OTC Orthopedic Braces Market is Projected to Register 4.8% CAGR to 2021

The global OTC orthopedic braces market is projected to grow at a CAGR of 4.8% from 2016 to 2021, to reach USD 1.33 billion by 2021. Although the developed regions (such as North America and Europe) held dominant positions in the OTC orthopedic braces market in 2016, the Asian region is projected to grow at the highest CAGR during the forecast period. Factors such as the growing middle-class population, increasing GDP and healthcare expenditure among emerging Asian countries, and increasing public awareness about various treatment options available for orthopedic conditions are propelling the growth of the OTC orthopedic braces market in this region.

 

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Growth in the global OTC orthopedic braces market is mainly driven the growing demand for orthopedic braces among the geriatric population, rising incidences of bone-degenerative diseases, increasing global burden for obesity, ongoing commercialization of orthopedic bracing and support products, affordability and easy availability of OTC orthopedic braces (as compared to prescription-based products), rising public participation in sports, easy accessibility of OTC orthopedic braces and supports through e-commerce websites, and adoption of orthopedic braces for preventive care. In addition, the rising incidences of orthopedic injuries in the youth, noninvasive nature of treatment with orthopedic braces and supports, and reduced reimbursements offered for orthopedic surgery in developed nations are expected to offer growth opportunities for players in the OTC orthopedic braces market.

 

Geographically, North America is estimated to command the largest share of the global OTC orthopedic braces market in 2016, followed by Europe. The large share of the North American region can be attributed to the rising geriatric population, increasing incidence of osteoporosis and osteoarthritis, growing obese population, rising number of injuries due to road accidents, and active participation of the population in sporting activities. However, limited medical reimbursements and availability of innovative alternative treatment options in the North American region are negatively affecting the growth of the OTC orthopedic braces market in this region.

 

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The OTC orthopedic braces market is competitive, with a large number of global and local providers of OTC orthopedic braces. In 2015, DJO Finance LLC (U.S.), DeRoyal Industries Inc. (U.S.), and Breg, Inc. (U.S.) were the top three players in the OTC orthopedic braces market. New product launches and product enhancements; partnerships, agreements, and collaborations; acquisitions; and geographic expansions are the major strategies adopted by most of the players to achieve growth in the OTC orthopedic braces market.

 

Related Report:

 

Orthopedic Braces & Supports Market by Product (Knee Braces Foot & Ankle Braces Spinal Orthoses Upper Extremity Braces) by End User (Orthopedic Clinics Over the Counter Hospitals and Others) by Geography - Global Forecast to 2020

Orthopedic braces and supports are devices that are used to support and strengthen muscles and joints. These are used in prophylaxis of injury and patient care settings, right from the emergency room through the hospitalization period to rehabilitation and after care.

The global orthopedic braces & supports market is expected to reach $4.3 billion by 2020, at a CAGR of 5.0% from 2015 to 2020. The rising awareness levels of orthopedic braces among people and increasing cases of road accidents and sports injuries are the major factors influencing the growth of the market.

Orthopedic braces and supports are designed to protect, support, and correct injuries; these are predominantly used in injury rehabilitation, injury prevention, osteoarthritic care, and post-operative care, among others. Based on the condition for which these are used orthopedic braces & supports are segmented in four types, namely, knee braces and supports, foot and ankle braces & supports, spinal orthoses, and upper extremity braces and supports. The knee braces & supports segment accounted for the largest share of 42.5% of the market in 2014 and was valued at 1.4 billion in the same year.

Read More: https://watchersofmarkets.com/products/orthopedic-braces-supports-market-by-product-knee-braces-foot-ankle-braces-spinal-orthoses-upper-extremity-braces-by-end-user-orthopedic-clinics-over-the-counter-hospitals-and-others-by-geography-global-forecast-to-2020

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