OTC Braces and Support Market Increasing Awareness Regarding Orthopedic Braces and Supports Drives Market Growth
According to our latest study on “OTC Braces and Support Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Product, Type, Application, and End User,” the market was valued at US$ 1,454.55 million in 2020 and is projected to reach US$ 2,238.98 million by 2028; it is expected to grow at a CAGR of 5.8% during 2021–2028. The report highlights the trends prevailing in the market, and drivers and deterrents pertaining to the market growth. The OTC braces and support market growth is attributed to the elevating number of sports injuries and cases of orthopedic diseases along with increasing awareness about braces and supports. Moreover, high growth potential in emerging economies presents lucrative opportunities for the growth of the market players. However, the availability of alternate therapies restrains the market growth.
DJO Global, Inc., Breg, Inc. (Orthofix medical Inc.), Bauerfeind, DeRoyal Industries, Inc., Becker Orthopedic, OPPO Medical Inc., Zimmer Biomet, Ottobock, 3M, and Bird and Cronin Inc. are among the prominent players operating in the OTC braces and support market. These companies are focusing on partnerships, product launches, collaborations, and other business strategies to sustain their position in the market. For instance, in February 2021, Breg Inc, a subsidiary of Orthofix, partnered with Club Warehouse, an Australian distributor, with an aim to expand the distribution network of its orthopedic products in the Australian market.
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Athletes and players frequently suffer due to injuries during sports activities. These injuries can damage cartilage and ligaments. An increasing number of sports injuries among players and athletes is driving the growth of the OTC braces and support market. According to the estimates of a study published by Stanford Children’s Health in 2020, 30 million children and teenagers participate in sports annually in the US, and ~3.5 million injuries are reported in these sports events each year. Further, most common injuries observed among children and teenagers are sprains and strains.
According to estimates published by National Safety Council (NSC), 526,000 injuries were caused due to personal exercise, with or without equipment, in the US 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. The increasing number of participations in sports leads to the surge in sports injuries among the participants. According to a study published in the British Journal of Sports Medicine in 2018, the world is witnessing considerable surge in football participation, which is directly co-related to the rise in cases of articular cartilage injuries. Additionally, according to a study published by the National Federation of State High School Associations (NFHS), during 2018−2019, the US reported a significant growth in participation in soccer, wrestling, and tennis by boys from high schools. It also stated that school sports participation in the US was at peak during 2017−2018, for the first time since past 30 years.
Increasing Awareness Regarding Orthopedic Braces and Supports Drives Market Growth
Orthopedic braces and supports offer users with more comfort while walking as well as help reduce pain, assist in limb movement, and minimize swelling and inflammation. Most importantly, they allow users to work and move independently. However, the awareness and use of these medical aids are more in developed and upper middle-income countries. Foundations such as the International Society for Prosthetics and Orthotics (ISPO) help create awareness regarding the use of the orthopedic braces and supports. It is a non-government organization that focuses on improving the quality of life of people with limb amputations or those with physical damages and injuries to limbs and spine, by making them aware about the benefits of prosthetics and orthotics. The ISPO provides an effective platform to exchange and communicate all the aspects of science. The organization practices and educates the associates on prosthetic and orthotic care, rehabilitation engineering, and related areas. Similarly, the Department of Orthopedics and Rehabilitation at the University of Florida focuses on educating and training individuals to become self-dependent through the highest-quality orthopedic care. Therefore, the increasing awareness regarding orthopedic braces and supports is contributing to the market growth.
OTC Braces and Support Market Segmentation Review
Based on product, the OTC braces and support market is segmented into knee braces and support, back hip and spine braces and support, foot walkers and orthoses braces and support, neck and cervical braces and support, shoulder braces and support, elbow braces and support, hand and wrist braces and support, and facial braces and support. In 2020, the knee braces and support segment accounted for the largest market share.
Based on end user, the global OTC braces and support market is segmented into hospitals, ambulatory surgical centers, specialty clinics, and others. The hospitals segment held the largest market share in 2020, and it is expected to register the highest CAGR during the forecast period. Hospitals use specialized scientific equipment to provide healthcare facilities. Trained staffs are assigned to address various cases received at hospitals, involving problems associated with traditional and modern medical sciences. They provide advanced treatment options for patients to treat chronic and hard-to-heal injuries. Most of the surgeries are performed in hospitals owing to their ability to ensure continuous patient monitoring and care. Also, growing government funding for hospitals and rising number of hospitalizations would support the market growth of this segment in the coming years.
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