(PharmaNewsWire.Com, January 28, 2020 ) Growth in the OTC braces and supports market is primarily driven by the growing public awareness related to preventive care, increasing prevalence of orthopedic diseases & disorders, and the rising number of sports and accident-related injuries.
The OTC Orthopedic Braces Market is projected to reach USD 1.5 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 5.1% during the forecast period.
Market Dynamics
+ Drivers
+ Increasing Prevalence of Orthopedic Diseases and Disorders
+ Continuous Product Commercialization
+ Greater Product Affordability and Market Availability
+ Rising Number of Sports and Accident-Related Injuries
+ Growing Public Awareness Related to Preventive Care
+ Promotion and Branding Initiatives Undertaken By Major Product Manufacturers
“Knee braces and supports segment accounted for the largest share of the OTC braces and supports market, by product, in 2018”
The large share of this segment can be attributed to the growing geriatric & obese population as they are at a higher risk of developing osteoarthritis and other knee-related conditions, increasing incidence of sports injuries, and the benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
“Soft & elastic braces and supports segment to register the highest growth in the OTC braces and supports market, by type, during the forecast period”
Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, the rising number of road accidents, and the increasing incidence of sports injuries.
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