Europe OTC Braces And Support Market to Grow at a CAGR of 5.4% to reach US$ 693.19 million Million from 2021 to 2028

Europe OTC Braces And Support Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Knee Braces and Support, Back Hip and Spine Braces and Support, Lower Spine Braces and Support, Neck and Cervical Braces and Support, Shoulder Braces and Support, Elbow Braces and Support, Hand and Wrist Braces and Support, & Facial Braces and Support), Type (Soft and Elastic Braces and Support, Hard and Rigid Braces and Support, & Hinged Braces and Support), Application (Ligament Injury Repair, Preventive Care, Osteoarthritis, Compression Therapy, & Other Applications), and End User (Hospitals, Ambulatory Surgical Centers, Specialty Clinics, and Others)

Publication Month : Oct 2021

  • Report Code : TIPRE00025371
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 148
Inquire Before Buy

PRICING

$3000

$1800

The Europe OTC braces and support market is expected to reach US$ 693.19 million by 2028 from US$ 478.77 million in 2020; it is estimated to register a CAGR of 5.4% from 2021 to 2028.

The growth of the OTC braces and support market is attributed to increasing awareness of braces and support, and rising demand for OTC braces and supports across the world. However, the availability of alternative therapies is restraining the market growth. Braces are prominently used 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 orthopedic braces and supports. It is a non-government organization that aims to improve 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 regarding the provision of prosthetic and orthotic care, rehabilitation engineering, and related areas. Therefore, the increasing awareness about orthopedic braces and supports is contributing to the market growth. Also, the trend of better-quality OTC braces and supports is likely to grow dramatically due to increasing popularity of e-commerce platforms. Moreover, innovative products, revolutionary technology, and successful events have created opportunities for the companies to continue the production of orthopedic braces and supports. Thus, they are likely to add value to their customers and increase customer base for their products in the coming years.

The European economy is severely affected due to the exponential growth of COVID-19 cases in the region. Also, the pandemic has halted the adoption of new medical device policy and delayed clinical trials and disrupted processes. For instance, the European Commission recently postponed the application date of the MDR for one year due to COVID-19 pandemic. The Medical Device Regulation (MDR) requires manufacturers to conduct post market clinical follow-up (PMCF) studies to demonstrate the continued safety and performance of their devices. This is expected to impact the product launch and ongoing clinical trials of medical devices, thereby impacting sales and growth of the market. In addition, disrupted supply chains, extended lockdowns, and cancelling of other medical procedures have also negativity affected the growth of the OTC braces and support market. The hospitals in the region are cancelling other surgical procedures to keep healthcare facilities free for COVID-19 patients. Moreover, the increasing COVID-19 infection among healthcare workers is leading to shortage of staff. These factors are negatively impacting the growth of the OTC braces and support market.

  OTC braces and support market
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

EUROPE OTC BRACES AND SUPPORT MARKET SEGMENTATION

By Product

  • Knee Braces and Support
  • Back Hip and Spine Braces and Support
  • Foot Walkers and Orthoses
  • Neck and Cervical Braces and Support
  • Shoulder Braces and Support
  • Elbow Braces and Support
  • Hand and Wrist Braces and Support
  • Facial Braces and Support

By Type

  • Soft and Elastic Braces and Support
  • Hard and Rigid Braces and Support
  • Hinged Braces and Support

By Application

  • Ligament Injury Repair
  • Preventive Care
  • Osteoarthritis
  • Compression Therapy
  • Other Applications

By End User

  • Hospitals
  • Ambulatory Surgical Centres
  • Specialty Clinics
  • Others

By Country

  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe

Company Profiles

  • DJO Global, Inc.
  • ORTHOFIX MEDICAL INC. (Breg, Inc.)
  • Bauerfeind
  • DeRoyal Industries, Inc.
  • Becker Orthopedic
  • OPPO Medical Inc.
  • Zimmer Biomet
  • OTTOBOCK
  • 3M
  • Bird and Cronin Inc.
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

This text is related
to country scope.

  1. DJO Global, Inc.
  2. ORTHOFIX MEDICAL INC. (Breg, Inc.)
  3. Bauerfeind
  4. DeRoyal Industries, Inc.
  5. Becker Orthopedic
  6. OPPO Medical Inc.
  7. Zimmer Biomet
  8. OTTOBOCK
  9. 3M
  10. Bird and Cronin Inc.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Europe OTC Braces And Support Market