USD 1.12 Billion
OTC Braces And Supports Market Size, Share, Growth Analysis, By Product(Knee, Ankle, Hip, Spine), By Type(Soft, rigid, and hinged), By Application(Preventive, OA, Ligament Injury, and Compression), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2496 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
96
|Figures:
76
OTC Braces And Supports Market Insights
Global OTC Braces and Supports Market size was valued at USD 1.12 Billion in 2022 and is poised to grow from USD 1.17 Billion in 2023 to USD 1.69 Billion by 2031, at a CAGR of 4.70% during the forecast period (2024-2031).
The global OTC braces and supports market has been steadily growing in recent years, reflecting a rising demand for non-prescription orthopedic solutions. This market is primarily driven by an aging population, increased awareness of preventive healthcare, and a growing emphasis on active lifestyles.
Consumers are increasingly seeking comfortable and effective OTC braces and supports to manage various musculoskeletal conditions, such as joint pain and injuries.
Furthermore, advancements in materials and design have contributed to the development of more innovative and user-friendly products, enhancing overall market appeal. Key players in this industry are focusing on product innovation, expanding their distribution networks, and forging strategic partnerships to gain a competitive edge in this evolving market landscape.
US OTC Braces And Supports Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Preventive
Fastest Growth
Preventive
Growth Rate
4.70% CAGR
Global OTC braces and supports market ($ Bn)
Country Share for NORTH AMERICA Region (%)
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OTC Braces And Supports Market Segmental Analysis
The global OTC braces and supports market is segmented on the basis of Product, type, application and region. Based on product the market is segmented as Knee, Ankle, Hip, Spine, Shoulder, Elbow, Hand, Wrist. On the basis of type the market is segmented as Soft, rigid, hinged. Based on application, it is segregated into Preventive, OA, Ligament Injury, Compression. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global OTC Braces and Supports Market Analysis by Product
Knee braces and supports emerge as the dominating product in the global OTC market due to their widespread use in addressing various knee-related conditions, including osteoarthritis and ligament injuries. The knee is a complex joint prone to injuries and age-related issues, making knee braces a common choice for individuals of all ages. Moreover, advancements in knee brace technology, such as hinged and compression sleeves, have boosted their popularity, contributing to their dominant position in the market.
However, Spine braces and supports are experiencing the fastest growth in the market. This is attributed to the increasing incidence of back-related problems and the growing awareness of posture-related health issues. Additionally, a sedentary lifestyle, prolonged screen time, and remote work arrangements have raised concerns about spinal health, driving demand for supportive solutions. Innovative designs and materials that offer comfort and functionality are propelling the growth of spine braces and supports in the market.
Global OTC Braces and Supports Market Analysis by Application
Preventive braces hold a dominant position in the global OTC braces and supports market. This is primarily due to the increasing awareness of preventive healthcare measures among individuals of all age groups. Many people are proactively using preventive braces to minimize the risk of musculoskeletal injuries during physical activities and to support joint health as they age.
However, Ligament injury braces are experiencing rapid growth in the market. This is attributed to the growing incidence of sports-related injuries and accidents, which often result in ligament damage. These braces provide essential support and stability during the recovery process, making them increasingly popular among athletes and active individuals. Additionally, advancements in brace technology and materials have enhanced their effectiveness in addressing ligament injuries, further driving their growth.
Global OTC braces and supports market by Product
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OTC Braces And Supports Market Regional Insights
North America currently dominates the global OTC braces and supports market. This is attributed to the region's well-established healthcare infrastructure, high healthcare expenditure, and a growing aging population prone to musculoskeletal conditions. Additionally, the strong presence of major manufacturers and extensive product accessibility through retail channels further strengthens North America's market position.
However, the Asia Pacific region is experiencing the fastest growth in the OTC braces and supports market. This can be attributed to the rising awareness of preventive healthcare, expanding middle-class population, and increasing sports-related injuries. Moreover, the market benefits from the economic growth in countries like China and India, leading to improved healthcare access and affordability. As a result, the Asia Pacific region is witnessing robust market expansion, making it a key area of focus for industry players.
Global OTC braces and supports market by Geography
- Largest
- Fastest
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OTC Braces And Supports Market Dynamics
Global OTC Braces and Supports Market Drivers
Growing Aging Population and Musculoskeletal Conditions
- One of the major key drivers for the global OTC braces and supports market is the growing aging population worldwide. As people age, they become more susceptible to musculoskeletal conditions such as arthritis, joint pain, and back problems. OTC braces and supports offer a convenient and non-invasive way for individuals to manage these conditions, providing relief and support for everyday activities. This demographic trend is expected to continue driving demand for these products in the coming years, making it a significant driver for the market's growth.
Global OTC Braces and Supports Market Restraints
Regulatory Challenges
- One major key restraint in the global OTC braces and supports market is the complex regulatory landscape. Various countries have different regulations and standards for medical devices, including OTC orthopedic products. Navigating these regulatory hurdles can be time-consuming and costly for manufacturers, potentially hindering product development and market entry. Ensuring compliance with stringent quality and safety requirements is paramount, adding an extra layer of challenge for industry players operating across multiple regions.
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OTC Braces And Supports Market Competitive Landscape
The competitive landscape of the global OTC braces and supports market is characterized by intense rivalry among several well-established companies, as well as emerging players seeking to gain market share. Companies within this industry are heavily focused on research and development to introduce innovative products that address specific musculoskeletal conditions and offer superior comfort to consumers.
Additionally, strategic partnerships, mergers, and acquisitions play a pivotal role in expanding market reach and product portfolios. Enhanced distribution networks, both online and offline, are vital for ensuring product accessibility to a wide consumer base. As consumer preferences evolve towards non-invasive, affordable solutions for managing orthopedic issues, competition in the OTC braces and supports market is expected to remain robust.
Global OTC Braces and Supports Market Top Player’s Company Profiles
- DJO Finance LLC (US)
- Bird & Cronin LLC (A part of Dynatronics Corporation, US)
- Thuasne SA (France)
- Beam Therapeutics Inc. (US)
- BS Medical GmbH (A part of Svenska Cellulosa Aktiebolaget, Germany)
- DeRoyal Industries Inc. (US)
- medi GmbH & Co. KG (Germany)
- Alare Co Ltd. (South Korea)
- Breg Inc. (US)
- Bauerfeind AG (Germany)
- Ottobock SE & Co. KGaA (Germany)
- BSN medical (Sweden)
- 3M Health Care (US)
- Össur hf (Iceland)
- Orthofix Holdings Inc. (US)
- OPPO Medical Inc. (Taiwan)
- Trulife (Ireland)
- Zimmer Biomet Holdings Inc. (US)
- Aspen Medical Products Inc. (US)
- medi USA LP (US)
Recent Developments in Global OTC Braces and Supports Market
- In July 2021, DJO Global (Enovis) acquired Mathys AG Bettalach (Switzerland). The acquisition expanded the Medical Technology segment's reconstructive product portfolio with Maths' complimentary surgical solutions.
- In April 2021, DJO Global (Enovis) acquired MedShape, Inc. (US) to expand its foot and ankle platform.
- In November 2021, Ottobock Healthcare (Germany) acquired Suit (US). This acquisition helped expand the company's exoskeleton network under the global brand 'Paexo’.
OTC Braces And Supports Key Market Trends
- Growing Emphasis on Customization : A major key market trend in the OTC braces and supports industry is the increasing focus on product customization. Manufacturers are leveraging advanced technologies like 3D printing and digital scanning to create personalized orthopedic solutions tailored to individual patient needs. This trend not only enhances product efficacy but also improves patient comfort, ultimately driving market growth as consumers seek more effective and comfortable OTC options for managing orthopedic conditions\.
OTC Braces And Supports Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to Global OTC braces and supports market analysis, the market is currently witnessing robust growth, driven by several key factors. The rising prevalence of musculoskeletal conditions, such as osteoarthritis and sports-related injuries, coupled with an aging population, has spurred demand for non-prescription orthopedic solutions.
Consumers are increasingly inclined towards OTC products due to their convenience and accessibility, seeking effective and comfortable solutions for pain management and injury prevention.
Furthermore, technological advancements are reshaping the industry. The integration of smart materials and wearable technology into OTC braces and supports offers real-time monitoring and enhanced therapeutic benefits. Customization, enabled by 3D printing and digital scanning, is becoming a prominent trend, allowing for personalized orthopedic devices tailored to an individual's unique anatomy.
Looking ahead, the OTC braces and supports market is poised for continued expansion. As healthcare systems worldwide emphasize preventative care and as emerging markets witness greater healthcare access, the demand for these products is expected to rise.
Moreover, ongoing research and development efforts will likely lead to more innovative and effective solutions, further fueling market growth. However, companies operating in this space will need to navigate complex regulatory environments and ensure compliance with evolving standards to capitalize on these opportunities effectively..
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.12 Billion |
| Market size value in 2031 | USD 1.69 Billion |
| Growth Rate | 4.70% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on OTC Braces And Supports Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on OTC Braces And Supports Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the OTC Braces And Supports Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the OTC Braces And Supports Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the OTC Braces And Supports Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the OTC Braces And Supports Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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