The global over the counter (OTC) 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 geriatric pool has weak body functions, impaired blood circulation and are more susceptible to chronic diseases. The increase in aged people leads to increase in prevalence of osteoporosis, diabetes, obesity, contributing to the increased sales of over the counter orthopedic braces. As per the United Nations Department of Economic and Social Affairs (UN-DESA) report on the global aging population, the population of people aged 60 years or above is growing with high rate. In 2013, the global share of people aged 60 or above was 11.7% and it is expected to reach 21.1% by the end of 2050. Further, the number of people aged 60 years and above is expected to reach approximately 437 million in China, 324 million in India, 107 million in the U.S. and 58 million in Brazil by 2050.
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Geographically, North America has been the largest market for Otc Orthopedic Braces owing to its increased awareness, increasing obesity, established healthcare industry, increasing injuries due to road mishaps, increasing incidence of osteoporosis and osteoarthritis, and active participation of the population in sports activities in the region. The U.S. contributed largest revenue to the North American as well as global OTC orthopedic braces market. The increasing geriatric population, increasing incidence of bone degenerative diseases, increasing prevalence of knee and hip replacement surgeries and easy availability of orthopedic braces over the counter is the key growth driving factor of the U.S. OTC orthopedic braces market.
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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.
