The size of the Latin American OTC Orthopedic Braces market was valued at USD 93.87 Million in 2022 at a CAGR of 4.3%, to reach USD 115.86 Million by 2027.
Orthopedic braces are the medical aids that support the joints of the human body. The braces are used on the knee, hip, ankle, back, neck, elbow, fingers, and wrist. Orthopedic braces check the position of limbs and trigger a particular movement in the human body. Also, the braces make up for muscles that have less strength and also correct the structural faults. Orthopedic braces assist in detecting cerebral palsy, spina bifida, and treating the symptoms of a stroke. Braces are also used for getting more support to the joints and avoid injuries. Athletes specifically wear braces for shock absorbance and to avoid injuries. The market shows high growth potential in the mentioned period and is also expected to grow in the future years with the recent developments in the medical sector.
The growing population, increasing awareness about orthopedic braces, developing research and technology in the medical sector, growing number of bone-degenerative disorders, and stabilizing the economy are the factors that drive the growth of the Latin America OTC Orthopedic Braces market.
However, patients preferring alternative treatment methods, the uncertainty of reimbursement, below expectations efficiency of orthopedic braces, and no customization offerings for OTC orthopedic braces are the major restraining factors for Latin America OTC orthopedic brace market.
This research report on the Latin American OTC Orthopedic Braces Market has been segmented and sub-segmented into the following categories.
This region has many emerging economies and is undergoing a lot of development in the medical sector. Thus, the growth potential for this market is substantial during the forecast period.
Companies leading the Latin America 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.
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