(PharmaNewsWire.Com, September 27, 2017 ) The Global OTC Orthopedic Braces Market is estimated to be growing from 1.05 billion in 2016 at a CAGR of 4.8%, to reach USD 1.33 billion by 2021. The market is showing high growth potential in the mentioned period. It will continue to expand with the recent developments in medical sector.
Orthopedic braces are the medical devices which help in supporting and controlling the various joints of the body. The braces can be worn on knee, hip, ankle, back, neck, elbow, fingers, and wrist. Orthopedic braces regulate the position of limbs and initiate specific movement or motion in the body. Also, the braces can be used to compensate for muscles which are low in strength and to rectify structural abnormalities. Orthopedic braces are for diagnosis of cerebral palsy, spina bifida, and to treat with effects caused by stroke. Braces are also worn for getting extra support to avoid injuries on the joints. Athletes particularly wear braces to provide shock absorbance and to avoid injuries.
The increasing popularity of orthopedic braces among the elder population, growing prevalence of bone-degenerative disorders, commercialization of the orthopedic bracing industry, and easy availability of OTC orthopedic brace, increasing inclination towards practicing sports, developing e-commerce websites, and wide usage of orthopedic braces for preventive care are the factors driving the growth of the global market. However, inclination of patients towards alternative treatments, insufficient reimbursement scenarios of OTC orthopedic brace and supports, doubtful efficacy of orthopedic braces and not being able to provide customization for OTC orthopedic braces are the key constraints for global OTC orthopedic brace market.
The Global OTC Orthopedic Braces market is broadly categorized on the basis of Product into Lower Extremity Braces, Knee Braces, Foot & Ankle Braces, Upper Extremity Braces, Shoulder Braces, Elbow Braces, Wrist Braces, Back & Hip Braces and Other Braces. Based on Indication, the market is segmented into Prophylactic, Injury, Osteoarthritis (OA) and Other Indications. The prophylactic braces segment is expected to hold the largest share of the global OTC orthopedic braces market in 2016 owing to increased participation in sports, studies proving the efficacy of prophylactic braces in decreasing the injuries, and increased awareness. On the basis of region the global market is segmented into North America, Asia-Pacific, Europe, Latin America and Middle-East and Africa. North America holds the biggest market share in the global OTC orthopedic braces market as of 2016 and is followed by Europe. However, the Asia-Pacific market is predicted to register the highest CAGR from 2016 to 2021.
Some of the major competitors dominating the global OTC Orthopedic Braces market are DJO Finance LLC, DeRoyal Industries Inc., Breg, Inc., Bauerfeind AG, BSN Medical, Otto Bock HealthCare, Medi GmbH & Co. KG, Thuasne Group, and 3M Company.
Scope of the Report: Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis Study the micro environment factors that determine the overall profitability of an Industry, using Porters five forces analysis for analysing the level of competition and business strategy development A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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