The OTC braces and support 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.
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.
Lucrative Regions for OTC Braces and Support Market
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Market Insights
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.
Product: Technology Insights
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. The knee braces and support segment held the largest market share in 2020 and is expected to register the highest CAGR in the market during the forecast period. The market growth for this segment is attributed to the rising geriatric population, and growing chronic disease and condition prevalence.
OTC Braces and Support Market, by Product – 2019 and 2027
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End User: Insights
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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OTC Braces and Support Market: Strategic Insights
Market Size Value in US$ 1,454.55 Million in 2020 Market Size Value by US$ 2,238.98 Million by 2028 Growth rate CAGR of 5.8% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
OTC Braces and Support Market: Strategic Insights
Market Size Value in | US$ 1,454.55 Million in 2020 |
Market Size Value by | US$ 2,238.98 Million by 2028 |
Growth rate | CAGR of 5.8% from 2021-2028 |
Forecast Period | 2021-2028 |
Base Year | 2021 |
Akshay
Have a question?
Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
Speak to AnalystCollaborations and technology partnerships by the companies operating in the OTC braces and support market to bridge the demand–supply gap are anticipated to play a significant role in the growth of the market during the forecast period.
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
By Application
- Ligament Injury Repair
- Preventive Care
- Osteoarthritis
- Compression Therapy
- Other Applications
By End User
- Hospitals
- Ambulatory Surgical Centres
- Specialty Clinics
- Others
By Geography
North America
- US
- Canada
- Mexico
Europe
- UK
- Germany
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest of Middle East and Africa
South and Central America
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- Djo Global, Inc.
- Orthofix Medical Inc.
- Bauerfeind
- Deroyal Industries, Inc.
- Becker Orthopedic
- Oppo Medical Inc.
- Zimmer Biomet
- Ottobock
- 3m
- Bird and Cronin Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Type ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Orthopedic braces are medical devices used to treat musculoskeletal injuries. Braces are used to align correctly, position, stabilize, support, and protect the parts of the body (joints, muscles, and bones) as they heal from the orthopedic injury or trauma. During the process of rehabilitation and recovery, most of the medical practitioners prescribe braces.
The global OTC braces and support market is being driven by factors such elevating number of sports injuries and cases of orthopedic diseases and increasing awareness about braces and supports. Furthermore, high growth potential in emerging economies is likely to offer significant opportunities for the growth of the global OTC braces and support market.
The availability of alternate therapies is the significant factor that will hinder the OTC braces and support market growth.
The List of Companies - OTC Braces and Support Market
- Djo Global, Inc.
- Orthofix Medical Inc.
- Bauerfeind
- Deroyal Industries, Inc.
- Becker Orthopedic
- Oppo Medical Inc.
- Zimmer Biomet
- Ottobock
- 3m
- Bird and Cronin Inc.
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Below is the breakup of our primary respondents by company, designation, and region:
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.
- 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.
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- 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.
- 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.
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