CHICAGO, Oct. 6, 2022 /PRNewswire/ -- The OTC Braces and Supports Market is valued at an estimated USD 942 million in 2022 and is projected to reach USD 1,286 million by 2027, at a CAGR of 6.4%, according to a new report by MarketsandMarkets. Market growth is driven by the rising technological advancements in OTC braces and supports, increasing orthopedic disorders and the growing awareness of preventive diagnosis in developing countries. Emerging economies such as China, Japan, and India are providing lucrative opportunities for the players operating in the OTC braces and supports market.
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The knee braces and supports segment had the major share of the OTC braces and supports Market, by product, in 2021"
Based on product, the OTC braces and supports market is divided into knee, ankle; back, hip, & spine; foot walkers and orthoses; hand & wrist; shoulder; elbow; and facial braces and supports. Due to the numerous benefits these products offer, including medial and lateral support, reduced knee rotation, limited injury in motion, and as protection from risk of injury following surgery, the knee braces and supports segment is anticipated to have the highest growth during forecast period.
In 2021, preventive care segment accounted for the largest share in the market, by application"
Based on the application, the OTC braces and supports market is segmented into preventive care, ligament injury, osteoarthritis, compression therapy, and other applications. The preventive care segment is expected to command the largest share of the market in 2022. The large share of this segment can be attributed to increasing public participation in sports-related activities and rising off-the-shelf usage of bracing products for preventive care & ambulatory procedures.
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In 2021, pharmacies and retailers segment accounted for the largest share in the market, by distribution channel"
Based on the distribution channel, the OTC braces and supports market is classified into pharmacies & retailers, e-commerce platforms, orthopedic clinics and hospitals. Pharmacies and retailers are expected to be the largest distribution channel segment in the OTC braces and supports market. The growth of this market segment is majorly driven by the wide availability of orthopedic bracing products through retailers & pharmacies, rising adoption of off-the-shelf products for sprain & ligament injuries in major countries (due to easy access), and the growing public awareness about the clinical benefits of orthopedic braces in preventive care.
"North America accounted for the largest share of the otc braces and supports market "
The global otc braces and supports market is segmented into five major regions namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America held the biggest market share of the OTC braces and supports market in 2021. Market growth is attributed to the development and commercialization of novel orthopedic braces & support products, favorable reimbursements & insurance coverage for major orthopedic bracing procedures, supportive government regulations for product commercialization, and significant sports participation.
The major players operating in this market are 3M (US), DJO Global (US), Essity (Sweden), Zimmer Biomet Holdings, Inc (US), Ottobock Healthcare (Germany), Össur HF (Iceland), medi GmbH (Germany), DeRoyal Industries Inc (US), Bauerfeind AG (Germany), Bird & Cronin (US), Breg Inc. (US), Thuasne (France), TruLife Group (Ireland), Alcare (Japan), Prim SA (Spain), and Foundation Wellness (US).
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Browse Adjacent Market: Medical Devices Market Research Reports & Consulting
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