The study involved four major activities to estimate the current size of the OTC orthopedic braces and supports market. Exhaustive secondary research was carried out to collect information on the market and its different subsegments. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation procedures were used to estimate the size of segments and subsegments.
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Major OTC Orthopedic Braces Market Growth Drivers:
Growth in the OTC orthopedic braces and supports market is driven primarily by the increasing 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 are driving the growth of the orthopedic braces and supports market.
Revenue Growth Analysis:[354 Pages Report] The global OTC Orthopedic Braces Market size is projected to reach USD 759 million by 2025 from USD 572 million in 2020, at a CAGR of 5.8% during the forecast period.
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By product, the knee braces and supports segment is expected to grow at the highest CAGR during the forecast period
Knee braces are utilized as a follow-up treatment post knee surgery associated with injuries such as anterior cruciate ligament (ACL) rupture, sprained medial knee ligament, patella tendonitis, torn knee cartilage, posterior cruciate ligament (PCL) rupture, knee arthritis, and runner’s knee. The growth of the knee braces and supports segment is attributed to the several 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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Preventive care is the largest application segment of the OTC orthopedic braces and supports market
Orthopedic braces and supports are used to reduce the clinical risk of musculoskeletal injuries and diabetic foot ulcers, among other preventive care applications. These braces are used by athletes & sportspersons to minimize the risk of sports-related musculoskeletal injuries (such as ACL tears, hairline fractures, ankle sprains, hamstring strains, and tennis elbow). The increasing adoption of OTC orthopedic bracing and support products in preventive care is majorly attributed to the growing public participation in sports and the rising availability of OTC bracing products for preventive care & ambulatory procedures.
North America is the largest regional OTC orthopedic braces and supports Market
North America is one of the major revenue-generating regions in the OTC orthopedic braces and supports market. The 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.
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Key Market Players:
The key players operating in the global OTC Braces & Supports Market are 3M (US), Bauerfeind AG (Germany), DJO Finance LLC (US),BSN Medical (Germany), and Össur Hf (Iceland) are the top five players in the global OTC orthopedic braces and supports market. Other prominent players operating in this market include Breg, Inc. (US), , DeRoyal Industries, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Neo G (UK), Mueller Sports Medicine (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and Trulife (Ireland).