The global over the counter orthopedic braces market is witnessing considerable growth due to increasing geriatric population, increasing healthcare expenditure, increasing incidence of bone degenerative diseases and increasing prevalence of obesity. Moreover, commercialization of orthopedic braces and support products, their easy availability over the counter and through e-commerce websites in comparison to prescription-based products is supporting the growth of the market. Based on product, the lower extremity braces segment is expected to grow at the fastest rate during the forecast period. The increasing prevalence of knee arthritis in aged pool as well increase in knee replacement surgeries is driving the growth of this segment. Based on indication, the prophylactic segment is expected to grow at a fastest rate during the forecast period owing to its increased adoption for treating sports related injuries across the globe.
The rapid growth in emerging economies with increasing incidence of orthopedic injuries in youth and increasing participation in sports drives the growth of the market. However, high cost, lack of reimbursement and patient preference for alternative treatments are the key restraints hampering the growth of the global market.
Europe has been the second largest market for OTC orthopedic braces, where the market is driven by the presence of a large pool of orthopedic patients, increasing cases with bone degenerative disease, increasing healthcare expenditure and rapidly developing healthcare infrastructure. In 2015, Germany lead the European OTC orthopedic braces market and it is also expected to grow at the fastest rate in Europe, during the forecast period owing to increasing awareness about the OTC orthopedic braces in the market. Globally, the OTC orthopedic braces market in Asia-Pacific is expected to witness highest growth during the forecast period. The highest growth in the region is attributed to the increasing prevalence of fractures, increasing road accidents, increasing cases with bone deformities, increasing per capita income leading to increasing standard of living, increasing healthcare spending, growing demand for better quality medical care, and awareness about OTC orthopedic braces in the region.
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The key players operating in the global OTC orthopedic braces market are DJO Finance LLC, Bauerfeind AG, Breg, Inc., OTTO Bock Healthcare, BSN Medical, Thuasne Group, 3M Company, Össur HF, Deroyal Industries, Inc. and Medi GmbH & Co. Kg.
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