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%
Nov 12, 2019, 22:15 ET
The OTC braces and supports market is projected to grow at a CAGR of 5.1% during the forecast period
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NEW YORK, Nov. 12, 2019 /PRNewswire/ -- 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 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.
Breakdown of supply-side primary interviews:
• By Company Type: Tier 1: 25%, Tier 2: 30%, and Tier 3: 45%
• By Designation: C-level: 26%, Director-level: 30%, and Others: 44%
• By Region: North America: 35%, Europe: 26%, APAC: 23%, and the RoW: 16%
The major players operating in this market are DJO Global (US), Össur Hf (Iceland), Breg, Inc. (US), Bauerfeind AG (Germany), Ottobock Holding GmbH & Co. KG (Germany), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Reh4Mat (Poland), 3M Company (US), Zimmer Biomet Holdings, Inc. (US), DeRoyal Industries, Inc. (US), Bird & Cronin, Inc. (US), Becker Orthopedic (US), and United Ortho (US).
Furthermore, the orthopedic rehabilitation solutions industry is expected to witness significant disruption over the next decade, owing to the emergence of novel technologies.Researchers and prominent market players/start-ups are focused on the development of novel solutions to address such clinical limitations, which will prove significantly disruptive to established and available market products.
Some of these areas of disruptive innovation are biofilm-coated orthopedic implants, the soul insole, exoskeletons/bionics, and smart clothing solutions. Given the expected development and commercialization of such technologies underway, major and emerging players alike should account for changes in the market landscape and expand their presence, product pipelines, and technological competencies to remain competitive in the orthopedic rehabilitation solutions industry.
Research Coverage
This report studies the OTC braces and supports market based on product, type, application, distribution channel, and region.The report also studies factors (such as drivers, restraints, opportunities, and challenges) affecting market growth and provides details of the competitive landscape for market leaders.
Furthermore, the report analyzes micromarkets with respect to their individual growth trends and forecasts the revenue of the market segments with respect to five major regions (and the respective countries in these regions).
Key Benefits of Buying the Report
This report focuses on various levels of analysis, such as industry trends, market shares of top players, and company profiles, which together form basic views and analyze the competitive landscape, emerging segments of the OTC braces and supports market, and high-growth regions and their drivers, restraints, opportunities, and challenges. The report helps both established firms as well as new entrants/smaller firms to gauge the pulse of the market and garner higher market shares.
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