The OTC Braces and Supports Market is Expected to Foresee Significant Growth. The U.S. to lead the growth!
The OTC braces and supports market is expected to witness a CAGR of around 5% during the forecast period (2022-2028F). OTC (over the turn) braces and supports are used in the orthopedic sector such as osteoarthritis, due to rising sports injuries, and traumatic injuries where they can be used to treat an injury. In addition, the increasing incidence of bone degenerative diseases, and ligament injuries in the youth, as well as the old age pool, boost the market growth. Moreover, the increasing prevalence of knee arthritis in the old age population increase the knee replacement surgeries will also drive the growth of this market during the forecast period. For instance, according to the United Nations, the 60+ aged population was 962 million in 2017 which is more than twice what it was in 1980 at 382 million. The number of the elderly population is expected to double again by 2050 and reach nearly 2.1 billion worldwide.
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Based on Product, the OTC braces and supports market is segmented into knee braces & supports, ankle braces & supports, upper extremity braces & support, and others. Among these, the ankle braces & supports category is anticipated to witness a considerable growth rate during the forecast period. This is mainly due to sports persons & athletes using these ankle supports to remain injury free or to get relief from pain or swelling will drive the growth rate of this market during the forecast period. For instance, according to Stanford Children’s Health, in the U.S., about 30 million children and teens participate in some form of organized sports, and more than 3.5 million injuries each year.
Based on application, the OTC braces and supports market is segmented into ligament injury repair, osteoarthritis, preventive care, and others. The preventive care category is supposed to witness a significant growth rate during the forecast period. Preventive care is mainly used to reduce the clinical risk of ligament injuries, diabetic foot ulcers, and knee injuries. Moreover, athletes are using preventive care to reduce the risk of sports-related musculoskeletal injuries which is also contributing to the growth of this market during the forecast period. For instance, according to the World Health Organization (WHO), approximately 1.71 billion people have musculoskeletal conditions worldwide.
Based on end-user, the OTC braces and supports market is segmented into orthopedic clinics, hospitals & pharmacies, and others. The hospitals & pharmacies category is supposed to witness a significant growth rate during the forecast period. this is mainly due to the rising geriatric population, hospital administration, and surgeries performed in the hospital. Moreover, rising accidents related to bone injuries and fractures are also driving the growth of the market during the forecast period. For instance, according to the Centers for Disease Control and Prevention (CDC), every year an average of around 6 million car accident cases occur in the U.S. Among them, approximately 3 million people are injured.
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For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. The rising growth of this market in the region is mainly due to the rising sports activities& injuries, spinal injuries, and the availability of a high number of hospitals & healthcare clinics in the region. Moreover, availability of major pharmaceutical and medical device companies are launching new products and working on new technological developments. For instance, in February 2021, BREG Inc. launched Pinnacle and Ascend lines of orthopedic braces comprising 15 products for patients with spinal injuries
Some of the major companies operating in the OTC Braces and Supports Market include 3M Company, ALCARE Co. Ltd., Bauerfeind Ag, Bird & Cronin LLC, Breg Inc., Deroyal Industries Inc., Medi GMBH & Co. Kg, Össur Hf, THUASNE SA., Zimmer Biomet
The OTC Braces and Supports Market Segmentation
Market Insight, By Product
Market Insight, Application
- Ligament Injury Repair
- Preventive Care
Market Insight, End-User
- Orthopedic Clinics
- Hospitals & Pharmacies
Market Insight, By Region
- North America OTC Braces and Supports Market
- Rest of North America
- Europe OTC Braces and Supports Market
- Rest of Europe
- Asia-Pacific OTC Braces and Supports Market
- Rest of Asia-Pacific
- Rest of the World OTC Braces and Supports Market
Top Company Profiles
- 3M Company
- ALCARE Co. Ltd.
- Bauerfeind Ag
- Bird & Cronin LLC
- Breg Inc.
- Deroyal Industries Inc.
- Medi GMBH & Co. Kg
- Össur Hf
- THUASNE SA.
- Zimmer Biomet