The global OTC braces and supports market was valued at $649.71 million in 2019, and is estimated to reach $991.80 million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
OTC braces and supports are used in the field of orthopedics as a result of aging in conditions, such as osteoarthritis, due to traumatic injuries, or in sports injuries were they can be used to treat an injury. In addition, OTC braces and supports offer users with more comfort while walking as well as help reduce pain, assist in limb movement, and minimize swelling & inflammation. Most importantly, they allow users to work and move independently. Moreover, it is used for a variety of medical conditions and are designed for different degrees of support or protection.
Growing incidences of orthopedic disorders, increase in the public awareness pertaining to preventive care, and surge in the cases of accident & injuries in sports will boost the growth of the OTC braces and supports market over the upcoming years. Apart from this, rise in the cases of osteoporosis will boost the product sales in the near future. Furthermore, the easy availability of the products through online retail stores will boost the market growth over the forecast period. However, significant adoption of pain medications and limited patient awareness for bracing-mediated orthopedic treatment will hamper the market growth.
The OTC orthopedic braces and supports market is impacted due to the pandemic, resulting in negative growth due to factors such as a sharp decline in elective surgeries and ban on organized sports. Moreover, orthopedic clinics were temporarily closed, and hospital access restricted to non-essential care. Thus, limited access to clinics, social distancing, the lockdown of the population, which results in less trauma and workplace injuries, and slow-down in patient flow and referrals has also impacted the market growth.
By Product
Knee Braces and Supports segment holds the dominant position in 2019 and would continue to maintain the lead over the forecast period.
Otc Braces And Supports Market Segmentation
The global OTC braces and supports market is segmented into product, type, application, distribution channel and region. By Product, the market is categorized into ankle braces & supports, knee braces & supports, facial braces & supports, upper extremity braces & support and back, hip, and spine braces & supports. By type, the market is bifurcated into soft & elastic braces and supports, hard braces & supports and hinged braces & supports. By application, it is divided into a ligament injury repair, osteoarthritis, preventive care and others. By distribution channel, the market is bifurcated into orthopedic clinics, retail pharmacies and others.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, India, Australia, South Korea and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
By Type
Soft and Elastic Braces and Supports segment is projected as one of the most lucrative segments.
Segment Review
By Product
Depending on product, the knee braces and supports segment dominated the market in 2019, and is expected to continue this trend throughout the forecast period. This is attributed to the to the several benefits offered by these products, such as medial & lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury. On the basis of type, the soft and elastic braces and supports segment dominated the market in 2019, and is expected to continue this trend throughout the forecast period. The large share of this segment is attributed to the growing public awareness regarding OTC braces and support and increase in prevalence of orthopedic diseases & disorders.
By Application
Preventive Care segment holds the dominant position in 2019 and would continue to maintain the lead over the forecast period.
By Region
North America accounted for a major share in the OTC braces and supports market in 2019, and is expected to maintain its dominance during the forecast period, owing to its well-established healthcare infrastructure, favorable reimbursement & insurance coverage for major orthopedic bracing procedures and supportive government regulations for product commercialization are the major factors driving the growth of the OTC orthopedic braces and supports market in North America. However, Asia-Pacific is expected to register highest CAGR from 2021 to 2030, owing to increase in awareness regarding benefits of orthopedic braces, development in health care infrastructure, and rise in the number of hospitals equipped with advanced medical facilities boost the market growth in this region.
By Region
Asia-Pacific region would exhibit the highest CAGR of 6.5% during 2021-2030
Some of the major companies that operate in the global OTC braces and supports market are 3M company, Alcare CO., LTD., Bauerfeind AG, Bird And Cronin, INC. (a part of Dynatronics Corporation), Breg, INC., BSN Medical (a part of Svenska Cellulosa Aktiebolaget), Deroyal Industries, INC., DJO finance LLC, Medi GMBH and CO. KG, Thuasne SA.
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the OTC braces and supports market, and the current trends and future estimations to elucidate the imminent investment pockets.
- It presents a quantitative analysis of the market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
OTC Braces and Supports Market Report Highlights
| Aspects | Details |
 By PRODUCT |
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 By Type |
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 By APPLICATION |
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 By DISTRIBUTION CHANNEL |
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 By Region |
|
 Key Market Players | BEAM THERAPEUTICS INC., BAUERFEIND AG., ALARE CO LTD., MEDI GmbH & COMPANY KG, THUASNE SA., DEROYAL INDUSTRIES INC., BIRD & CRONIN LLC. (A PART OF DYNATRONICS CORPORATION), BSN MEDICAL GmbH. (A PART OF SVENSKA CELLULOSA AKTIEBOLAGET), BREG INC., DJO FINANCE LLC |
Analyst Review
According to the perspective of CXOs of the leading companies, the OTC braces and supports market gained prominence in 2020, and is expected to witness a significant rise in the near future. This is attributed to the increase in prevalence of orthopedic diseases & disorders, continuous product commercialization, market availability & product affordability, rising number of sports & accident-related injuries, and growing public awareness related to preventive care. However, the significant adoption of pain medications is expected to hamper the market growth.
The CXOs further added that OTC braces and supports market has piqued the interest of healthcare providers owing to numerous benefits offered by these devices to treat several clinical disorders. There have been remarkable technological advancements to provide advanced treatment options for the management of orthopedic diseases. As the market is saturated with steady growth rate in developed nations, the Asia-Pacific and LAMEA regions are expected to offer high growth opportunities to the key players.
Another key factor likely to drive the demand for these products is the rise in prevalence of orthopedic injuries or diseases and rapid increase in the aging population globally drive the market. In addition, technological innovations in the OTC braces and support industry, and improvement of healthcare infrastructure in the emerging countries further supplement the market growth.
The total market value of OTC braces and supports marketis $649.71 million in 2019.
The forcast period for OTC braces and supports marketis 2021 to 2030
The market value of OTC braces and supports marketin 2030 is $991.80 million.
The base year is 2019 in mental health market
Top companies such as,3M, Bauerfeind AG, DJO Finance LLC, BSN Medical, and Breg, Inc. held a high market position in 2020. These key players held a high market postion owing to the strong geographical foothold in different regions.
In product types, knee braces and supports is the most influencing segment. This is attributed to the to the several benefits offered by these products, such as medial & lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
The major factor that fuels the growth of the global OTC braces and supports market includes increasing prevalence of orthopedic diseases and disorders, greater product affordability and market availability, and increasing number of sports and accident-related injuries drive the growth of the global OTC braces and supports market. However, significant adoption of pain medications and limited patient awareness for bracing-mediated orthopedic treatment is expected to hamper the market growth.
Asia-Pacific has the highest growth rate in the market which is growing due to the contribution of the emerging countries, owing to increase in awareness regarding benefits of orthopedic braces, development in health care infrastructure, and rise in the number of hospitals equipped with advanced medical facilities boost the market growth in this region.
Braces tend to be used for a variety of medical conditions and are designed for different degrees of support or protection. They are primarily concerned with giving support structurally, functionally or for re-positioning and stabilization of the joints
soft & elastic braces & supports, hard braces & supports and hinged braces & supports
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