Global OTC Braces market is a complete background analysis of industry, which includes an assessment of the parental market. The OTC Braces market report provides an in-depth overview of Product Specification, technology, product type and production analysis considering major factors such as Revenue, Cost, Gross and Gross Margin. The global OTC Braces market report also contains the drivers and restrains for the market that are derived from SOWT analysis, and also shows what all the recent developments, product launches, joint ventures, merges and accusations by the several key players and brands that are driving the market are by systemic company profiles.
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The Global OTC Braces Market is expected to reach USD 6.43 billion by 2025, from USD 3.85 billion in 2017 growing at a CAGR of 6.6% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Global OTC Braces Market, Product Type (Upper Extremity, Lower Limb Neck and Spine, Pelvis-Hip-Femur), By End-User (Hospitals, Clinics, Home Healthcare and Other End-Users), By Distribution Channel (Orthopedic Clinics, Hospitals, Over The Counter (OTC), E-Commerce, Prescription), By Geography (North America, Europe, Asia Pacific, Latin, America, MEA (Middle East & Africa)– Industry Trends and Forecast to 2025
Major Market Competitors/Players:
Some of the major players operating in global OTC braces market are :-
- Breg (US),
- Ossur (ICELAND),
- Bauerfeind (GERMANY),
- BSN Medical (GERMANY) 195,
- DJO (US),
- 3M Company (US)
- OTTO bock (GERMANY),
- Deroyal (US),
- MEDI (GERMANY),
- Thusane (FRANCE),
- Alcare (JAPAN)
- Zimmer (US),
- Trulife (IRELAND),
- Remington Products Company (US),
- Bird and Cronin (US),
- OPPO Medical Inc. ,
- Medtronic PLC ,
- McDavid Knee Guard Inc.,
- among others.
Osteoarthritis causes inflammation in joints which restricts our body to move, mainly in arthritis joint, ankle, knee, shoulder and wrist may get affected. Braces are non-surgical treatments to relieve discomfort and disability in arthritis recommended by orthopeadician. Braces are having benefits like enhanced stability, reduced swelling, reduced pressure and increase confidence. There are four type of braces which include prophylactic, supportive, rehabitative and offloader.
OTC braces market is growing tremendously. For instance, according National Ambulatory Medical Care Survey, in 2010 there were an estimated 63 million visits to nonfederally employed, office-based physicians specializing in orthopedic surgery in the United States.
There have been tremendous technological advancements in the field of orthopaedics in the last decade, For instance, ankle support with compression gel insert features anatomically contoured compression gel insert pads to provide targeted, precise compression to support weak or injured soft tissue around the joint.
The global OTC braces market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of OTC braces market for global, Europe, North America, Asia Pacific and South America.
Major Market Drivers and Restraints:
- Rising prevalence of orthopaedic diseases & disorders
- Rapid growth in the geriatric population
- Development of specialized OTC orthopaedic braces and support products
- Growing affordability and Availability of OTC orthopaedic braces
- Increasing number of sports and accident-related injuries
- Limited options to customize OTC orthopaedic braces & supports
- The global OTC braces market is segmented based on the product type, end user, distribution channel and geographical segments.
- Based on product type market is segmented into upper extremity, lower limb neck and spine, pelvis-hip-femur. Whereas from these product segment is expected to grow in coming year due to rapid growth in the geriatric population.
- On the basis of end user market is segmented into hospitals, clinics, home healthcare and other end-users.
- On the basis of distribution channel market is segmented into orthopedic clinics, hospitals, over the counter (OTC), E-commerce, prescription.
- Based on geography the market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa.
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Some of the major countries covered in this report are:-
- South Korea,
- Saudi Arabia,
- South Africa
- among others
Key Developments in the Market:
- In December 2015, VeriTeQ Corporation announced that it has entered into a definitive agreement to acquire all of the membership interests of The Brace Shop LLC, a full service retailer of orthopedic braces, physical therapy and rehabilitation equipment with unaudited annual revenues as reported by management of The Brace Shop being approximately USD 7 Million for the year ended December 31, 2014. The Brace Shop has been operating for over 15 years and is based in Boca Raton, Florida.
- In October 2017, Sanomedics announced that it has reached a definitive agreement to acquire all of the membership interests of The Brace Shop LLC, a full service retailer of orthopedic braces, physical therapy and rehabilitation equipment with annual revenues of in excess of USD 7 million.
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Dan Carter was a reporter for nomad Labs, before becoming the lead editor. Dan has over forty bylines and has reported on countless stories concerning all things related to tech and science. Dan studied at CSUF.