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15th August 2019, Dublin

OTC braces and supports market to grow by 5.1%

The soft and elastic braces and supports segment is estimated to grow at the highest CAGR during the forecast period. The OTC braces and supports market is projected to grow at a CAGR of 5.1% between 2019 and 2024, according to the latest report by Research and Markets, entitled OTC Braces and Supports Market - Global Forecast to 2024.

The growth in the OTC braces and supports market is majorly driven by the increasing prevalence of orthopaedic diseases and disorders, rising number of sports and accident-related injuries, and growing public awareness related to preventive care. However, the limited patient qualification for bracing-mediated orthopaedic treatment, limited clinical evidence to support the therapeutic efficacy of orthopaedic braces, and the high adoption of pain medications are expected to restrain the growth of this market during the forecast period.

The soft and elastic braces and supports segment is estimated to grow at the highest CAGR during the forecast period. Growth in this market can primarily be attributed to the growing availability of advanced products, increasing adoption and patient preference for orthopaedic braces in post-operative and preventive care, and the supportive reimbursement scenario for target products across mature markets. This market is further driven by the branding initiatives performed by key market players and the growing affordability of soft braces.

The pharmacies and retailers segment accounted for the largest share of the OTC braces and supports market in 2018. The large share of this segment is attributed to the wide availability of orthopaedic bracing products through retailers and pharmacies, rising adoption of off-the-shelf products for sprain in major countries (as a result of the ease of product access to patients through retailers and pharmacies), growing public awareness about the clinical benefits of orthopaedic braces in preventive care, and increasing product commercialisation by key market players.

The OTC braces and supports market in the Asia Pacific is expected to grow at the highest CAGR during the forecast period, majorly due to the increasing prevalence of orthopaedic and diabetes-related conditions, favourable government regulations, and the focus of global product manufacturers on expanding their presence in APAC countries.

Companies mentioned include 3M Company, Alcare, Bauerfeind, Bird and Cronin, Inc. (A Part of Dynatronics Corporation), Breg, Bsn Medical (A Part of Svenska Cellulosa Aktiebolaget), DJO Finance LLC (A Subsidiary of Colfax Corporation), Deroyal Industries, Medi, Össur HF, Ottobock Healthcare (A Part of Ottobock Group Scandinavia), Remington Products Company, Thuasne Group, Trulife, and Zimmer Biomet Holdings.

www.researchandmarkets.com

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