OTC Braces & Supports Market

Market Leaders - OTC Orthopedic Braces Market

The global OTC orthopedic braces and supports market size is projected to reach $759 million by 2025 from $572 million in 2020, at a CAGR of 5.8% during the forecast period. Factors such as the increasing prevalence of orthopedic diseases & disorders, continuous product commercialization, market availability &product affordability, rising number of sports &accident-related injuries, and growing public awareness related to preventive care are driving the growth of the orthopedic braces and supports market. However, limited options to customize OTC orthopedic braces and supports and limited clinical evidence to support the therapeutic efficacy of orthopedic braces are expected to restrain the growth of this market during the forecast period.

3M (US), Bauerfeind AG (Germany), DJO Finance LLC (US), BSN Medical (Germany), and Össur Hf (Iceland) are the top five players in the orthopedic braces and supports market. Other prominent players operating in thismarket are Ottobock Holding GmbH & Co. KG (Germany), medi GmbH & Co. KG (Germany), Mueller Sports Medicine (US), Thuasne Group (France), Neo G (UK), Zimmer Biomet Holdings, Inc. (US), Bird & Cronin, Inc. (US), Becker Orthopedic (US), and Trulife (Ireland), among others. The analysis of market developments between 2014 and 2019 revealed that several growth strategies such as research collaborations and strategic market expansions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the orthopedic braces and supports market.

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3M (US) dominated the market in 2019. 3M Company is among the key providers of orthopedic braces and supports for ankle, foot, knee, wrist, hand, and elbow. The company has a strong geographical presence with a wide distribution network across North America, Europe, the Middle East & Africa, and the Asia Pacific. The company offers a strong product portfolio of orthopedic braces for post-operative rehabilitation, preventive care, and osteoarthritis and is known to focus on R&D activities to enhance its product portfolio

Bauerfeind (Germany) is one of the major market players dedicated to providing orthopedic braces such as the knee, hip, thigh, foot, ankle, and spine braces. The company’s strength lies in the strong customer base across the globe, with 20 subsidiaries outside Germany and 70 distributors. Bauerfeind focuses on product development and commercialization of orthopedic braces and supports to maintain its competitive advantage. Additionally, the company focuses on inorganic growth strategies, such as collaborations, mergers, strategic acquisitions, and partnerships to maintain its share in the competitive market. For instance, in 2015, the company acquired a 30% stake in OrthopädieKall GmbH (Germany), a manufacturer of foot orthoses, to expand its product offerings and increase its market share. Also, the company established the Bauerfeind Competence Center in Lublin, Poland, for the sales and distribution of its products in Eastern Europe. The company also partners with sportspersons to enhance its brand value. For instance, in 2016, Bauerfeind partnered with Dirk Nowitzki, a basketball superstar, to promote its products

Related Reports:

OTC Braces and Supports Market by Product (Knee, Ankle, Spine, Shoulder, Neck, Elbow, Wrist, Facial), Application (Ligament (ACL, LCL), Preventive, OA, Compression), Distribution (Hospitals, Clinics, Pharmacies, E-Commerce) - Global Forecast to 2025

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
MD 4674
RI Published ON
7/23/2019
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