OTC Braces & Supports Market: Introduction
- Orthopedic braces & supports are widely used for the treatment of ankle sprains and knee ligament injuries suffered during sports activities. These braces & supports are intended for providing support, compression, and joint stability to alleviate pain caused due to chronic conditions such as arthritis and sports injuries.
- Braces & supports find applications in osteoarthritic care, post-operative care, injury prevention, and injury rehabilitation. OTC braces and supports are extensively used for treatment of cerebral palsy, scoliosis, spinal cord injury, and spina bifida, and other stroke effects.
- Sophisticated design of OTC braces & supports, cost-effectiveness, and ease of availability contribute to the growth of the global market. Additionally, these are used by athletes and sportspersons to avoid injuries.
Key Drivers and Restraints of Global OTC Braces & Supports Market
- The global OTC braces & supports market is anticipated to be driven by rise in prevalence of orthopedic diseases and increase in number of accident-related injuries
- Rise in prevalence of osteoporosis among people, primarily the baby boomer population, boosts the growth of the global OTC braces & supports market. Prevalence of osteoporosis is considered to be higher in men than women
- Ease of availability of OTC braces & supports for preventive care and ambulatory procedures fuels the growth of the global market
- However, availability of alternative treatments, lack of customizable options, and changing patient preference against braces & supports are likely to hamper the growth of the global OTC braces & supports market
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North America to Lead Global OTC Braces & Supports Market
- In terms of region, the global OTC braces & supports market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America dominated the global OTC braces & supports market in 2019, owing to presence of leading players, increase in product approvals, well-established health care infrastructure, and high prevalence of orthopedic diseases and sports injuries
- Europe was the second largest market for OTC braces & supports in 2019. Asia Pacific is projected to be the fastest growing market for OTC braces & supports, followed by Latin America and Middle East & Africa. Rise in focus of governments of countries in Asia on enhancing health care facilities, increase in focus of players on leveraging opportunities offered by emerging economies, and surge in prevalence of osteoporosis and orthopedic injuries among people are expected to augment the OTC braces & supports market in the region.
Key Players Operating in Global OTC Braces & Supports Market
Leading players in the global OTC braces & supports market are:
- Bauerfeind AG
- Össur Hf
- DJO Finance LLC
- Breg, Inc.
- DeRoyal Industries, Inc.
- Ottobock Holding GmbH & Co. KG
- Zimmer Biomet Holdings, Inc.
- Becker Orthopedic
- medi GmbH & Co. KG
- BSN medical
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Global OTC Braces & Supports Market: Research Scope
Global OTC Braces & Supports Market, by Product
- Ankle Braces & Supports
- Foot Walkers and Orthoses
- Knee Braces & Supports
- Hand & Wrist Braces and Supports
- Facial Braces & Supports
Global OTC Braces & Supports Market, by Type
- Hinged Braces & Supports
- Hard & Rigid Braces and Supports
- Soft & Elastic Braces and Supports
Global OTC Braces & Supports Market, by Application
- Ligament Injury Repair
- Preventive Care
- Compression Therapy
Global OTC Braces & Supports Market, by Distribution Channel
- Online Channels
- Retail Pharmacies
Global OTC Braces & Supports Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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