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(Health-NewsWire.Net, December 12, 2020 ) Growth in the OTC orthopedic braces and supports 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 and supports market.
The global orthopedic braces and supports 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.
COVID-19 Impact On The Global OTC Orthopedic Braces And Supports Market
The OTC orthopedic braces and supports 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 market growth.
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.
Governments and insurance bodies across major countries increasingly recognize the effective patient care offered by such products and are thus supportive of online sales, higher reimbursement, and insurance coverage.
Therefore, increasing sales of orthopedic braces through e-commerce websites and off-the-shelf channels, as well as the greater availability of reimbursement for such products across mature markets, are expected to offer significant growth opportunities for manufacturers of orthopedic braces and supports.
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Challenge: Significant adoption of pain medications
Topical, oral, and parenteral pain medications are used widely for the effective management of pain associated with musculoskeletal disorders such as tendinitis, carpal tunnel syndrome, and osteoarthritis. Although orthopedic braces are used as part of a noninvasive approach for pain management during compression therapy (cold, hot, or conventional compression therapy), the adoption of pain medications for such applications is high owing to the low awareness about the benefits of orthopedic braces as well as the unfavorable reimbursement scenario for these products. The ease of administration and greater affordability of pain medications are the other major factors supporting this trend.
Pharmacies & retailers offer orthopedic bracing and support products for preventive care, post-operative rehabilitation, fracture recovery, and physiotherapy. These products are prefabricated and do not require alterations in their specification (such as length, girth, or screwing) to align them with the patient’s body. Therefore, medical supervision or the presence of an orthopedic technician is not required for their administration.
The growth of this market segment is majorly driven by the wide availability of orthopedic bracing products through retailers & pharmacies, rising adoption of off-the-shelf products for sprain & ligament injuries in major countries (as a result of the ease of product access to patients through retailers & pharmacies), and the growing public awareness about the clinical benefits of orthopedic braces in preventive care.
North America is one of the major revenue-generating regions in the OTC orthopedic braces and supports market. The favorable reimbursement & insurance coverage for major orthopedic bracing procedures and supportive government regulations for product commercialization are the major factors driving the growth of the OTC orthopedic braces and supports market in North America.
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Key Players
3M (US), Bauerfeind AG (Germany), DJO Finance LLC (US),BSN Medical (Germany), and Össur Hf (Iceland) are the top five players in the global OTC orthopedic braces and supports market. Other prominent players operating in this market include Breg, Inc. (US), , DeRoyal Industries, Inc. (US), Zimmer Biomet Holdings, Inc. (US), Ottobock Holding GmbH & Co. KG (Germany), Bird & Cronin, Inc. (US), Neo G (UK), Mueller Sports Medicine (US), medi GmbH & Co. KG (Germany), BSN medical (Germany), Thuasne Group (France), Becker Orthopedic (US), and Trulife (Ireland).
MarketsandMarkets™
Mr. Aashish Mehra
1-888-600-6441
raviraj.tak@marketsandmarkets.com
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