Global Over the Counter (OTC) Braces Market, By Product (Knee Braces, Ankle Braces, Foot Walkers and Orthoses, Back, Hip and Spine Braces, Shoulder Braces, Elbow Braces, Hand and Wrist Braces, Facial Braces), Indication (Osteoarthritis, Injury, Prophylactic, Others), Type (Soft and Elastic Braces, Hard and Rigid Braces, Hinged Braces), Application (Ligament Injury Repair, Preventive Care, Post-Operative Rehabilitation, Osteoarthritis, Compression Therapy, Others), Distribution Channel (Pharmacies and Retailers, E-Commerce, Orthopedic Clinics), End User (Hospitals, Home Healthcare, Others), Country (U.S., Canada, Mexico, Germany, Italy, U.K., France, Spain, Netherland, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia- Pacific, Brazil, Argentina, Rest of South America, South Africa, Saudi Arabia, UAE, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights of Over the Counter (OTC) Braces Market
Data Bridge Market Research analyses that the over the counter (OTC) braces market will exhibit a CAGR of around 7.60% for the forecast period of 2022-2029. Rising prevalence of orthopaedic disorders, increased focus on research and development proficiencies in regards to medical devices and on the adoption of advanced IT healthcare technologies, rising geriatric population base, surging number of road accidents and rising expenditure for the development of healthcare infrastructure especially in the developing economies are the major factors attributable to the growth of over the counter (OTC) braces market.
From the name itself, it is clear that over the counter (OTC) braces are the medical products, available without any requirement of prescription or healthcare expertise for its usage. These are used to provide support and assistance to the limbs, bones and joints and reduce the swelling, pain and inflammation.
Upsurge in the public-private funding for target research activities coupled with increased prevalence of sports related injuries, osteoarthritis and traumatic injuries is one of the major factors fostering the growth of the market. Rising levels of initiatives and awareness programs established by the authorities to promote awareness is another market growth determinant. Ever- rising technological advancement and innovation of new medical devices and instruments, increased number of product launches, growing support of the government for research activities, surging number of orthopaedic clinics and increased government funding and untapped potential of the emerging markets will further generate lucrative market growth opportunities.
However, high cost of the orthopaedic devices, significant adoption of pain medications and limited patient awareness for bracing-mediated orthopaedic treatment will derail the market growth rate. Also, lack of awareness in the underdeveloped and backward economies, dearth of skilled medical professionals and lack of unfavourable reimbursement scenario will further pose challenges for the market.
This over the counter (OTC) braces market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on over the counter (OTC) braces market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Over the Counter (OTC) Braces Market Scope and Market Size
The over the counter (OTC) braces market is segmented on the basis of product, indication, type, application, distribution channel and end user. The growth amongst these segments will help you analyse meagre growth segments in the industries, and provide the users with valuable market overview and market insights to help them in making strategic decisions for identification of core market applications.
- On the basis of product, the over the counter (OTC) braces market is segmented into knee braces, ankle braces, foot walkers and orthoses, back, hip and spine braces, shoulder braces, elbow braces, hand and wrist braces and facial braces. Knee braces are sub-segmented into knee braces for osteoarthritis, functional knee braces for ligament injuries, post-operational knee braces and knee support braces. Back, hip and spine braces are sub-segmented into lower spine braces and neck and cervical braces.
- On the basis of indication, the over the counter (OTC) braces market is segmented into osteoarthritis, injury, prophylactic and others
- The over the counter (OTC) braces market on the basis of type has been segmented into soft and elastic braces, hard and rigid braces and hinged braces.
- On the basis of application, the over the counter (OTC) braces market is segmented as ligament injury repair, preventive care, post-operative rehabilitation, osteoarthritis, compression therapy and others. Ligament injury repair is sub-segmented into anterior cruciate ligament injuries, lateral collateral ligament injury and others.
- On the basis of distribution channel, the over the counter (OTC) braces market is segmented as pharmacies and retailers, e-commerce and orthopedic clinics.
- The over the counter (OTC) braces market on the basis of end user has also been segmented into hospitals, home healthcare and others.
Over the Counter (OTC) Braces Market Country Level Analysis
The over the counter (OTC) braces market is analysed and market size insights and trends are provided by country, product, indication, type, application, distribution channel and end user as referenced above.
The countries covered in the over the counter (OTC) braces market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the over the counter (OTC) braces market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. This is because of the increase in the expenditure for research and development proficiencies, presence of major manufacturing companies, increased healthcare spending, various supportive regulations implemented by the government for commercialization and development of products and presence of top market players. Asia-Pacific on the other hand is projected to exhibit the highest growth rate during the forecast period owing to the increasing government expenditure on healthcare sector and high prevalence of musculoskeletal disorders.
The country section of the over the counter (OTC) braces market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The over the counter (OTC) braces market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for over the counter (OTC) braces market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the over the counter (OTC) braces market. The data is available for historic period 2010 to 2020.
Competitive Landscape and Over the Counter (OTC) Braces Market Share Analysis
The over the counter (OTC) braces market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to over the counter (OTC) braces market.
Some of the major players operating in the over the counter (OTC) braces market report are 3M, ALCARE Co., Ltd., Bauerfeind USA Inc., Essity Aktiebolag (publ)., Bird & Cronin, Breg, Inc., DJO, LLC, DeRoyal Industries, Inc., medi Deutschland, Össur, OTTOBOCK, Spectrum Brands, Inc., Ascent Meditech Limited., Frank Stubbs Company Inc.., OPPO MEDICAL INC., ReWalk Robotics, Trulife., Zimmer Biomet and Becker Orthopedic among others.
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