will create a pool of suppliers and well-informed suppliers who will likely help in expanding the company. The globalized induction of the company is very important in creating an expansive market for the products. The data provided, but the Grand View Research in 2019 indicated that more than 9%of total injuries around the globe are knee-related injuries. This creates a large market gap that can only be exploited if the industry is globalized. Globalization of the industry will help the Bauerfeind Company to distribute its braces across the globe to increase its coverage; hence market size and revenue similarly, the economies without knowledge about the industry will be notified by the company brand that will be introduced in the industry. Other brands that produce braces such as Futuro can take advantage of this opportunity to increase their market coverage across the globe. This will help in creating global awareness of the industry, making it prosper and exceed the approximation as detailed in written research and forecasts.

Creating brand awareness

Brand awareness refers to the creation of position brand imaging in the market. Companies that produce different products in the industry may tend to provide enough information about the different products they offer by using particular signatures on their products called trademarks. Bauerfeind can make use of these techniques to increase its brand awareness in the global industry (Pachal et al. 2012). Globalization will play an important role in the increase of the products and brands at large. This facilitates the production of different product brands in the industry that may be used to sustain the company as other brands reestablish to take advantage of the growing industry. Brand awareness creates an important paradigm in the market by allowing the company to sell different products under the company name (Ukaj, 2016). Other powerful brands such as Futuro need to take a global turn to make use of sports activities that increase the need for the knee support and braces industry. The aging population is common in most parts of the globe, and they might need the product too. This will play a significant role in improving the awareness of each brand across the globe. Creating competitive advantages to outdo their competitors will lead to an increase in the general quality of the products (Kevin & Steve, 2003). Brand awareness, as to be used to increase the reach of the individual companies through the use of different methods of marketing such as digital marketing platforms. Most product brands such as Bauerfeind and Futuro are concentrated in the United States and the European markets, leaving behind other potential markets such as Australians, Africa, and Asia. Although research indicates the genera increase in sports activities across the globe and the rate of infection of joint conditions such as arthritis and osteoarthritis insurgence across the world, most of the suppliers in the industry have not promoted and marketed their brands globally.

Product promotion and marketing.

This refers to the marketing of the product characteristics uses and side effects, if any, to its users. The users will gain access to this information and identify the importance of this kind of product, triggering them to buy new products. Product advertising is important in the creation of awareness of the products and their special characteristics and uses. This information is very important in controlling consumer behavior, which is important in affecting consumer purchasing power. Product advertisement gives the qualities of the product and the specific uses and helps the consumer to identify the right product they want to buy. According to Mooreland and Rust (1999), it can be deduced that the marketing of products play a significant role in the development of a consumer base by creating, and informed list of consumers who know what they want to buy. Bauerfeind can increase the availability of consumer information about the products. The website of the company does not give clear facts on the products and may prove difficult for consumers to get the right information. Digital advertisement could be a better strategy to use in promoting the use of the products, especially the Bauerfeind knee support braces. This strategy can play a critical role in the promotion of the products and the company brand name.

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