(I-BusinessNews.Com, March 15, 2019 ) According to the new market research report “OTC Braces & Support Market by Product (Knee, Back, Spine, Hip, Ankle, Foot, Shoulder, Elbow, Hand), Application (Osteoarthritis, Preventive Care, Ligament Injury), Sales Channel (Pharmacies, Retailers, E-Commerce, Hospitals) – Global Forecasts to 2022″, published by MarketsandMarketsÂ, analyzes and studies the major market drivers, restraints/challenges, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the world (RoW).
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The global OTC braces and supports market is projected to reach USD 1.42 Billion by 2022 from USD 1.10 Billion in 2017, at a CAGR of 5.2%. Factors such as growing prevalence of musculoskeletal disorders and diseases, rapid growth in the geriatric population, rising number of sports-related injuries, and growing adoption of e-commerce platforms for OTC orthopedic braces are driving the growth of the market.
This report broadly segments the OTC braces and supports market into product, application, sales channel, and region. On the basis of product, the market is categorized into lower extremity and upper extremity braces and supports. In 2017, the lower extremity braces and supports segment is expected to account for the largest share of the market. This segment is also expected to register the highest CAGR during the forecast period due to the growing prevalence of obesity & diabetes and the higher prevalence of orthopedic disorders and diseases.
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By application, the market is categorized into preventive care, ligament injury, post-operative rehabilitation, osteoarthritis, and other applications (osteoporosis, PagetÂs disease, and spinal degenerative conditions). In 2017, the ligament injury segment is expected to account for the largest share of the market, owing to the availability of medical reimbursement for the treatment of ligament injuries and awareness related to the clinical benefits of these products in the effective clinical management of ligament injuries.
Based on sales channel, the market is segmented into four segments, namely, pharmacies & retailers, e-commerce platforms, hospitals & orthopedic clinics. In 2017, pharmacies & retailers are expected to account for the largest share of the market due to ease of product access for patients and growing awareness about the clinical benefits of orthopedic braces in preventive care.
This report covers the market across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America is expected to command the largest share of the market in 2017 owing to the availability of medical reimbursement and insurance for major OTC orthopedic bracing products and expansion of target patient population (especially osteoporosis and osteoarthritis patients as well as those suffering from musculoskeletal injuries). However, Asia Pacific is expected to register the highest growth rate during the forecast period.
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Factors such as high adoption of pain medications, limited clinical evidence to support the efficacy of orthopedic braces and supports, and limited options to customize OTC orthopedic braces & supports are expected to restrain the growth of the market during the forecast period.
As of 2016, major players in the market are DJO Finance LLC (US), Breg, Inc. (US), Ossur Hf (Iceland), DeRoyal Industries, Inc. (US), Bauerfeind AG (Germany), Otto Bock Holding GmbH & Co. KG (Germany), BSN medical (Germany), medi GmbH & Co. KG (Germany), THUASNE Group (France), and 3M Company (US), among others.
Mr. Shelly Singh