0

OTC Braces and Supports Market Expected to Reach $991.80 Million by 2030—Allied Market Research

 
2022
OTC Braces and Supports Market

Report Code : A08284

quote The growth of the global OTC braces and supports market is attributed to increase in incidence of orthopedic disease such as arthritis, osteoporosis and others bolsters, the market of OTC braces and supports. Moreover, rise in public awareness related to preventive care and increase in prevalence of orthopedic diseases & disorders are boosting the market growth quote

Onkar Sumant
Manager, Healthcare at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, " OTC braces and Supports Market by Product, Type, Application, Distribution Channel, and Region: Global Opportunity Analysis and Industry Forecast, 2021–2030," The global OTC braces and supports market was valued at $649.71 million in 2019, and is estimated to reach $991.80 million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.

Braces tend to be used for a variety of medical conditions and are designed for different degrees of support or protection. They are primarily concerned about giving support structurally, functionally or for re-positioning and stabilization of the joints. Generally, support braces or splints are used in the field of orthopedics as a result of aging in conditions, such as osteoarthritis, due to traumatic injuries, or in sports injuries where they may be used to treat an injury. In cases, such as ankle braces and knee braces, supports are often used to prevent injury or with pre-existing sports injuries to prevent a recurrence of the knee or ankle injury.

The major factors that contribute toward the market growth include a rise in public awareness related to preventive care and increase in prevalence of orthopedic diseases & disorders. In addition, the geriatric population is considered as one of the highest contributors to orthopedic braces and supports as the elderly population is highly susceptible to musculoskeletal disorders. Bones and connecting tissues, such as ligaments and cartilages, naturally weaken with age, especially in women. Sports-related injuries are rising with the growing number of sports activities. As per the estimates published by National Safety Council (NSC), 526,000 injuries were caused due to personal exercise, with or without equipment, in the U.S. in 2017. Further, basketball caused the highest number of injuries among all the sports, i.e., ~500,000, followed by bicycling (457,000) and football (341,000) in the country. However, significant adoption of pain medications and limited patient awareness for bracing-mediated orthopedic treatment is expected to hamper the market growth. Conversely, unmet medical needs in emerging nations are expected to provide a lucrative opportunity in the market.

On the basis of product, the global OTC braces and supports market is divided into the ankle braces & supports, knee braces & supports, facial braces & supports, upper extremity braces & support and back, hip, & spine braces & supports. The knee braces and supports segment was the major revenue contributor in 2019, and is anticipated to remain dominant during the forecast period. This is attributed to several benefits offered by these products, such as medial & lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury. 

By type, the global OTC braces and supports market is bifurcated into soft & elastic braces & supports, hard braces & supports and hinged braces & supports. The soft and elastic braces and supports segment dominated the market in 2019, and is anticipated to continue this trend during the forecast period. The large share of this segment is attributed to rise in public awareness regarding OTC braces and support and increase in prevalence of orthopedic diseases & disorders. 

Depending on application, the global OTC braces and supports market is segregated into ligament injury repair, osteoarthritis, preventive care and others. The preventive care segment led the market in 2019, and is anticipated to maintain its lead during the forecast period. 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.

On the basis of distribution channel, the global OTC braces and supports market is divided into orthopedic clinics, retail pharmacies, and others. The retail pharmacies segment led the market in 2019, and is anticipated to maintain its lead during the forecast period. This is attributed to the wide availability of orthopedic bracing products through retailers & pharmacies, rising adoption of off-the-shelf products for sprain & ligament injuries in major countries and growing public awareness about the clinical benefits of orthopedic braces in preventive care.

North America was the largest shareholder in the global OTC braces and supports market in 2019, owing to its well-established healthcare infrastructure, 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. However, Asia-Pacific is anticipated to register the highest CAGR during the forecast period, owing to increase in awareness regarding benefits of orthopedic braces, development in health care infrastructure, and rise in the number of hospitals equipped with advanced medical facilities in the region. 

KEY FINDINGS OF THE STUDY 

  •  By product, the knee braces and supports segment was the highest contributor to the market in 2019.
  •  By type, the soft and elastic braces and supports was the highest contributor to the market in 2019.
  •  By application, the preventive care segment is projected to grow at a significant CAGR of 5.0% from 2021 to 2030.
  •  By distribution channel, the retail pharmacies  segment is projected to grow at a significant CAGR of 5.2% from 2021 to 2030
  •  By region, North America garnered largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the review period.
 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote OTC Braces and Supports Market by Product (Ankle Braces & Supports, Knee Braces & Supports, Facial Braces & Supports, Upper Extremity Braces & Support And Back, Hip, And Spine Braces & Supports), Type (Soft & Elastic Braces And Supports, Hard Braces & Supports And Hinged Braces & Supports), Application (Ligament Injury Repair, Osteoarthritis, Preventive Care and Others), and Distribution Channel (Orthopedic Clinics, Retail Pharmacies and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Oct 2024

Digital Substation Market

Download Sample
rep-img

Published Date Oct 2024

Argan Oil Market

Download Sample
rep-img

Published Date Oct 2024

Cold Plasma Market

Download Sample
rep-img

Published Date Oct 2024

Auto Gas Market

Download Sample

Buy Full Version
"OTC Braces and Supports Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers