OTC Orthopedic Braces Market Analysis, Size, Development and Demand Forecast to 2022
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The rapid growth in emerging economies with increasing incidence of orthopedic injuries in youth and increasing participation in sports drives the growth of the market. However, high cost, lack of reimbursement and patient preference for alternative treatments are the key restraints hampering the growth of the global market.
The geriatric pool has weak body functions, impaired blood circulation and are more susceptible to chronic diseases. The increase in aged people leads to increase in prevalence of osteoporosis, diabetes, obesity, contributing to the increased sales of over the counter orthopedic braces. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. In 2013, the global share of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
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Europe has been the second largest market for OTC orthopedic braces, where the market is driven by the presence of a large pool of orthopedic patients, increasing cases with bone degenerative disease, increasing healthcare expenditure and rapidly developing healthcare infrastructure. In 2015, Germany lead the European OTC orthopedic braces market and it is also expected to grow at the fastest rate in Europe, during the forecast period owing to increasing awareness about the OTC orthopedic braces in the market. Globally, the OTC orthopedic braces market in Asia-Pacific is expected to witness highest growth during the forecast period. The highest growth in the region is attributed to the increasing prevalence of fractures, increasing road accidents, increasing cases with bone deformities, increasing per capita income leading to increasing standard of living, increasing healthcare spending, growing demand for better quality medical care, and awareness about OTC orthopedic braces in the region.
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The key players operating in the global OTC orthopedic braces market are DJO Finance LLC, Bauerfeind AG, Breg, Inc., OTTO Bock Healthcare, BSN Medical, Thuasne Group, 3M Company, Össur HF, Deroyal Industries, Inc. and Medi GmbH & Co. Kg.
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