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Global OTC Orthopedic Braces Market Size, Share, Trends, COVID-19 Impact & Growth Analysis Report - Segmented By Product (Lower Extremity Braces, Knee Braces, Foot & Ankle Braces, Upper Extremity Braces, Shoulder Braces, Elbow Braces, Wrist Braces, Back & Hip Braces and Other Braces), Indication & Region (North America, Europe, APAC, Latin America, Middle East and Africa) - Industry Forecast (2022 to 2027)

Published: January, 2022
ID: 3128
Pages: 180
Formats: report pdf report excel report power bi report ppt

OTC Orthopedic Braces Market Size (2022 to 2027)

The global OTC orthopedic braces market is expected to be worth USD 1.52 billion by 2027 from USD 1.21 billion in 2022, growing at a CAGR of 4.8% during the forecast period.

Orthopedic braces are medical devices that help support and control the body's various joints. The braces can be worn on a knee, hip, ankle, back, neck, elbow, fingers, and wrist. Orthopedic braces regulate the position of limbs and initiate specific movement or motion in the body. Also, the braces help compensate for muscles, which are low in strength, and rectify structural abnormalities. Orthopedic braces are for diagnosing cerebral palsy and spina bifida and treating effects caused by stroke. Braces also help to get extra support to avoid injuries to the joints. Athletes particularly wear braces to provide shock absorbance and to prevent injuries. The OTC orthopedic braces market shows high growth potential in the period mentioned. According to the United Nations Department of Economic and Social Affairs, more people use these orthopedic braces. In addition, they feel very comfortable using these braces by the end of 2025.

MARKET DRIVERS:

The factors such as the growing elderly population, the increasing amount spent on healthcare, and increasing common overweight problems are surging the OTC orthopedic braces market growth.

Furthermore, the rise in the number of orthopedic surgeries and the use of orthopedic braces as preventive care tools further promote the global OTC orthopedic braces market. Alternately, the growth of medical services and improvements in open consciousness are relied upon to provide the market with other freedoms.

Sports injuries are rising along with the number of sports procedures, which is expected to boost the OTC orthopedic braces market growth.

Athletes concentrate on fitness-related activities like running, riding, and other sports. As a result of these surgeries, they are likely to sustain injuries that could result in ligament injuries. For athletes competing inside, ankle ligament tears are a significant concern. Therefore, a substantial need for ankle braces is projected. Additionally, the orthopedic physicians advise an acute knee spray.

Rising public awareness and rising healthcare costs are anticipated to offer a wide range of opportunities for market expansion soon.

Organizations like the International Society for Prosthetics and Orthotics (ISPO) work to raise public awareness of the usage of orthopedic supports and braces to enhance the quality of life for those who have had limbs amputated or who have suffered physical harm to their limbs or spine by educating them on the advantages of prostheses and orthotics. The ISPO offers a useful forum for exchanging and expressing all scientific viewpoints. The business trains its employees in rehabilitation engineering, prosthetic and orthotic care, and related fields. Like this, the University of Florida's Department of Orthopaedics and Rehabilitation concentrates on instructing and preparing people to become independent through the best level of orthopedic care. Therefore, the market is growing as people become more aware of orthopedic braces.

Governments and insurance authorities in several major nations are supporting online sales, increased reimbursement rates, and insurance coverage as they increasingly acknowledge the effective patient care delivered by such products. Therefore, rising orthopedic brace sales through off-the-shelf and e-commerce channels and increased access to reimbursement for such devices across mature economies are anticipated to present substantial growth opportunities for producers of orthopedic braces and supports.

MARKET RESTRAINTS:

Patients opting for alternative treatment procedures are restraining the demand for the OTC orthopedic braces, hence the market growth.

In addition, the high cost of devices impedes the market's growth. Inadequate reimbursement policies, lack of support from OTC orthopedic braces, and uncertain required results of these orthopedic braces are some of the factors limiting the market's growth rate. In addition, people in rural areas are less aware of these treatment procedures, which may hamper the OTC orthopedic braces market growth.

Impact of COVID-19 on the global OTC orthopedic braces market:

The Coronavirus Disease 2019 (COVID-19) pandemic was declared in March 2020, resulting in a global economic and social crisis. The epidemic quickly crossed boundaries and nations, spreading across the world. Non-pharmaceutical interventions such as social distancing, facial masks, hand washing, and sanitizer were the best possible alternative for disease prevention. During this time, hospitals and healthcare facilities saw the most adjustments. Orthopedic braces are devices that support and strengthen the muscles and joints of the leg, back, ankle, spine, shoulder, elbow, hand, and fingers. These braces are intended to offer muscular power and protection to relieve discomfort caused by sprains, strains, and other musculoskeletal disorders. The recent global COVID-19 pandemic has also impacted the OTC orthopedic braces industry, resulting in short-term negative development due to causes such as a significant decrease in elective surgery and a ban on organized sports. In addition, restricted access to hospitals, social distancing, community lockdown, fewer trauma and workplace incidents, and a slowdown in patient traffic and referrals have impacted market development.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2021 to 2027

Base Year

2021

Forecast Period

2022 to 2027

Segments Analysed

By Product, Indication, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Analysed

North America, Europe, Asia Pacific, Latin America, Middle East, and Africa

 

This research report on the global OTC orthopedic braces market has been segmented and sub-segmented based on the product, indication, and region.

 OTC Orthopedic Braces Market - By Product:

  • Lower Extremity Braces
  • Knee Braces
  • Foot & Ankle Braces
  • Upper Extremity Braces
  • Shoulder Braces
  • Elbow Braces
  • Wrist Braces
  • Back & Hip Braces
  • Other Braces

Based on the product, the Upper extremity braces segment is anticipated to grow at the highest and fastest rate throughout the forecast period. The increase in the prevalence of Knee arthritis in senior people, i.e., older adults, and a rise in knee replacement surgeries are propelling the global OTC orthopedic braces market growth.

OTC Orthopedic Braces Market - By Indication:

  • Prophylactic
  • Injury
  • Osteoarthritis (OA)
  • Others 

Based on indication, the prophylactic braces segment holds the largest share of the global OTC orthopedic braces market in 2020 owing to increased participation in sports, studies proving the efficacy of prophylactic braces in decreasing injuries, and increased awareness.

OTC Orthopedic Braces Market - By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • The Middle East and Africa

The North American OTC orthopedic braces market is predicted to hold the highest share in the global market during the forecast period. In this region, reimbursement policies are decreasing due to surgeries propelling the growth of the market in this region. Also, increasing occurrences of degenerative bone diseases and a rise in hip and knee replacements are leveraging the market's growth rate.

Following North America, the European OTC orthopedic braces market is estimated to dominate the global market during the forecast period owing to the increasing occurrences of overweight problems, osteoporosis, and osteoarthritis. In Europe, the German market is expected to lead and grow quickly during the forecast period.

The OTC orthopedic braces market in the APAC region is likely to register the highest CAGR during the forecast period. Developing countries such as India, China, and Japan account for most of the market share in this region. The growing population, lifestyle changes, and increasing sports activities level the market demand. In addition, the economic growth that supports the healthcare infrastructure in the above-mentioned developing countries is boosting the market's need in the Asia-Pacific region.

During the forecast period, the Latin American OTC orthopedic braces market is forecasted to account for a moderate global market share. In contrast, the MEA OTC orthopedic braces market is expected to be growing at a CAGR of 4.5%.

KEY MARKET PLAYERS:

A few of the notable companies operating in the global OTC orthopedic braces market profiled in this report are DJO Finance LLC., DeRoyal Industries Inc., Breg, Inc., Bauerfeind AG, BSN Medical, and Otto Bock HealthCare, Medi GmbH & Co. KG, Thuasne Group, and 3M Company.

Breg, Inc., one of the leading companies, focused on improving the quality and decreasing the cost of orthopedic devices. This company has introduced new knee and Hip braces for patients suffering from joint pains. T Scope Hip Brace offers protection during operative hip rehabilitation. This Breg company has added advantages and the right to check the orthopedic program bracing software. The new software will provide better transparency for medical devices like knee, hip, elbow, and ankle braces. In addition, this company has launched the next generation software Breg Vision 7.0. It is developed based on customer feedback, including customer experience.

RECENT MARKET HAPPENINGS:

  • In February 2020, Ottobock strengthened distribution capacity and improved access to mobility solutions in leading orthotic and prosthetic distributor Cascade Orthopedic Supply. 
  • In February 2019, Colfax Corporation acquired orthopedic solutions provider DJO Global Inc, a medical technology provider related to the orthopedic field, for $3.15 billion. 
  • In March 2018, Bauerfeind USA Inc., a leading manufacturer of braces and supports orthopedics, insoles, and medical-grade compression of medical theologies products, announced a new distribution partnership with AliMed Inc. 
  • In November 2018, Colfax Corporation, a leading technology company, announced that it had agreed to acquire DJO Global Inc. from equity funds. DJO is a global leader in orthopedic solutions, providing orthopedics devices. 
  • In December 2015, OttoBock Healthcare, GmBH, and BionX Medical Technologies agreed to collaborate. As a result, Ottobock is the exclusive distributor of the BiOM prosthetic ankle device with powered propulsion. 

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FAQ's

How big is the OTC orthopedic braces market?

The global OTC orthopedic braces market is expected to be worth USD 1.52 billion by 2027 from USD 1.21 billion in 2022.

Does this report include the impact of COVID-19 on the OTC orthopedic braces market?

Yes, we have studied and included the COVID-19 impact on the global OTC orthopedic braces market in this report.

Which region led the OTC orthopedic braces market in 2021?

Geographically, the North American region led the OTC orthopedic braces market worldwide in 2021.

Which are the major players operating in the OTC orthopedic braces market?

DJO Finance LLC., DeRoyal Industries Inc., Breg, Inc., Bauerfeind AG, BSN Medical, and Otto Bock HealthCare, Medi GmbH & Co. KG, Thuasne Group, and 3M Company are some of the noteworthy companies in the OTC orthopedic braces market.

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