Global OTC Braces and Supports Market Grows Steadily at a CAGR of 5.0%

Introduction

Ankle sprains and knee ligament injuries sustained during sports activities are frequently treated with orthopedic braces and supports. Orthopedic braces control a limb's position and facilitate or impede particular movements. Orthopedic braces are routinely utilized for several illnesses, such as stroke, spinal cord damage, scoliosis, cerebral palsy, and spina bifida.

Market Dynamics

Rising Prevalence of Orthopedic Diseases and Disorders Drives the Global Market

The most common health problem nowadays is lower back ache, which can be caused by strenuous activity (exercise, weight lifting), a bad diet, and other things. 9–12% of the world's population and over 80% of those living in wealthy countries are affected by orthopedic disorders. It is projected that the prevalence of orthopedic diseases and disorders will soon increase since obesity and related lifestyle disorders are becoming more widespread, and obese persons are more likely to suffer from orthopedic and musculoskeletal injuries and diabetes. As a result, it is projected that demand for over-the-counter braces and support devices will rise, which will accelerate the market's growth.

Increasing Product Availability through Online Platform Creates Tremendous Opportunities

Specific orthopedic braces can only be worn under the supervision of medical professionals or orthopedic technicians because they require product customization or modification by patient features. While some braces, such as those for the ankle, wrist, hand, shoulder, elbow, and face, can be worn without a prescription, brick-and-mortar businesses and internet retailers are increasingly marketing these braces. Orthopedic devices are sold on well-known e-commerce sites like BraceAbility, Amazon.com, and Alibaba.com. Additionally, because such products provide good patient treatment, governments and insurance authorities in powerful nations are progressively supporting online sales, increased reimbursement, and insurance coverage.

Regional Analysis

North America is the most significant shareholder in the global OTC braces and supports market and is expected to grow at a CAGR of 4.1% during the forecast period. The major causes of this high percentage are the aging population and the rising prevalence of orthopedic issues. According to estimates from the CDC, more than 54 million Americans are thought to have some form of arthritis. The availability of high-tech orthopedic braces and support products, an increase in the prevalence of orthopedic illnesses, and a broader target audience are the key drivers of market expansion in North America. Several variables, including the rise in traffic accidents and sports injuries, the dominance of key rivals, the availability of competent specialists, and significant government healthcare spending, influence the market expansion in North America.

Europe is expected to grow at a CAGR of 4.7%, generating USD 297.54 million during the forecast period. The orthopedic implants market in European countries is predicted to increase steadily throughout the forecast period. The market is growing in Europe due to rising demand for OTC braces with improved technology and a rise in the prevalence of chronic illnesses. The aging population, increased traffic fatalities, technological improvements, and rising prevalence of chronic orthopedic ailments contribute to the market's predicted growth. Due to an advanced healthcare system and expanding disposable orthopedic implant demand, Germany, France, and the U.K. will likely see significant growth in the over-the-counter braces and supports market.

Asia-Pacific presents a lucrative potential for market participants in OTC braces. It supports the sector due to its vast population, growing awareness of orthopedic braces, rising prevalence of orthopedic illnesses, a spike in disposable income, and growing desire for less intrusive procedures. Improvements in the healthcare infrastructure, greater public awareness of health issues, and an increase in diagnoses are propelling the growth of the OTC braces and support market in the Asia-Pacific region. Additionally, a rise in surgical procedures in developing nations like China and India is the main factor driving market expansion. It is anticipated that developing countries like India, which have a significant patient population and are anticipated to have an increase in GDP and healthcare spending, will create new opportunities.

Key Highlights

• The global OTC braces and supports market was valued at USD 636.90 million in 2021. It is projected to reach USD 991.80 million by 2030, growing at a CAGR of 5.0% during the forecast period (2022-2030). 
• Based on product, the global OTC braces and supports market is bifurcated into ankle braces and supports, knee braces and supports, facial braces and supports, upper extremity braces and support, and back, hip, spine braces and supports. The knee braces and supports segment is the highest contributor to the market and is expected to grow at a CAGR of 5.6% during the forecast period.
• Based on type, the global OTC braces and supports market is bifurcated into soft and elastic braces and supports, hard braces and supports, and hinged braces and supports. The soft and elastic braces and supports segment owns the highest market share and is expected to grow at a CAGR of 5.2% during the forecast period.
• Based on application, the global OTC braces and supports market is bifurcated into ligament injury repair, osteoarthritis, preventive care, and others. The preventive care segment is the highest contributor to the market and is expected to grow at a CAGR of 5.0% during the forecast period.
• Based on the distribution channel, the global OTC braces and supports market is bifurcated into orthopedic clinics, retail pharmacies, and others. The retail pharmacies segment owns the highest market share and is expected to grow at a CAGR of 5.2% during the forecast period.
• North America is the most significant shareholder in the global OTC braces and supports market and is expected to grow at a CAGR of 4.1% during the forecast period.

Competitive Players

1. Beam Therapeutics Inc
2. Alare Co Ltd
3. Bauerfeind Ag
4. Bird & Cronin LLC (A Part of Dynatronics Corporation)
5. Breg Inc.
6. BSN Medical GmbH (A Part of Svenska Cellulosa Aktiebolaget)
7. Deroyal Industries Inc.
8. DJO Finance LLC
9. Medi GmbH & Company KG
10. Thuasne SAS.

Recent Developments

• January 2021- Modernizing Medicine acquired Exscribe, an orthopedic electronic health records (EHRs) provider. Two of the top all-in-one orthopedic EHR providers in the healthcare industry join forces in this deal to revolutionize the production, use, and consumption of medical data to increase practice efficiency.
• October 2021- Breg Inc. released Orthopedic Software Vision 7.5 to improve productivity and supply accuracy at gyms, clinics, and hospitals. The program improved patient care while streamlining the administrative process.

Segmentation

1. By Product
   1. Ankle Braces and Supports
   2. Knee Braces and Supports
   3. Facial Braces and Supports
   4. Upper Extremity Braces and Support
   5. Back, Hip, and Spine Braces and Supports
2. By Type
   1. Soft and Elastic Braces and Supports
   2. Hard Braces and Supports
   3. Hinged Braces and Supports
3. By Applications
   1. Ligament Injury Repair
   2. Osteoarthritis
   3. Preventive Care
   4. Others
4. By Distribution Channel
   1. Orthopedic Clinics
   2. Retail Pharmacies
   3. Others