OTC Orthopedic Braces Market Analysis By Product
Knee Braces & Support held the largest share in the OTC Orthopedic Braces Market in 2020 and is estimated to grow at a CAGR 5.8% during the forecast period 2021-2026. Knee braces are used during post knee surgery that are associated with surgeries such as posterior control ligament rupture, anterior cruciate ligament rupture, patella tendonitis, torn knee cartilage, and knee arthritis among others. Knee braces provide various advantages, including reducing knee rotation, limiting injury during motion, protecting against post-surgical injury risk, and assisting in lateral support. Increasing favorable reimbursement and increasing number of sports injuries are also increasing the growth of the segment. Knee Braces & Support are estimated to register the higher CAGR over the period 2021-2026.
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OTC Orthopedic Braces Market Analysis By End Users
Pharmacies held the largest share in the OTC Orthopedic Braces Market in 2020 and is estimated to grow at a CAGR 5.5% during the forecast period 2021-2026. This is owing to the fact that pharmacies support products for preventive care, fracture recovery, physiotherapy, and post-operative rehabilitation. Presence of an orthopedic technician or medical supervision is not required for their administration. Increasing availability of the orthopedic bracing products, increasing adoption of the products for ligament injuries and increasing public awareness about the braces is also increasing the growth of the segment. Pharmacies are estimated to register the higher CAGR over the period 2021-2026.
OTC Orthopedic Braces Market Analysis By Geography
North America dominated the OTC Orthopedic Braces Market with a major share of 36.3% in 2020. This is attributed to the increasing government initiatives, increasing implementation of the guidelines generated by various healthcare organizations, and increasing interest in sports activities. Increasing incidences of the musculoskeletal disorders is also increasing the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the technological advancements and increasing awareness programs by different healthcare authorities.
OTC Orthopedic Braces Market Drivers
Increasing Healthcare Expenditure
Increasing healthcare expenditure is increasing the growth of the OTC Orthopedic Braces Market. This is owing to an increase in sports injuries and osteoporosis cases, as well as an increase in the incidence of orthopedic disorders. Factors such as rising demand for laboratory automation, rising awareness of preventative healthcare, and an ageing population are all contributing to the market’s growth. Thus, increasing the growth of the market during the forecast period 2021-2026.
Increasing Orthopedic Diseases
Increasing orthopedic diseases is increasing the growth of the OTC Orthopedic Braces Market. This is owing to the accidents and various other incidences. With the increasing number of sports activities, sports injuries are also increasing. Athletes use orthopedic braces for safeguarding themselves from further injury during sports. Orthopedic braces are used after surgeries in order to control motion and keep the joints immobile. It also provides extra support to prevent injuries. Thus, increasing the growth of the market during the forecast period 2021-2026.
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OTC Orthopedic Braces Market Challenges
Inadequate Reimbursements and Presence of Alternatives
Some of the factors that are set to impede the growth of the OTC Orthopedic Braces Market are inadequate reimbursements and presence of alternatives. Lack of customization of OTC braces, and lack of healthcare efficacy support is set to hinder the growth of the market during the forecast period 2021-2026.
OTC Orthopedic Braces Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the OTC Orthopedic Braces Market. In 2020, the OTC Orthopedic Braces Market share is consolidated by the top ten players present in the market. The OTC Orthopedic Braces Market, top 10 companies are 3M, Zimmer Biomet Holdings Inc., BSN Medical, Becker Orthopedic, Breg Inc., Bauerfeind AG, Ottobock Holding GmbH, Mueller Sports Medicine, and Trulife among others.
Key Takeaways
North America dominated the OTC Orthopedic Braces Market in 2020 owing to the increasing incidences of the bone degenerative diseases and affordable pricing of the products. The OTC Orthopedic Braces Market scope for different regions will be provided in the final report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be OTC Orthopedic Braces Market report.
Inadequate reimbursements and presence of alternatives is poised to create the hurdles for the OTC Orthopedic Braces Market.
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