Thursday 3 November 2016, Amsterdam
The report, now available on ASDReports, OTC Orthopedic Braces Market worth 1.33 Billion USD by 2021The report "OTC Orthopedic Braces Market by Product (OTC Back Brace, OTC Knee Brace, OTC Ankle Brace, Foot Walkers, Shoulder Braces, Elbow Braces), Indication (Prophylactic, Injury, Osteoarthritis), Geography (North America, Europe, Asia, Oceania) - Global Forecast to 2021" , analyzes and studies the major market drivers, restraints, opportunities, and challenges in North America, Europe, Asia, Pacific, and the Rest of the World (RoW).
This report studies the OTC orthopedic braces market over the forecast period of 2016 to 2021. The market is expected to reach USD 1.33 Billion by 2021; growing at a CAGR of 4.8% during 2016 to 2021. A number of factors such as 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 are propelling the growth of the OTC orthopedic braces market.
On the basis of products, the global OTC orthopedic braces market is divided into four major categories, namely, lower extremity braces, upper extremity braces, back & hip braces, and other braces (which include neck, groin, calf, thigh, and facial braces). Lower extremity braces are further divided into knee and foot & ankle braces; while, upper extremity braces are further classified into shoulder, elbow, and wrist braces. The lower extremity braces segment is estimated to command the largest share of the global OTC orthopedic braces market in 2016, owing to the growing geriatric population (coupled with higher prevalence of knee arthritis among geriatrics as compared to adult individuals), high adoption of knee braces among athletes, rising number of knee replacement surgeries, growing prevalence of obesity, and significant demand for noninvasive treatments across the globe.
On the basis of indication, the OTC orthopedic braces market has been segmented into prophylactic, injury, osteoarthritis (OA), and other indications. The prophylactic braces segment is estimated to command the largest share of the global OTC orthopedic braces market in 2016. The large share of this segment can be attributed to the active participation in sports activities across major markets (such as the U.S. and countries in Europe), evidence of successful studies which shows the effectiveness of prophylactic braces in reducing the injury rates, and growing consciousness about the use of prophylactic braces during sports-related activities.
North America is estimated to be the largest regional segment in the global OTC orthopedic braces market in 2016, followed by Europe. However, the Asian market is expected to grow at the highest CAGR from 2016 to 2021. A number of factors including 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 stimulating the growth of the OTC orthopedic braces market in the Asian region.
DJO Finance LLC (U.S.), DeRoyal Industries Inc. (U.S.), Breg, Inc. (U.S.), Össur hf. (Iceland), Bauerfeind AG (Germany), BSN Medical (Germany), Otto Bock HealthCare (Germany), medi GmbH & Co. KG (Germany), Thuasne Group (France), and 3M Company (U.S.) are some of the key players operating in the global OTC orthopedic braces market.
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