The growth of the global OTC braces and supports market is attributed to increase in incidence of orthopedic disease such as arthritis, osteoporosis and others bolsters, the market of OTC braces and supports.
The growth of the global OTC braces and supports market is attributed to increase in incidence of orthopedic disease such as arthritis, osteoporosis and others bolsters, the market of OTC braces and supports.
The global OTC Braces And Supports Market generated $649.71 million in 2020, and is expected to reach $991.80 million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
Rise in prevalence of orthopedic diseases and disorders, surge in number of sports and accident-related injuries, and greater product affordability and market availability have boosted the growth of the global OTC braces and support market. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. The Covid-19 pandemic hampered the demand for OTC braces and supports due to decline in elective surgeries and ban on organized sports.
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Covid-19 scenario:
- The Covid-19 pandemic hampered the demand for OTC braces and supports due to decline in elective surgeries and ban on organized sports. In addition, patients’ fear to visit clinics and postponement of minor surgeries hampered the market.
- The prolonged lockdown across the European and Asian countries disrupted the supply chain and increased the raw material prices.
The report segments the global OTC braces and supports market on the basis of product, type, application, and region.
Based on product, the global OTC braces and supports market is divided into the ankle braces & supports, knee braces & supports, facial braces & supports, upper extremity braces & support and back, hip, & spine braces & supports. The knee braces and supports segment was the major revenue contributor in 2019, and is anticipated to remain dominant during the forecast period.
By type, the global OTC braces and supports market is bifurcated into soft & elastic braces & supports, hard braces & supports and hinged braces & supports. The soft and elastic braces and supports segment dominated the market in 2019, and is anticipated to continue this trend during the forecast period.
Depending on application, the global OTC braces and supports market is segregated into ligament injury repair, osteoarthritis, preventive care and others. The preventive care segment led the market in 2019, and is anticipated to maintain its lead during the forecast period.
The global OTC braces and supports market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, Asia-Pacific is anticipated to portray the highest CAGR of 6.5% during the forecast period.
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The Major Key Players Are:
3M company, Alcare CO., LTD., Bauerfeind AG, Bird And Cronin, INC. (a part of Dynatronics Corporation), Breg, INC., BSN Medical (a part of Svenska Cellulosa Aktiebolaget), Deroyal Industries, INC., DJO finance LLC, Medi GMBH and CO. KG, Thuasne SA.
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