DUBLIN--(BUSINESS WIRE)--The "OTC Braces and Supports Market by Product (Knee, Ankle, Spine, Shoulder, Neck, Elbow, Wrist, Facial), Category, Application (Ligament (ACL, LCL), Preventive, OA, Compression), Distribution (Clinics, Pharmacies, E-Commerce) - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The OTC Braces and Supports Market is Projected to Reach USD 1.5 Billion by 2024 from USD 1.2 Billion in 2019, at a CAGR of 5.1%
The growth in this market is majorly driven by the increasing prevalence of orthopedic diseases & disorders, rising number of sports and accident-related injuries, and growing public awareness related to preventive care. However, the limited patient qualification for bracing-mediated orthopedic treatment, limited clinical evidence to support the therapeutic efficacy of orthopedic braces, and the high adoption of pain medications are expected to restrain the growth of this market during the forecast period.
Soft & elastic braces and supports segment to witness the highest growth in the OTC braces and supports market, by type, between 2019 & 2024
The soft & elastic braces and supports segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative and preventive care, and the supportive reimbursement scenario for target products across mature markets. This market is further driven by the branding initiatives performed by key market players and the growing affordability of soft braces.
The pharmacies and retailers segment accounted for the largest share of the OTC braces and supports market, by distribution channel, in 2018
The pharmacies & retailers segment accounted for the largest share of the OTC braces and supports market in 2018. The large share of this segment is attributed to the wide availability of orthopedic bracing products through retailers & pharmacies, rising adoption of off-the-shelf products for sprain in major countries (as a result of the ease of product access to patients through retailers & pharmacies), growing public awareness about the clinical benefits of orthopedic braces in preventive care, and increasing product commercialization by key market players.
The Asia Pacific market to register the highest CAGR during the forecast period
The OTC braces and supports market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period, majorly due to the increasing prevalence of orthopedic & diabetes-related conditions, favorable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries.
- Increasing Prevalence of Orthopedic Diseases and Disorders
- Continuous Product Commercialization
- Greater Product Affordability and Market Availability
- Rising Number of Sports and Accident-Related Injuries
- Growing Public Awareness Related to Preventive Care
- Promotion and Branding Initiatives Undertaken By Major Product Manufacturers
- Limited Options to Customize OTC Orthopedic Braces and Supports
- Limited Clinical Evidence to Support the Efficacy of Orthopedic Braces
- Increased Sales of Off-The-Shelf Products Through E-Commerce Platforms
- Significant Adoption of Pain Medications
- Limited Reimbursement Coverage
- 3M Company
- Alcare Co., Ltd.
- Bauerfeind AG
- Bird and Cronin, Inc. (A Part of Dynatronics Corporation)
- Breg, Inc.
- Bsn Medical (A Part of Svenska Cellulosa Aktiebolaget)
- DJO Finance LLC (A Subsidiary of Colfax Corporation)
- Deroyal Industries, Inc.
- Medi GmbH & Co. Kg
- ssur HF
- Ottobock Healthcare (A Part of Ottobock Group Scandinavia)
- Remington Products Company
- Thuasne Group
- Zimmer Biomet Holdings, Inc.
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