Asia Pacific OTC Braces and Support Market
Orthopedic braces are medical devices used to treat musculoskeletal injuries. Braces are used to align correctly, position, stabilize, support, and protect the parts of the body (joints, muscles, and bones) as they heal from the orthopedic injury or trauma. During the process of rehabilitation and recovery, most of the medical practitioners prescribe braces.
Strategic insights for the Asia Pacific OTC Braces and Support provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 323.20 Million |
| Market Size by 2028 | US$ 503.32 Million |
| Global CAGR (2021 - 2028) | 6.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific OTC Braces and Support refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The Asia Pacific OTC braces and support market is expected to reach US$ 503.32 million by 2028 from US$ 323.20 million in 2021; it is estimated to register a CAGR of 6.5% from 2021 to 2028. The growth of the market is attributed to increasing awareness of braces and support, and rising demand for OTC braces and supports across the world. However, the availability of alternative therapies is restraining the market growth.
The emerging markets in developing economies are likely to offer better and lucrative growth opportunities to the major market players of OTC braces and supports to expand their business and geographical reach. The treatment of orthopedic conditions and musculoskeletal diseases has become simpler due to various technological advancements. Braces and supports have helped patients in getting rid of ingesting heavy-dose medicines and taking hectic therapies. Besides, the rise in healthcare expenditure has allowed developing nations to provide better and more services and facilities to their people. Thus, the adoption of braces and supports is likely to increase in the emerging regions, such as Asia, in the coming years. In addition, these regions are characterized by the increasing geriatric population susceptible to orthopedic and musculoskeletal disorders. For instance, Japan has ~30% of population with age 60 and above. The market players of OTC braces and supports are likely to leverage these conditions to provide effective therapeutic products. Further, the developing regions are witnessing a rise in the number of start-ups investing more on the healthcare sector. Local manufacturers of orthopedic braces and supports are showing interest in technological advancements. Therefore, emerging or developing countries are likely to present high growth potential for the OTC braces and supports market players in the coming years. Also, the trend of better-quality OTC braces and supports is likely to grow dramatically due to increasing popularity of e-commerce platforms. Moreover, innovative products, revolutionary technology, and successful events have created opportunities for the companies to continue the production of orthopedic braces and supports. Thus, they are likely to add the value to their customers and attract more customer base for their products in the coming years.
Countries in Asia Pacific are facing challenges due to increasing incidences of COVID-19 cases. Many measures have been implemented to contain the spread of COVID-19, which have resulted in significant operational disruption in many industries, including healthcare. Staff quarantine, supply-chain failures, and reductions in demand have generated serious complications for companies. Also, there has been a significant drop in in-patient and out-patient for private hospital chains. To relieve healthcare systems, many clinics have been postponing non-critical surgeries. To avoid overburdening in hospitals already struggling to deal with the rising pandemic pressure, doctors are delaying surgeries till the COVID-19 peak is past. As per a report published in the British Journal of Surgery on May 12, the number of operations cancelled in India is estimated at 48,728 per week. Moreover, many big medical device companies such as Stryker, CartiHeal Inc., and Smith & Nephew have predicated the decline in sales in China. Hospitals across China, Hong Kong and Taiwan have been deferring surgeries to prevent the spread of the virus in the region. Thus, the impositions of lockdown and barriers in supply chain for OTC braces and support devices negatively impacted the growth of the market in 2020 and is continuing in 2021.
The Asia Pacific OTC braces and support market, based on product, is segmented into knee, back hip and spine, foot walkers and orthoses, neck and cervical, shoulder, elbow, hand and wrist, and facial. In 2020, the knee braces and support segment held the largest share of the market and is expected to grow at the highest CAGR during the forecast period.
The Asia Pacific OTC braces and support market, based on type, was segmented into soft and elastic braces and support, hard and rigid braces and support, and hinged braces and support. In 2020, the soft and elastic braces and support segment held the largest share of the market and is expected to grow at the fastest rate during the coming years.
Based on application, the Asia Pacific OTC braces and support market is segmented into ligament injury repair, osteoarthritis, preventive care, compression therapy, and other applications. The ligament injury repair segment held the largest share of the market in 2020 and is anticipated to grow at the highest CAGR during the forecast period.
Based on end user, the Asia Pacific OTC braces and support market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and others. The hospitals segment held the largest share of the market in 2020. However, the specialty clinics segment is estimated to register the highest CAGR during the forecast period.
A few of the primary and secondary sources referred to while preparing the report on the Asia Pacific OTC braces and support market are the Association of Indian Medical Device Industry (AMED), International Osteoporosis Foundation (IOF), and Ministry of Health and Family Welfare (MoHFW).
The Asia Pacific OTC Braces and Support Market is valued at US$ 323.20 Million in 2021, it is projected to reach US$ 503.32 Million by 2028.
As per our report Asia Pacific OTC Braces and Support Market, the market size is valued at US$ 323.20 Million in 2021, projecting it to reach US$ 503.32 Million by 2028. This translates to a CAGR of approximately 6.5% during the forecast period.
The Asia Pacific OTC Braces and Support Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific OTC Braces and Support Market report:
The Asia Pacific OTC Braces and Support Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific OTC Braces and Support Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific OTC Braces and Support Market value chain can benefit from the information contained in a comprehensive market report.
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