A comprehensive overview of the OTC braces & supports market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the OTC braces & supports market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels. The OTC Braces & Supports Market is likely to showcase a robust growth of around 5% during the forecast period (2022-2028).
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Market Overview
The OTC braces and supports market is expected to witness a CAGR of around 5% during the forecast period. OTC (over the turn) braces and supports are used in the orthopedic sector such as osteoarthritis, due to rising sports injuries, and traumatic injuries where they can be used to treat an injury. In addition, the increasing incidence of bone degenerative diseases, and ligament injuries in the youth, as well as the old age pool, boost the market growth. Moreover, the increasing prevalence of knee arthritis in the old age population increase the chance of knee replacement surgeries will also drive the growth of this market during the forecast period.
COVID-19 Impact
COVID-19 is a global pandemic that has accelerated the demand for medical devices to efficiently control the spread of this respiratory infection. As the coronavirus cases increase, many countries face a critical shortage of medical equipment. In addition, In the healthcare industry, the pandemic directly disturbed the manufacturing, demand, and supply chain of various medical products and pharmaceutical companies. In addition, the demand for OTC braces & supports increased phenomenally after the pandemic due to rising sports activities and road accidents globally.
The OTC braces & supports market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By product, the market is primarily bifurcated into:
· Knee Braces & Supports
· Ankle Braces & Supports
· Upper Extremity Braces & Support
· Others
Based on Product, the OTC braces and supports market is segmented into knee braces & supports, ankle braces & supports, upper extremity braces & support, and others. Among these, the ankle braces & supports category is anticipated to witness a considerable growth rate during the forecast period. This is mainly due to sports persons & athletes using these as ankle support to remain injury free or to get relief from pain or swelling will drive the growth rate of this market during the forecast period.
By application, the market is primarily bifurcated into:
· Ligament Injury Repair
· Osteoarthritis
· Preventive Care
· Others
Based on application, the OTC braces and supports market is segmented into ligament injury repair, osteoarthritis, preventive care, and others. The preventive care category is supposed to witness a significant growth rate during the forecast period. Preventive care is mainly used to reduce the clinical risk of ligament injuries, diabetic foot ulcers, and knee injuries. Moreover, athletes are using preventive care to reduce the risk of sports-related musculoskeletal injuries which is also contributing to the growth of this market during the forecast period.
By end-user, the market is primarily bifurcated into:
· Orthopedic Clinics
· Hospitals & Pharmacies
· Others
Based on end-user, the OTC braces and supports market is segmented into orthopedic clinics, hospitals & pharmacies, and others. The hospitals & pharmacies category is supposed to witness a significant growth rate during the forecast period. This is mainly due to the rising geriatric population, hospital administration, and surgeries performed in the hospital. Moreover, rising accidents related to bone injuries and fractures are mostly handled by hospitals which is also contributing to the growth of the market during the forecast period.
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OTC braces & supports market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of America
· Europe
Ø Germany
Ø U.K.
Ø France
Ø Spain
Ø Italy
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø India
Ø Japan
Ø Rest of Asia-Pacific
· Rest of the World
For a better understanding of the market, the report provides a detailed analysis of major regions and countries including North America (U.S., Canada, Rest of North America); Europe (Germany, U.K., France, Spain, Italy, Rest of Europe); Asia-Pacific (China, India, Japan, Rest of Asia-Pacific) and Rest of World. In 2020, North America accounted for a significant market share. The rising growth of this market in the region is mainly due to the rising sports activities & injuries, spinal injuries, and the availability of a high number of hospitals & healthcare clinics in the region. Moreover, availability of major pharmaceutical and medical device companies are launching new products and working on new technological developments.
The major players targeting the market include:
· 3M Company
· ALCARE Co. Ltd.
· Bauerfeind Ag
· Bird & Cronin, LLC
· Breg Inc.
· Deroyal Industries, Inc.
· Medi GMBH & Co. Kg
· Össur Hf
· THUASNE SA.
· Zimmer Biomet
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the OTC braces & supports market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
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Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the OTC braces & supports market?
· Which factors are influencing the OTC braces & supports market over the forecast period?
· What are the global challenges, threats, and risks in the OTC braces & supports market?
· Which factors are propelling and restraining the OTC braces & supports market?
· What are the demanding global regions of the OTC braces & supports market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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