OTC Braces & Supports Market worth $1,286 million by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, Nov. 10, 2022 (GLOBE NEWSWIRE) — According to the new market research report “OTC Braces & Supports Market by Product (Knee, Ankle, Hip, Spine, Shoulder, Elbow, Hand, Wrist), Type (Soft, Rigid, Hinged), Application (Preventive, OA, Ligament Injury, Compression), Distribution (Pharmacies, E-com, clinics) – Global Forecast to 2027″, The OTC braces and supports market is valued at an estimated USD 942 million in 2022 and is projected to reach USD 1,286 million by 2027, at a CAGR of 6.4% during the forecast period.
Browse in-depth TOC on “OTC Braces & Supports Market“
137 – Tables
42 – Figures
274 – Pages
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Scope of the Report:
| Report Coverage | Details |
| Market Size | USD 1,286 million by 2027 |
| CAGR | 6.4% |
| Historical Data | 2020-2027 |
| Base Year | 2021 |
| Forecast Period | 2022-2027 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product, By application, By distribution channel, and By region |
| Geographies Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
| Key Companies Profiled/Vendors | 3M Company (US), DJO LLC (US), Essity AB (Sweden), Össur (Iceland), Ottobock (Germany), Thuasne (France), Bauerfeind AG (Germany), and Breg Inc (US), Nippon Sigmax (Japan), Bird & Cronin (US), medi GmbH (Germany), DeRoyal Industries (US), TruLife (Ireland), Mueller Sports Medicine (US), Orliman (Spain), Zimmer Biomet Holdings (US), Becker Orthopedic (US), Alcare (Japan), Foundation Wellness (US), and McDavid (US), Neo G (US), United Medicare (India) and Frank Stubbs Company Inc. (US), Vissco Rehabilitation AIDS Pvt Ltd. (India), and Prim SA. (Spain) |
| Key Market Opportunities | Increased sales of off-the-shelf products through e-commerce platforms |
| Key Market Drivers | Increasing incidence of orthopaedic disorders |
The growth of the OTC braces and supports market is driven by the rising incidences of orthopaedic diseases & disorders, continuous product commercialization, better product affordability and market availability, rising number of sports and road accident-related injuries, growing public awareness related to preventive care, and promotion and branding initiatives undertaken by major product manufacturers.
On the basis of product, the otc braces and supports market is divided into knee braces and supports; ankle braces and supports; back, hip, & spine braces and supports; foot walkers and orthoses; hand & wrist braces and supports; shoulder braces and supports; elbow braces and supports; and facial braces and supports. Out of which the knee braces and supports segment is expected to have the maximum growth during the forecast period especially as these products provide suitable grip and support, maintain the unneeded rotation of the knee and are best suited for prevention and protection after surgeries.
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Based on type, the otc braces and supports market is segmented into soft & elastic braces and supports, hard braces and supports, and hinged braces and supports. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopaedic braces in post-operative & preventive care, and the supportive reimbursement scenario for target products across mature markets
On the basis of application, the otc braces and supports market is segmented into preventive care, ligament injury, osteoarthritis, compression therapy, and other applications. The preventive care segment among all holds the largest share of the market. This large share of this segment is a result of the growing participation in sports , the rising number of accidents such as sport accidents or road accidents worldwide, and the growing availability of clinical reimbursement for ligament injuries and repair.
Based on the distribution channel, the otc braces and supports market is classified into pharmacies & retailers, e-commerce platforms and clinics &hospitals. Pharmacies & retailers are expected to be the largest distribution channel segment in the otc braces and supports market in 2022. Market growth can largely be attributed to the growing number of orthopaedic surgical procedures that require post-operative preventive care and rising adoption of off-the-shelf products for sprain & ligament injuries in major countries (due to easy access), and the growing public awareness about the clinical benefits of orthopaedic braces.
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Geographical Growth Scenario:
Based on the regions, the otc braces and supports market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2022, North America accounted for the largest share of the otc braces and supports market. Factors such as the continuous development and commercialization of novel orthopaedic braces & support products and favourable reimbursements & insurance coverage of major orthopaedic bracing procedures in the region drive the market for otc braces and supports in North America.
Among all the regions the Asia Pacific market is expected to witness the highest growth with highest cagr during the forecast period primarily due to the rise in adult and heavy population (such population are prone to orthopaedic & diabetes-related diseases) and increasing healthcare spending in APAC countries.
Key Players:
3M Company (US), DJO LLC (US), Essity AB (Sweden), Össur (Iceland), Ottobock (Germany), Thuasne (France), Bauerfeind AG (Germany), and Breg Inc (US), Nippon Sigmax (Japan), Bird & Cronin (US), medi GmbH (Germany), DeRoyal Industries (US), TruLife (Ireland), Mueller Sports Medicine (US), Orliman (Spain), Zimmer Biomet Holdings (US), Becker Orthopedic (US), Alcare (Japan), Foundation Wellness (US), and McDavid (US), Neo G (US), United Medicare (India) and Frank Stubbs Company Inc. (US), Vissco Rehabilitation AIDS Pvt Ltd. (India), and Prim SA. (Spain)
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