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New Product Launches is the Key Growth Strategy Adopted by Leading Players in the Global OTC Orthopedic Braces Market
OTC Braces Market – By Product (OTC Back Brace, OTC Knee Brace, OTC Ankle Brace, Foot Walkers, Shoulder Braces, Elbow Braces), Indication (Prophylactic, Injury, Osteoarthritis), Geography (North America, Europe, Asia, Oceania) – Global Forecast to 2021
The key players in the OTC orthopedic braces market focus on various strategies such as new product launches and product enhancements; mergers and acquisitions; geographic expansions; and partnerships, agreements, and collaborations in order to strengthen their global positioning in the OTC orthopedic braces market. New product launches and product enhancements was the key growth strategy adopted by a majority of the industry players to achieve positive growth in the OTC orthopedic braces market. This strategy was majorly adopted by DJO Finance LLC (U.S.), Breg, Inc. (U.S.), Össur hf. (Iceland), Bauerfeind AG (Germany), BSN Medical (Germany), Otto Bock HealthCare (Germany), and Thuasne Group (France). Apart from product launches and enhancements, a number of leading players adopted the strategy of partnerships, agreements, and collaborations to strengthen their sales and distribution networks, generate additional product demand, and strengthen their positions in the OTC orthopedic braces market.
As of 2015, DJO Finance LLC (U.S.) held the leading position in the OTC orthopedic braces market, owing to its robust product portfolio of orthopedic braces. The company primarily focuses on the organic growth strategy of new product launches to strengthen its position in the global orthopedic braces market. In line with this strategy, the company launched numerous OTC orthopedic braces in the last three years. For instance, in July 2016, DJO Finance launched the Protection On Demand Ankle Brace (POD). This brace is 30% lighter compared to other ankle braces, and is featured with a super soft EVA lining, low profile cuff, and adjustable underfoot closure, to proactively repel ankle roll and other common ankle injuries. Likewise, in March 2013, the company launched the AirSelect suite of high-performance walking boots to support the healing of stable fractures of the lower leg, foot, and ankle; and severe ankle sprains. These boots provide a custom fit option (based on the size of the patient) and comfort (through its cushioned heels for shock absorption), which makes it easy to walk.
DeRoyal Industries, Inc. (U.S.) held the second position in the OTC orthopedic braces market in 2015. The company’s dominance in the market can be mainly attributed to its strong geographic presence, extensive distribution network, and comprehensive product portfolio for OTC braces. The company primarily pursues the strategy of partnerships, agreements, and collaborations to strengthen its position in the global OTC orthopedic braces market. In line with this, in October 2015, the company partnered with the U.S.-based Aptitude LLC, provider of the reliable sourcing, contracting, and analytics platform for the healthcare industry. Under this partnership, DeRoyal integrates Aptitude LLC’s aptitude platform for its growth in orthopedic braces segment (as its long-term growth strategy). Similarly, in August 2014, DeRoyal signed an agreement with Intalere Inc. (U.S.) for its orthopedic soft goods. Under this agreement, DeRoyal supplies durable medical equipment system dispensing, inventory management, and patient charging of orthopedic soft goods and bracing with significant discounts on these products to Intalere Choice, a portfolio subsidiary of Intalere Inc.
OTC Orthopedic Braces Market by Product (OTC Back Brace, OTC Knee Brace, OTC Ankle Brace, Foot Walkers, Shoulder Braces, Elbow Braces), Indication (Prophylactic, Injury, Osteoarthritis), Geography (North America, Europe, Asia, Oceania) - Global Forecast to 2021
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