North America 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 North America 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$ 531.18 Million |
| Market Size by 2028 | US$ 802.90 Million |
| Global CAGR (2021 - 2028) | 6.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America 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 North America OTC braces and support market is expected to reach US$ 802.90 million by 2028 from US$ 531.18 million in 2021; it is estimated to register a CAGR of 6.1% from 2021 to 2028. The growth of the market is attributed to rising chronic conditions and increasing geriatric population. However, the availability of alternative therapies is restraining the market growth.
An increasing number of sports injuries among players and athletes is driving the growth of the OTC braces and support market. According to the estimates of a study published by Stanford Children’s Health in 2020, 30 million children and teenagers participate in sports annually in the US, and ~3.5 million injuries are reported in these organized sports each year. Further, most common injuries observed among children and teenagers are sprains and strains. The increasing number of participations in sports leads to the surge in sports injuries among the participants. Furthermore, the number of joint and orthopedic diseases have been increasing leading to the requirement of OTC braces and support for joint pain and muscle ailment relief. As per the World Health Organization (WHO) factsheet updated in 2018, musculoskeletal conditions are the second-largest contributor to disabilities worldwide. Moreover, the prevalence and impact of these disorders are expected to rise with the increase in aging population and surge in the prevalence of risk factors of noncommunicable diseases (NCDs) worldwide. The OTC braces and support devices serve as primary therapy devices that are generally used by people of all ages without seeking a prescription from the physicians. Thus, the elevating number of people suffering from sports injuries and orthopedic diseases is contributing to the OTC braces and support market growth.
North America has been witnessing growing number of COVID-19 cases since its outbreak. As a result, health care systems are overburdened, and the delivery of medical care to all patients has become a challenge in the region. As the COVID-19 pandemic continues to unfold, medical device companies are finding difficulties in managing their operations. Many companies offering products for OTC braces and support have their business operations in the US and business are adversely being affected by the effects of a widespread outbreak of COVID-19. This has disrupted and restricted company’s ability to distribute products, as well as lead to temporary closures of company’s facilities. Also, to free-up limited space for people being treated for the virus, hospitals have postponed orthodontic procedures, or cancelled them. Cancelling elective surgeries to reduce exposure to COVID-19 in the hospital and operating rooms into intensive care units is also negatively affecting the growth of the OTC braces and support market.
The North America 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 North America OTC braces and support market, based on type, is 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 North America 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 expected to grow at the highest CAGR during the forecast period.
Based on end user, the North America 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 North America OTC braces and support market are the Centers for Disease Control and Prevention (CDC), National Institutes of Health (NIH), and Arthroscopy Association of Canada (AAC).
The North America OTC Braces And Support Market is valued at US$ 531.18 Million in 2021, it is projected to reach US$ 802.90 Million by 2028.
As per our report North America OTC Braces And Support Market, the market size is valued at US$ 531.18 Million in 2021, projecting it to reach US$ 802.90 Million by 2028. This translates to a CAGR of approximately 6.1% during the forecast period.
The North America 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 North America OTC Braces And Support Market report:
The North America 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 North America OTC Braces And Support Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America OTC Braces And Support Market value chain can benefit from the information contained in a comprehensive market report.
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