OTC Orthopedic Braces Market Foraying into Emerging Economies During 2016 - 2024
Orthotics is an example which is more than a shoe inserts. Orthotics manufacture and design orthoses which modifies the structure and function of the skeletal and neuromuscular system of the body. Demand for orthopedic braces has increased due to increase in the geriatric population, obesity, rising public participation in sports, orthopedic injuries among younger population, and rise in incidence of bone -degenerative diseases, all of which are driving growth in the OTC orthopedic braces market. According to the American Journal of Orthopedics, August 2016, osteoarthritis is a leading cause of disability among middle-aged and older adults, affecting nearly 27 million Americans. Increase in aging of the baby boomer population and rising obesity rates are estimated to increase osteoarthritis by 40% by 2025. Moreover, noninvasive nature of treatment using orthopedic braces and supports, reduced reimbursements offered during orthopedic surgery in developed regions such as North America and Europe are expected to propel the growth opportunities for sports players representing at a global, national or state level. High patient preference for alternative treatments, supports in prophylactic and rehabilitative use and lack of customization options for OTC orthopedic braces can hamper the growth of the global OTC orthopedic brace market during the forecast period.
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The OTC orthopedic braces market has been segmented by product type, indication, end-users, and geography. In terms of product type, the OTC orthopedic braces market is classified into foot & ankle braces, upper extremity braces, knee braces, and spinal orthoses braces. In terms of indication type, the market is classified into injury, arthritis, prophylactic, and others. According to the professor of Boston University School of Medicine, knee osteoarthritis is progressive damage to joint cartilage which leads to weakened muscles, pain and swelling. People who wore knee braces reduced pain by about 40% over 6 weeks. In terms of end users, the OTC orthopedic braces market is classified into orthopedic clinics, hospitals, pharmacies, and others. Geographically, the OTC orthopedic braces market is classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Geographically North America dominates the global OTC orthopedic braces reagents market due to increase in obesity, increase in sports activity, and rise in aging population. Reduced reimbursement policy for surgeries and low cost of braces is expected to drive the OTC orthopedic braces reagents market in North America. Europe is the second largest market for OTC orthopedic braces reagents as there are favorable government policies regarding healthcare infrastructure and awareness programs. Asia Pacific is expected to grow at a higher rate due to rising population, changing lifestyles, rising interest in sports activity among the population, and increasing per capita expenditure. In addition, economic growth is supporting healthcare infrastructure improvement in developing countries such as Brazil, India, and China. Thus, all these factors collectively support the growth of the OTC orthopedic braces reagents market in Asia Pacific and Latin America.
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The major players operating in the global OTC orthopedic braces reagents market include ALCARE Co., Ltd., DJO Finance LLC, DeRoyal Industries Inc., Ossur hf., Breg, Inc., 3M Company, Otto Bock HealthCare, Bauerfeind AG, BSN Medical, medi GmbH & Co. KG, and Thuasne Group.
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