The OTC Braces and Support Market size is projected to reach US$ 1184.09 million by 2031 from US$ 967.13 million in 2023. The market is expected to register a CAGR of 6.1% in 2024–2031. Rising road injuries and growing demand in sports participation is likely to remain an OTC braces and support market trend.
OTC Braces and Support Market Analysis
According to National Safety Council, though motorcycles make up to 3% of all registered vehicles and 0.7% of all vehicle miles travelled in the United States, motorcyclists accounted for 14.6% of all traffic fatalities and 3.5% of all injuries in the year 2022. A common factor that directly influences motorcycle mortality trends is helmet use. Fatalities among motorcycle riders and passengers increased by 1% from 2021 to 2022, while the rate per 100 million vehicle miles travelled decreased by 16%. The fatality rate decreases in 2022 is a result of a 21% increase in miles driven. In the last 10 years, deaths have increased by 32%, while death rates have drastically reduced by 13%. The number of motorcycle fatalities presently stands at 6,218 and the rate is 26.16 per 100 million vehicle miles. According to the Action Sports EMS, it has been reported that cervical spine injuries resulting from motorcycle accidents of any kind are 82% more likely to happen when riding without a neck brace. Thus, rising number of motorcycle accidents is expected to drive the global OTC braces and support market.
OTC Braces and Support Market Overview
Rising prevalence of orthopaedic disorders in both developed and developing economies coupled with increasing demand for sport participation among the millennials is driving the demand for OTC braces and support products. However, limited clinical efficacy is one of the factors that are critically impacting the growth of OTC braces and support market.
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OTC Braces and Support Market: Strategic Insights
Market Size Value in US$ 1,454.55 Million in 2020 Market Size Value by US$ 2,238.98 Million by 2028 Growth rate CAGR of 5.8% from 2021-2028 Forecast Period 2021-2028 Base Year 2021
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OTC Braces and Support Market: Strategic Insights
| Market Size Value in | US$ 1,454.55 Million in 2020 |
| Market Size Value by | US$ 2,238.98 Million by 2028 |
| Growth rate | CAGR of 5.8% from 2021-2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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OTC Braces and Support Market Drivers and Opportunities
Rising Number of Sports Injuries to Favor Market
According to the John Hopkins Medicine, as of 2022, there were about 30 million children and teens participate in some form of organized sports in the U.S. , and over 3.5 million injuries occurs each year. These types of injuries cause some loss of time of participation and common injuries such as sprains and strains are likely to occur. All sport types have a potential for injury, whether from the trauma of contact with other players or from overuse or misuse of a body part. The OTC braces and support provide targeted support to vulnerable areas such as the knees, elbows, wrists, and ankles, reducing the risk of strains and sprains. Thus, rising number of sport injuries in the United States is thereby contributing to the OTC braces and support market growth.
New Product Launches is Likely to Propel the Overall OTC Braces and Support Market Growth
In March 2021, GSK Consumer company launched a digitally enhanced knee brace known as VoltActive after a yearlong marketing campaign via traditional approaches and digital media. The product can be bought exclusively on Amazon. As people engages more to stay active and exercise, products such as VoltActive helps in relieving pain, restore movement, and reduces inflammation. Such a factor is responsible for the growth of the OTC braces and support market size.
OTC Braces and Support Market Report Segmentation Analysis
Key segments that contributed to the derivation of the OTC Braces and Support market analysis are application and end user.
- Based on application, the OTC braces and support market has been segmented into ligament injury repair, preventive care, osteoarthritis, compression therapy, and other applications. The preventive care segment held the largest share of the market in 2023; the same segment is likely to follow a similar trend in the market during the forecast period.
- Based on end user, the OTC braces and support market has been segmented hospitals, ambulatory surgical centers, specialty clinics, and others. The hospital segment held the largest share of the market in 2023 . However, the specialty clinics is estimated to register the highest CAGR in the market during the forecast period.
OTC Braces and Support Market Share Analysis by Geography
The geographic scope of the OTC braces and support market report is mainly segmented into five regions: North America, Asia Pacific, Europe, the Middle East & Africa, and South America/South & Central America.
Based on geography, the OTC braces and support market is segmented into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The North America, OTC braces and support market has been analyzed based on three major countries — the US, Canada, and Mexico. The US OTC braces and support market is estimated to hold the largest market share during the forecast period. Commercialization of new orthopaedic devices, favourable reimbursement scenarios, and increasing participation in sport activities by the millennials are some factors aiding the growth of OTC braces and support market in the US region.
OTC Braces and Support Market Report Scope
OTC Braces and Support Market News and Recent Developments
The OTC Braces and Support market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In July 2023, OS1st launched its KS8 Performance Knee Brace that helps in stabilizing the knee joint throughout the healing journey from knee surgery or ongoing joint pain. The product features a lightweight patella ring and removable stays with an ultra-soft combination of micro-Nylon and LYCRA Spandex materials and no-slip hypo-allergenic silicone gel grips to reduce slipping and allowing for continuous wear. (Source: OS1st., Blogs)
OTC Braces and Support Market Report Coverage and Deliverables
The “OTC Braces and Support Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- OTC Braces and Support Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- OTC Braces and Support Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- OTC Braces and Support market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- OTC Braces and Support Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product ; Type ; Application ; End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
North America dominated the OTC braces and support market in 2023.
Factors including rising road injuries and growing demand in sports participation are driving the OTC braces and support market growth.
Rising number of product launches are future trends in the market.
3M Company; DJO Global, Inc.; Bird & Cronin; Essity; Zimmer Biomet Holdings, Inc; OTC Brace; Bauerfeind; BSN Medical; DeRoyal; Ottobock are some leading players operating in the OTC braces and support market.
The OTC braces and support market is estimated to reach US$ 1184.09 million by 2031.
The OTC braces and support market is anticipated to grow at a CAGR of 6.1% during 2024-2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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