OTC Orthopedic Braces Market

Global OTC Orthopedic Braces Market Size

The global OTC orthopedic braces market was valued at USD 1.32 billion in 2023. The global market size is further expected to be worth USD 2.01 billion by 2032 from USD 1.38 billion in 2024, growing at a CAGR of 4.8% during the forecast period.

MARKET DRIVERS

Growing Geriatric Population Worldwide

The aging population worldwide is growing rapidly. People are much more likely to suffer orthopedic diseases, such as osteoarthritis and joint pains. Due to this, the demand for OTC orthopedic devices is growing significantly as these devices can be purchased without a prescription. According to the World Health Organization (WHO), one in six people is expected to be more than 60 years old by 2030. As discussed, the growing aging population is anticipated to fuel the demand levels for OTC orthopedic devices and boost market growth during the forecast period.

Sports Injuries Are Rising Along With The Number Of Sports Procedures

Fitness is one of the core priorities of athletes, who do activities such as running, riding, and other sports to stay fit regularly. Unfortunately, due to the rigorous training efforts, athletes face injuries that may result in surgeries in a few people. In a few situations, these surgeries result in ligament injuries, which is a significant concern to athletes. In such cases, athletes use orthopedic braces and the growing number of such incidences is expected to boost the sales of OTC orthopedic braces and drive market growth.

Rising Public Awareness And Rising Healthcare Costs

Organizations like the International Society for Prosthetics and Orthotics (ISPO) work to raise public awareness of the usage of orthopedic supports and braces to enhance the quality of life for those who have had limbs amputated or who have suffered physical harm to their limbs or spine by educating them on the advantages of prostheses and orthotics. The ISPO offers a useful forum for exchanging and expressing all scientific viewpoints. The business trains its employees in rehabilitation engineering, prosthetic and orthotic care, and related fields. Like this, the University of Florida's Department of Orthopaedics and Rehabilitation concentrates on instructing and preparing people to become independent through the best level of orthopedic care. Therefore, the market is growing as people become more aware of orthopedic braces.

Governments and insurance authorities in several major nations support online sales, increased reimbursement rates, and insurance coverage as they increasingly acknowledge the effective patient care delivered by such products. Therefore, rising orthopedic brace sales through off-the-shelf and e-commerce channels and increased access to reimbursement for such devices across mature economies are anticipated to present substantial growth opportunities for producers of orthopedic braces and supports. Furthermore, the growing healthcare expenditure and the increasing number of patients suffering from overweight problems further drive the growth of the OTC orthopedic braces market. Furthermore, the rise in the number of orthopedic surgeries and the use of orthopedic braces as preventive care tools further promote the global OTC orthopedic braces market. Alternately, the growth of medical services and improvements in open consciousness are relied upon to provide the market with other freedoms.

MARKET RESTRAINTS

High Costs and Increasing Awareness of Alternative Procedures

Patients opting for alternative treatment procedures are restraining the demand for OTC orthopedic braces, hence the market growth. In addition, the high cost of devices impedes the market's growth. Furthermore, inadequate reimbursement policies, lack of support from OTC orthopedic braces, and uncertain required results of these orthopedic braces are some factors limiting the market's growth rate. In addition, people in rural areas are less aware of these treatment procedures, which may hamper the OTC orthopedic braces market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

By Product Insights

The upper extremity braces segment is anticipated to grow at the highest and fastest CAGR during the forecast period. The growing prevalence of upper extremity injuries such as fractures, dislocations and sprains, increasing incidence of repetitive strain injuries (RSIs) and carpal tunnel syndrome, rapid adoption of upper extremity braces for postoperative rehabilitation and injury prevention and increasing demand for wrist and hand braces in occupational settings and sports activities primarily drive the growth of the upper extremity braces segment.

The low extremity braces segment had a considerable share of the global market in 2023 and is expected to grow at a healthy CAGR during the forecast period. The rising incidence of lower extremity injuries and musculoskeletal conditions and increasing participation in sports and physical activities, leading to a higher demand for support and protection boost the growth of the lower extremity braces segment. The growing prevalence of chronic conditions such as arthritis and osteoarthritis that drive the need for joint stabilization and pain relief, the increasing aging population and associated orthopedic issues that require lower extremity braces for support and mobility enhancement promote the segmental growth.

By Indication Insights

The prophylactic braces segment held the largest share of the global OTC orthopedic braces market in 2023 and the domination of the segment is anticipated to continue throughout the forecast period. The growing awareness and adoption of preventive measures in sports and physical activities, rising emphasis on injury prevention and risk reduction, increasing participation in high-impact sports and fitness activities and growing demand for prophylactic braces to provide support and stability during physical activities drive the growth of the prophylactic segment.

REGIONAL ANALYSIS

North America had a major share of the global market in 2023. The North American regional market is also predicted to grow at a healthy CAGR during the forecast period. The presence of well-established healthcare infrastructure, high healthcare expenditure, rising prevalence of orthopedic conditions and injuries and increasing awareness about non-invasive treatment options and self-care primarily drive the North American market growth. Favorable reimbursement policies for orthopedic braces and increasing adoption of sports activities and fitness trends further contribute to the growth rate of the North American market. The U.S. and Canada are anticipated to account for the major share of the North American market during the forecast period.

Europe captured a notable share of the global market in 2023 and is predicted to register a noteworthy CAGR during the forecast period due to factors such as the growing aging population leading to an increase in orthopedic conditions, rising emphasis on sports participation and injury prevention and favorable government initiatives promoting orthopedic care in Europe. The growing demand for non-surgical treatment options and an increasing number of advancements in orthopedic brace technology further propel the European market growth. The UK, Germany, Spain and France are estimated to hold the major share of the European market during the forecast period.

APAC is the most lucrative regional market for OTC orthopedic braces. The OTC orthopedic braces market in the APAC region is likely to register the highest CAGR during the forecast period. The presence of a large population base, increasing healthcare expenditure, growing awareness about orthopedic conditions and treatment options rising sports participation and fitness consciousness primarily drive the APAC market. The growing geriatric population contributing to the demand for orthopedic braces and the increasing number of improvements in the healthcare infrastructure and access to healthcare services in the Asia-Pacific region further promote regional market growth. China, India and Japan are expected to occupy the major share of the APAC market during the forecast period.

Latin America accounts for a considerable share of the global market during the forecast period. The growing prevalence of orthopedic conditions and injuries, rapid adoption of sports activities and fitness trends, and increasing awareness of orthopedic braces as a non-invasive treatment option in Latin American countries drive the growth of the Latin American market. Brazil led the market in Latin America in 2023, followed by Mexico and the same pattern is expected to continue throughout the forecast period.

The MEA is expected to grow at a steady CAGR during the forecast period.

KEY MARKET PLAYERS

A few of the notable companies operating in the global OTC orthopedic braces market profiled in this report are DJO Finance LLC., DeRoyal Industries Inc., Breg, Inc., Bauerfeind AG, BSN Medical, and Otto Bock HealthCare, Medi GmbH & Co. KG, Thuasne Group, and 3M Company.

Breg, Inc., one of the leading companies, focused on improving the quality and decreasing the cost of orthopedic devices. This company has introduced new knee and Hip braces for patients suffering from joint pains. T Scope Hip Brace offers protection during operative hip rehabilitation. This Breg company has added advantages and the right to check the orthopedic program bracing software. The new software will provide better transparency for medical devices like knee, hip, elbow, and ankle braces. In addition, this company has launched the next-generation software Breg Vision 7.0. It is developed based on customer feedback, including customer experience.

RECENT HAPPENINGS IN THE MARKET

• In February 2020, Ottobock strengthened its distribution capacity and improved access to mobility solutions in leading orthotic and prosthetic distributor Cascade Orthopedic Supply. 
• In February 2019, Colfax Corporation acquired orthopedic solutions provider DJO Global Inc, a medical technology provider related to the orthopedic field, for $3.15 billion. 
• In March 2018, Bauerfeind USA Inc., a leading manufacturer of braces and supports orthopedics, insoles, and medical-grade compression of medical theologies products, announced a new distribution partnership with AliMed Inc. 
• In November 2018, Colfax Corporation, a leading technology company, announced that it had agreed to acquire DJO Global Inc. from equity funds. DJO is a global leader in orthopedic solutions, providing orthopedics devices. 
• In December 2015, OttoBock Healthcare, GmBH, and BionX Medical Technologies agreed to collaborate. As a result, Ottobock is the exclusive BiOM prosthetic ankle device distributor with powered propulsion.

MARKET SEGMENTATION

This research report on the global OTC orthopedic braces market is segmented and sub-segmented based on the product, indication, and region.

By Product

• Lower Extremity Braces
  • Knee Braces
  • Foot & Ankle Braces
• Upper Extremity Braces
  • Shoulder Braces
  • Elbow Braces
  • Wrist Braces
  • Back & Hip Braces
• Other Braces

By Indication

• Prophylactic
• Injury
• Osteoarthritis (OA)
• Others 

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa