OTC Braces & Supports Market

SKU: DMPH3134 | Last Updated On: Jan 12 2023 | Available Formats

>OTC Braces & Supports Market is expected to reach a high CAGR of 5% By 2023-2030:

OTC Braces & Supports Market is segmented By Product Type (Knee Braces and supports, Facial Braces & Supports, Hand & Wrist Braces and Supports, Elbow Braces and Supports, Shoulder Braces and Supports, Back, Hip, and Spine Braces and Supports, Foot walkers and orthoses, Ankle braces and supports), By Type (Soft & Elastic Braces and Supports, Hard Braces and Supports, Hinged Braces and Supports), By Application (Ligament Injury, Preventive Care, Osteoarthritis, Compression Therapy, Post-Operative Rehabilitation, Others), By Distribution channel (Orthopedic Clinics, Hospitals & Surgical Centers, Pharmacies & Retailers, E-Commerce Platforms, Other Distribution Channels), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

OTC Braces & Supports Market is forecasted to reach at a CAGR of 5% during the forecast period (2023-2030). Orthopedic braces come in various designs, but the basic aim is to support and help control the joint. They are mostly seen in the ankle and knee, but braces are for the hip, back, neck, elbow, wrist, and fingers. Orthopedic braces are designed to control the limb's position and facilitate or hinder specific movements. Orthopedic braces compensate for weak muscles and correct structural deformities. Orthopedic braces are commonly used for various diagnoses such as cerebral palsy, spina bifida, scoliosis, spinal cord injury or stroke. Braces are also commonly used after joint surgery to keep them motionless for a while or to control their motion as the joint recovers. The major factors propelling the growth of the OTC Braces & supports market are the increasing prevalence of orthopedic diseases and disorders, greater product affordability and market availability, continuous product commercialization and rising number of sports and accident-related injuries.

OTC Braces & Supports Market - Strategic Insights

Metrics

Details

Market CAGR

5%

Segments Covered

By Product Type, By Type, By Application, By Distribution channel, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Market Dynamics:

Increasing prevalence of orthopedic diseases and disorders will drives market growth

OTC orthopedic braces and supports are increasingly used during clinical management of various orthopedic diseases and disorders such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures and carpal tunnel syndrome. These products offer higher clinical efficacy and rapid patient recovery than alternative therapies such as pain medicine. The incidence of orthopedic diseases and disorders is expected to increase further in the near future with a rising prevalence of obesity and related lifestyle disorders, as obese individuals are at greater risk of orthopedic and musculoskeletal injuries and diabetes.

Moreover, increased sales of off-the-shelf and online products and promotion and branding initiatives undertaken by major product manufacturers are expected to deliver significant growth to the market in the upcoming period.

However, Limited options to customize OTC orthopedic braces and supports hamper the market growth. While customized and pre-made braces are available on prescription worldwide, the currently available OTC braces are not as flexible. Patients with higher or lower arches, increased physical activity, particular shoe fit problems, or substantial bone or tendon problems (in contrast to typical standards) prefer prescription orthopedic braces (compared with OTC products). OTC orthopedic braces must be replaced every few months (compared to prescription orthotics that last for years with minimal refurbishment). The lack of customizations for OTC orthopedic braces is one of the main factors responsible for limiting the wider adoption of OTC orthopedic braces and supports during the forecast period.

Market Segmentation:

During the forecast era, the synthetic bone graft segment is expected to rise at the fastest CAGR.

Based on the product type, the OTC braces & supports market has been classified into knee braces and supports, facial braces & support, hand & wrist braces and supports, elbow braces and supports, shoulder braces and supports, back, hip, and others.

The knee braces segment is projected to be the dominant segment in the market during the forecast period. Knee braces are used as a follow-up treatment after knee surgery resulting from injuries such as anterior cruciate ligament (ACL) rupture, sprained medial knee ligament, patella tendonitis, torn knee cartilage, posterior cruciate ligament (PCL) rupture, knee arthritis, and runner's knee. The favorable recovery scenario for knee braces in developed countries, the growing geriatric and obese population (which is at higher risk of developing osteoarthritis and other knee-related conditions), and the increasing number of sports injuries are other factors driving the growth of knee braces and supports.

OTC braces & supports is segmented based on application segment, which includes, ligament injury, preventive care, post-operative rehabilitation, osteoarthritis, compression therapy and others.

Prevention care is held a significant market share in the OTC Braces & supports market. Orthopedic braces and supports are used to lessen the clinical risk of musculoskeletal injuries and diabetic foot ulcers, among many other preventive treatment applications. Athletes and sportsmen use these bracelets to minimize the risk of sport-related musculoskeletal injuries (such as ACL tears, hairline fractures, ankle sprains, hamstring strains, and tennis elbow). The increasing adoption of OTC orthopedic bracing and preventive care support products is mainly due to the increasing public participation in sports and the increasing availability of OTC bracing products for preventive and outpatient care.

Geographical Penetration:

North America region is expected to dominate the global OTC braces & supports market

Based on geography, the study analyzes the OTC Braces & supports market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America is one of the major revenue-generating regions of the OTC braces and supports the market. Favorable reimbursement & insurance coverage for major bracing procedures and supportive government product marketing regulations are key factors driving the growth of North America's OTC braces and support market.

The Asia-Pacific region is projected to have a high growth rate over the forecast period due to the massive presence of the geriatric population in China, increasing demand for the product. In addition, Japan is a significant contributor to the market's overall growth due to the prevalence of new manufacturing technologies and facilities.

Competitive Landscape:

The key OTC braces & supports players which are contributing to the growth of the global market include 3m Company, Alcare Co., Ltd., Bauerfeind Ag, Bird and Cronin, Inc., Breg, Inc., Bsn Medical, Deroyal industries, inc., DJO Finance LLC, MEDI GMBH & CO. KG, Össur Hf among others. The major players are adopting new product launch and expansion strategies for global growth in the OTC Braces & support market. In February 2021, Breg, Inc., a leading orthopedic bracing and billing services company, launched 15 new spine bracing products. This product is designed to elevate care for patients with spinal injuries. In April 2021, GJO, a leading global provider of medical technologies, acquired MedShape Inc., a privately held orthopedic medical device company. MedShape provides innovative surgical solutions for foot and ankle surgeons using its patented superelastic nickel-titanium shape memory alloy and shape memory polymer technologies. This acquired business consists of a portfolio of innovative devices for fracture fixation, joint fusion and soft tissue injury repair that utilize biomaterial technologies designed to improve patient outcomes.

COVID-19 Impact:

Negative impact on the global OTC braces & supports market.

OTC orthopedic braces and support markets are affected by a pandemic, resulting in negative short-term growth due to factors such as a sharp decline in elective surgery and a ban on organized sports. In addition, O&P clinics were temporarily closed, and hospital access was restricted to non-essential care. As a result, limited access to clinics, social distances, a lockdown of the population resulting in less trauma and injury to the workplace, and a slowdown in patient flow and referrals have also impacted market growth.

The global OTC braces & supports market report would provide an access to approximately 69 market data tables, 72 figures and 170 pages

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