NEW YORK, Nov. 7, 2016 /PRNewswire/ -- 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.
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.
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.
In this report, the OTC orthopedic braces market has been segmented by product, indication, and region. From an insight perspective, this research report focuses on various levels of analysis—market share analysis of the top players and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the OTC orthopedic braces market; and high-growth regions and their respective drivers, restraints, challenges, and opportunities.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for strengthening their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on OTC orthopedic braces products offered by the top 10 players in the OTC orthopedic braces market. The report analyzes the OTC orthopedic braces market by product and indication across five geographies
- Product Development/Innovation: Detailed insights on current technologies, research and development activities, and new product launches in the OTC orthopedic braces market
- Market Development: Comprehensive information about the lucrative emerging markets. The report analyzes the markets for various OTC orthopedic braces products across five geographies (North America, Europe, Asia, Pacific, and the Rest of the World)
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the OTC orthopedic braces market
- Competitive Assessment: Assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the OTC orthopedic braces market
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