Market Analysis: Global OTC Braces Market
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.
Market Definition: Global OTC Braces Market
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.
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
Market Segmentation: Global OTC Braces Market
- 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. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa and, Brazil among others
Key Developments in the Market: Global OTC Braces 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.
Competitive Analysis: Global OTC Braces Market
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 Competitors/Players: Global OTC Braces Market
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.
Research Methodology: Global OTC Braces Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request an Analyst Call or can drop down your inquiry.
Demand Side: Doctors, Surgeons, Medical Consultants, Nurses, Hospital Buyers, Group Purchasing Organizations, Associations, Insurers, Medical Payers, Healthcare Authorities, Universities, Technological Writers, Scientists, Promoters, and Investors among others.
Supply Side: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others
Reasons to Purchase this Report:
- Current and future of global OTC braces market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
- Regions/countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
Customization of the Report:
- All segmentation provided above in this report is represented at country level.
- All products covered in the market, product volume and average selling prices will be included as customizable options which may incur no or minimal additional cost (depends on customization)