OTC Braces and Supports Market to Reach USD 991.80 Million by 2030, Growing at a 5% CAGR
Straits Research Provides Comprehensive Analysis of the Market Dynamics, Trends, and Growth Opportunities
The global OTC braces and supports market size was valued at USD 636.90 million in 2021 and is projected to grow to USD 991.80 million by 2030, reflecting a compound annual growth rate (CAGR) of 5% during the forecast period from 2022 to 2030. This growth underscores the increasing demand for over-the-counter (OTC) braces and supports in various healthcare applications.
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Market Definition
The OTC braces and supports market encompasses medical devices designed to provide external support to injured or weakened body parts. These devices are commonly used in orthopedic care for ligament injury repair, osteoarthritis, and preventive care. OTC braces are available without a prescription, making them accessible to a wide range of consumers seeking immediate relief or support.
Latest Trends in the OTC Braces and Supports Market
Integration of Advanced Materials: The market is witnessing an increased use of lightweight, breathable, and durable materials to enhance user comfort and product effectiveness.
Digital Monitoring Features: Emerging braces with integrated sensors and digital monitoring capabilities enable users and healthcare professionals to track recovery progress in real-time.
Rise in Preventive Healthcare Awareness: Growing awareness about injury prevention in sports and daily activities has driven the demand for preventive care products, including braces and supports.
Key Growth Factors
Aging Population: The rising geriatric population contributes to the demand for braces and supports due to age-related conditions like arthritis and osteoporosis.
Increased Participation in Sports: A surge in sports activities and related injuries fuels the market for braces and supports aimed at injury prevention and recovery.
Rising Prevalence of Chronic Conditions: Conditions such as osteoarthritis and ligament injuries necessitate the use of braces and supports for pain relief and mobility improvement.
Key Market Opportunities
Expansion in Emerging Markets: Growing healthcare infrastructure and increasing disposable income in emerging economies present significant opportunities for market growth.
Product Innovations: Development of multifunctional and customizable braces tailored to individual needs opens new avenues for manufacturers.
E-Commerce Growth: The increasing penetration of e-commerce platforms facilitates the easy availability of OTC braces and supports to a larger consumer base.
Market Segmentation
By Product
Ankle Braces and Supports
Knee Braces and Supports
Facial Braces and Supports
Upper Extremity Braces and Supports
Back, Hip, and Spine Braces and Supports
By Type
Soft and Elastic Braces and Supports
Hard Braces and Supports
Hinged Braces and Supports
By Applications
Ligament Injury Repair
Osteoarthritis
Preventive Care
Others
By Distribution Channel
Orthopedic Clinics
Retail Pharmacies
Others
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Regional Insights
Dominated Region: North America leads the market due to advanced healthcare infrastructure and high consumer awareness.
Fastest Growing Region: Europe is projected to witness significant growth, driven by rising healthcare spending and increasing adoption of preventive care.
Key Players in the OTC Braces and Supports Market
Beam Therapeutics Inc
Alare Co Ltd
Bauerfeind Ag
Bird & Cronin LLC (A Part of Dynatronics Corporation)
Breg Inc.
BSN Medical GmbH (A Part of Svenska Cellulosa Aktiebolaget)
Deroyal Industries Inc.
DJO Finance LLC
Medi GmbH & Company KG
Thuasne SAS
These companies are actively investing in product innovation and expanding their distribution channels to cater to the growing market demand.
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Straits Research continues to provide valuable insights and detailed analysis to help businesses and stakeholders navigate the dynamic healthcare industry. This report on the OTC braces and supports market is a testament to our commitment to delivering high-quality research that drives informed decision-making.
