OTC Braces & Supports Market Worth $1.5 Billion by 2024 - Exclusive Report by MarketsandMarkets™
23 Jul, 2019, 14:30 BST
CHICAGO, July 23, 2019 /PRNewswire/ -- According to the new market research report "OTC Braces & 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", published by MarketsandMarkets™, the OTC Braces & 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%.
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The major factors driving the growth of the OTC Braces and Supports Market are the increasing prevalence of orthopedic diseases & disorders, rising number of sports and accident-related injuries, and growing public awareness related to preventive care.
Knee braces and supports segment accounted for the largest share of the OTC Braces and Supports Market, by product, in 2018
The knee braces and supports segment accounted for the largest share of the OTC Braces and Supports Market, by product, in 2018. The large share of this segment can be attributed to the growing geriatric & obese population as they are at a higher risk of developing osteoarthritis and other knee-related conditions, increasing incidence of sports injuries, and the benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
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Soft & elastic braces and supports segment to register the highest growth in the OTC Braces and Supports Market, by type, during the forecast period
The soft & elastic braces and supports segment is expected 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 & preventive care, the rising number of road accidents, and the increasing incidence of sports injuries.
Preventive care segment accounted for the largest share of the OTC Braces and Supports Market, by application, in 2018
Preventive care is the largest application segment of the OTC Braces and Supports Market, and this trend is expected to continue during the forecast period. The large share of this segment can primarily be attributed to the growing public participation in sports and the increasing availability of OTC bracing products for preventive care & ambulatory procedures.
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North America dominates the OTC Braces and Supports Market
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. North America accounted for the largest share of the OTC Braces and Supports Market in 2018. Factors such as continuous development and commercialization of novel orthopedic braces & support products, growing awareness about the effective use of prophylactic braces among people participating in sports, and the greater adoption of prophylactic braces during other physical activities (such as dancing) are driving the market for OTC braces and supports in North America.
The major players operating in the OTC Braces and Supports Market are Bauerfeind AG (Germany), Össur Hf (Iceland), DJO Finance LLC (US), Breg, Inc. (US), and DeRoyal Industries, Inc. (US). Other prominent players operating in this market include Bird & Cronin, Inc. (US), medi GmbH & Co. KG (Germany), Ottobock Holding GmbH & Co. KG (Germany), BSN medical (Germany), Zimmer Biomet Holdings, Inc. (US), Oppo Medical, LLC (US), Becker Orthopedic (US), Thuasne Group (France), 3M Company (US), Reh4Mat (Poland), and United Ortho (US).
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