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(Health-NewsWire.Net, August 14, 2020 ) The OTC orthopedic braces market is impacted due to the pandemic, resulting in short term negative growth due to factors such as a sharp decline in elective surgeries and ban on organized sports. Moreover, O&P clinics were temporarily closed, and hospital access restricted to non-essential care. Thus, limited access to clinics, social distancing, the lockdown of the population, which results in less trauma and workplace injuries, and slow-down in patient flow and referrals has also impacted the OTC Orthopedic Braces market growth.
OTC Orthopedic Braces Market Size and Growth
The global OTC orthopedic braces market size is projected to reach USD 759 million by 2025 from USD 572 million in 2020, at a CAGR of 5.8% during the forecast period.
Growth in the OTC orthopedic braces market is driven primarily by the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, market availability & product affordability, rising number of sports & accident-related injuries, and growing public awareness related to preventive care are driving the growth of the orthopedic braces market.
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Orthopedic Braces and Supports Market Dynamics
Driver: Increasing prevalence of orthopedic diseases and disorders
OTC Orthopedic braces and supports are increasingly being used during clinical management of various orthopedic diseases and disorders such as osteoarthritis, rheumatoid arthritis, osteoporotic fractures, and carpal tunnel syndrome. These products offer higher clinical efficacy and fast patient recovery compared to alternative therapies such as pain medications.
As of 2018, around 75 million individuals (aged 50 and over) had osteoporosis across the US, Europe, and Japan (Source: International Osteoporosis Foundation).
Around 400,000 people in the UK have rheumatoid arthritis, data as of 2018 (Source: Arthritis Research UK).
The incidence of orthopedic diseases and disorders is expected to increase further in the coming years with the increasing prevalence of obesity and related lifestyle disorders, as obese individuals are at a higher risk of orthopedic & musculoskeletal injuries as well as diabetes.
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Opportunity: Increased sales of off-the-shelf and online products
Specific orthopedic braces can only be used under the supervision of medical practitioners or orthopedic technicians as they require customization or product alternation according to patient features. However, some braces (such as ankle braces, wrist/hand braces, shoulder braces, elbow braces, and facial braces) are increasingly being sold through retailers (off-the-shelf), and e-commerce websites since their use do not require an authorization from medical professionals. Patients regularly use such products as preventive measures to avoid injuries. BraceAbility (US), Amazon.com (US), and Alibaba.com (China) are common e-commerce websites selling orthopedic products.
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Recent Developments:
In December 2018, DJO Finance LLC established its new global headquarters in Dallas, US, to develop and market DonJoy Products, which includes braces and supports.
In November 2018, DJO Finance LLC launched EMPOWR Porous Knee System and EMPOWR Complex Primary Knee System. This helped the company to improve its position in the orthopedic braces and supports market.
In March 2018, DJO Finance LLC launched X4 Smart Brace with Motion Intelligence. In March 2017, DJO Finance LLC launched TriFit Knee Brace (a DonJoy Product).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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