The growth in OTC Orthopedic Braces Market is primarily driven by the growing public awareness related to preventive care, increasing prevalence of orthopedic diseases & disorders, and the rising number of sports and accident-related injuries.
Market Size
The OTC Orthopedic Braces market is projected to reach USD 1.5 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 5.1%.
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“Knee braces and supports segment accounted for the largest share of the OTC braces and supports market, by product, in 2018”
The large share of this segment can be attributed to the growing geriatric & obese population as they are at a higher risk of developing osteoarthritis and other knee-related conditions, increasing incidence of sports injuries, and the benefits offered by these products, such as medial and lateral support, reduced rotation of the knee, limited injury during motion, and protection from the post-surgical risk of injury.
“Soft & elastic braces and supports segment to register the highest growth in the OTC braces and supports market, by type, during the forecast period”
Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption & patient preference for orthopedic braces in post-operative & preventive care, the rising number of road accidents, and the increasing incidence of sports injuries.
“Preventive care segment accounted for the largest share of the OTC braces and supports market, by application, in 2018”
The large share of this segment can primarily be attributed to the growing public participation in sports and the increasing availability of OTC bracing products for preventive care & ambulatory procedures.
Recent Developments
• In June 2018, Össur commercialized Formfit Pro Knee OA, Formfit Pro Knee, and Formfit Pro Wrist. Össur also focuses on other growth strategies, such as strategic acquisitions, agreements, and partnerships. In line with this, in September 2016, the company acquired Medi Prosthetics (Germany) to expand its orthotics product portfolio.
• The DJO Finance LLC (US) launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection on Demand (POD) Ankle Braces, and AirSelect suite from 2016 to 2018.
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