The market is projected to reach USD 1.42 Billion by 2022 from USD 1.10 Billion in 2017, at a CAGR of 5.2%.
Northbrook, IL -- (SBWIRE) -- 12/06/2017 -- The report "OTC Braces and Support Market by Product (Knee, Back, Spine, Hip, Ankle, Foot, Shoulder, Elbow, Hand), Application (Osteoarthritis, Preventive Care, Ligament Injury), Sales Channel (Pharmacies, Retailers, E-Commerce, Hospitals) - Global Forecasts to 2022", The report studies the global OTC braces and supports market over the forecast period of 2017 to 2022. The market is projected to reach USD 1.42 Billion by 2022 from USD 1.10 Billion in 2017, at a CAGR of 5.2%. Factors such as growing prevalence of musculoskeletal disorders and diseases, rapid growth in the geriatric population, rising number of sports-related injuries, and growing adoption of e-commerce platforms for OTC orthopedic braces are driving the growth of the market.
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Lower extremity braces and supports are expected to dominate the products market during the forecast period.
On the basis of product, the OTC braces and supports market is categorized into lower extremity (knee, ankle, foot, back, hip, and spine) and upper extremity (shoulder, elbow, and wrist & hand) braces and supports. In 2017, the lower extremity braces and supports segment is expected to account for the largest share of the market. It is also expected to register the highest CAGR during the forecast period. This growth can be attributed to the growing prevalence of obesity and diabetes, availability of reimbursement across major markets, and the rising number of orthopedic surgeries (such as knee and hip replacement surgeries).
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Based on application, the ligament injury segment is estimated to hold the largest share of the market in 2017.
By application, the market is categorized into preventive care, ligament injury, post-operative rehabilitation, osteoarthritis, and other applications (osteoporosis, Paget's disease, and degenerative spinal conditions). In 2017, the ligament injury segment is expected to account for the largest share of the market. The rising number of accidents worldwide and the growing availability of medical insurances provided by public and private companies for off-the-shelf bracing products are factors driving the growth of this market.
E-Commerce platforms are estimated to be the fastest growing sales channels during the forecast period.
Based on sales channel, the market is segmented into pharmacies & retailers, E-Commerce platforms, and hospitals & orthopedic clinics. The e-commerce platforms segment is expected to register the highest CAGR during the forecast period. This can be attributed to the strong logistic chains maintained by e-commerce companies across major markets (resulting in door to door services and direct delivery to consumers) and increasing strategic initiatives undertaken by e-commerce companies.
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North America is expected to dominate the OTC braces and supports market in 2017.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is expected to account for the largest share of the market in 2017, followed by Europe. The market in North America is primarily driven by the continuous development and commercialization of novel orthopedic braces & support products, growing availability of medical reimbursements for OTC orthopedic braces; and the growing number of sports-related injuries across the US & Canada.
As of 2016, key players in this market are DJO Finance LLC (US), Breg, Inc. (US), Ossur Hf (Iceland), DeRoyal Industries, Inc. (US), and Bauerfeind AG (Germany). Other important players in this market include Otto Bock HealthCare (Germany), BSN Medical (Germany), medi GmbH & Co. KG (Germany), 3M Company (US), and THUASNE Group (France), among others.
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