According to BlueWeave Consulting the OTC braces and supports market anticipated to propel at US$ 1.9 billion with a significant CAGR of 6.2% in the forecast period of 2019-2025.
The rising rate of sports injuries, ligament injuries, and other associated surgeries expected to raise the demand for orthopedic braces and support for postoperative & preventive care in the global market in the upcoming years with a significant growth rate. Increasing accident rates, increasing sports injuries, rising preventive care awareness in the market are contributing to the rising demand for orthopedic support, and braces in the global market during the forecast period of 2019-2025.
The increasing rate of obese and geriatric population with the high-risk concern of osteoarthritis and knee-related condition coupled with medical advantage associated with orthopedic braces and support such as reduced rotation of knee, minimum chances of injury while motion and lateral support expected to drive the global orthopedic braces and support market during the forecast period of 2019-2025 with significant CAGR.
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Some of the major industry 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), DJO Finance LLC (A Subsidiary of Colfax Corporation), Deroyal Industries, Inc., Medi GmbH & Co. Kg, Össur HF and Other Prominent Players.
In orthopedic braces, market promotion is the first step to make the market lucrative. The existence of leading players directly leads to high competition. Branding is a must to promote product efficacy & uniqueness in a positive way. The rising promotional platform availability, social networking, etc. helps the manufacturer to promote advantages and uniqueness linked with orthopedic braces in the lucrative form to attract the public. Increasing reimbursement coverage is also considered as the factor allowing patients to shift towards advanced products in the upcoming years.
The technological advancement, coupled with e-commerce, trending the adoption toward orthopedic braces and support market. The branding & promotional activities via leading players to shift preference of the public toward advanced products and surgeries as per requirement. The feasibility to approach product via. E-commerce for hassle-free affordability is the key factor anticipated to drive the global orthopedic braces and support market in the forecasted period of 2019-2025 with a considerable growth rate. Rising participation in sports such as football, basketball, increasing orthopedic surgeries coupled with rising technological advancement in compression braces anticipated to enhance the growth of the preventive care segment amidst application type in upcoming years.
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Amidst geography, North America is expected to hold the largest share in the OTC braces and supports the market, due to existing strong players in the region, feasible market availability coupled with a strong patient base of bone-related degenerative diseases. Followed by North America, Europe is expected to witness a significant growth rate with the rising public awareness, patient base of obese and geriatric population, increasing prevalence of musculoskeletal conditions in the adult population. Global continuous development and commercialization of novel OTC orthopedic braces & support products, a significant number of sports-related injuries and increasing active public participation in physical activities expected to rise the demand in the global market with a significant rate in upcoming years.