Scope of the Study
An OTC orthopedic braces are used to provide support and help for proper functioning. OTC orthopedic braces have merely used by geriatric population but ring sports accidents are the reasons for increasing the adoption of OTC orthopedic braces. Also, the emergence of low-cost braces, new styles in OTC orthopedic braces on E-commerce platforms and high availability of orthopedic braces is supplementing overall growth of the market. However, the lack of medical infrastructure in many geographical regions and increasing adoption of pain killers and other pain medications for disease management are the factors that are hampering the market. Moreover, Rising promotional activities and continuously rising R&D activities by established players can create a new opportunity for the market.
The market study is being classified by Type (Lower Extremity Braces, Upper Extremity Braces, Foot and Ankle Braces and Spinal Orthoses), by Application (Ligament Injury, Preventive Care, Post-operative Rehabilitation, Osteoarthritis, Cold Bracing and Other) and major geographies with country level break-up. According to AMA, the Global OTC Orthopedic Braces market is expected to see growth rate of 6.98% and may see market size of USD6.17 Billion by 2023.
DJO Finance LLC (United States), Breg, Inc. (United States), Ossur Hf (Iceland), DeRoyal Industries, Inc. (United States), Bauerfeind AG (Germany), Otto Bock Holding GmbH & Co. KG (Germany), BSN medical (Germany), medi GmbH & Co. KG (Germany), THUASNE Group (France) and 3M Company (United States) are some of the key players profiled in the study. Additionally, the Players which are also part of the research are Zimmer (United States), Trulife (Ireland) and Bird and Cronin (United States).
The Players having a strong hold in the market are DJO Finance LLC, Breg, Inc., Ossur Hf, DeRoyal Industries, Inc., Bauerfeind AG, Otto Bock Holding. Research Analyst at AMA predicts that United States and European Players will contribute to the maximum growth of Global OTC Orthopedic Braces market throughout the predicted period.
AdvanceMarketAnalytics has segmented the market of Global OTC Orthopedic Braces market by Type, Application and Region.
On the basis of geography, the market of OTC Orthopedic Braces has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Upper Extremity Braces , the sub-segment i.e. Shoulder Braces will boost the OTC Orthopedic Braces market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Lower Extremity Braces, the sub-segment i.e. Knee Braces will boost the OTC Orthopedic Braces market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Indication, the sub-segment i.e. Osteoarthritis will boost the OTC Orthopedic Braces market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales Channel, the sub-segment i.e. Retailers will boost the OTC Orthopedic Braces market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Geriatric Population and Prevalence of Orthopedic Diseases & Disorders
- Increasing Demand due to Emergence of Low-Cost Braces and High Availability of Orthopedic Braces
- An Emergence of New Styles in OTC Orthopedic Braces on E-Commerce Platforms
- Lack of Medical Infrastructure in Many Geographical Regions
- Rising Development Particularly in OTC Orthopedic Braces
- Continuously Increasing Accidents in Sports across the globe
- Low Customization and Very Limited Options in OTC Orthopedic Braces & Supports
- Increasing Adoption of Pain killers and other Pain Medications for Disease Management
Market Leaders and their expansionary development strategies
On February 2019, Össur Corporate has announced the acquisition of Royce Medical Holding Inc (an orthotics manufacturer based in Camarillo) in approximately USD 215 million. This is strategic acquisition as the company wants to maintain a strong position in the prosthetics market.
On Jun 2018, Tynor Orthotics Pvt. Ltd (manufacturer and exporter of orthopedic products) has raised USD 20.50 million funds from Thuasne Participations and private equity fund Lighthouse Funds. The new fund will give strength to the company to export the products. Thus, the new funding can be considered as an opportunity for the company.
Key Target AudienceOTC Orthopedic Braces Manufacturers, Raw Material Suppliers, Suppliers and Distributors, Government Bodies, Research Organizations, Investing Firms and Others
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