Yahoo Finance Global OTC Braces and Supports Market to Hit $991.80 Million by 2030: AMR
Rise in prevalence of orthopedic diseases and disorders, surge in number of sports and accident-related injuries, and greater product affordability and market availability have boosted the growth of the global OTC braces and support market. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. The Covid-19 pandemic hampered the demand for OTC braces and supports due to decline in elective surgeries and ban on organized sports.
Portland, OR, July 28, 2021 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global OTC Braces And Supports Market generated $649.71 million in 2020, and is expected to reach $991.80 million by 2030, growing at a CAGR of 5.0% from 2021 to 2030.
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Rise in prevalence of orthopedic diseases and disorders, surge in number of sports and accident-related injuries, and greater product affordability and market availability have boosted the growth of the global OTC braces and supports market. However, limited patient awareness for bracing-mediated orthopedic treatment and significant adoption of pain medications hinder the market growth. On the contrary, rise in product availability through online platforms is expected to create new opportunities in the coming years.
Covid-19 scenario:
The Covid-19 pandemic hampered the demand for OTC braces and supports due to decline in elective surgeries and ban on organized sports. In addition, patients’ fear to visit clinics and postponement of minor surgeries hampered the market.
The prolonged lockdown across the European and Asian countries disrupted the supply chain and increased the raw material prices.
The report segments the global OTC braces and supports market on the basis of product, type, application, and region.
Based on product, the report is divided into ankle braces & supports, knee braces & supports, facial braces & supports, upper extremity braces & support and back, hip, and spine braces & supports. The knee braces & supports segment held the largest share in 2020, accounting for more than two-fifths of the market. Moreover, the segment is projected to register the highest CAGR of 5.6% during the forecast period.
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On the basis of type, the report is classified into soft & elastic braces and supports, hard braces & supports and hinged braces & supports. The soft & elastic braces and supports segment held the largest share in 2020, contributing to more than four-fifths of the market. In addition, the segment is estimated to manifest the highest CAGR of 5.2% from 2021 to 2030.
The global OTC braces and supports market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America held the lion’s share in 2020, accounting for nearly two-fifths of the market. However, Asia-Pacific is anticipated to portray the highest CAGR of 6.5% during the forecast period.
The global OTC braces and supports market includes an in-depth analysis of the prime market players such as 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), Deroyal Industries, Inc., DJO Finance LLC, MEDI GMBH and CO. KG, and Thuasne SA.
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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of Covid-19 Over This Market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.
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