The OTC braces and support market was valued at US$ 1,454.55 million in 2020 and is projected to reach US$ 2,238.98 million by 2028; it is expected to grow at a CAGR of 5.8% during 2021–2028.
The elevating number of sports injuries and cases of orthopedic diseases, and increasing awareness about braces and supports are among the key factors contributing to the market growth.Further, the high growth potential in emerging economies presents lucrative opportunities for the growth of the OTC braces and support market players.
However, the availability of alternate therapies hinders the market growth.
Athletes and players frequently suffer from injuries during sports activities.These injuries can damage cartilage and ligaments.
An increasing number of sports injuries among players and athletes is driving the growth of the OTC braces and support market. According to the estimates of a study published by Stanford Children’s Health in 2020, 30 million children and teenagers participate in sports annually in the US, and ~3.5 million injuries are reported in these organized sports events each year. Further, most common injuries observed among children and teenagers are sprains and strains. According to estimates published by National Safety Council (NSC), 526,000 injuries were caused due to personal exercise, with or without equipment, in the US in 2017. Further, basketball caused the highest number of injuries among all the sports, i.e., ~500,000, followed by bicycling (457,000) and football (341,000) in the country. The increasing number of participations in sports leads to the surge in sports injuries among the participants. According to a study published in the British Journal of Sports Medicine in 2018, the world is witnessing considerable surge in football participation, which is directly corelated to the rise in cases of articular cartilage injuries. Additionally, according to a study published by the National Federation of State High School Associations (NFHS), during 2018?2019, the US reported a significant growth in participation in soccer, wrestling, and tennis by boys from high schools. It also stated that school sports participation in the US was at peak during 2017?2018, for the first time since past 30 years.
Based on product, the OTC braces and support market is segmented into knee braces and support, back hip and spine braces and support, foot walkers and orthoses braces and support, neck and cervical braces and support, shoulder braces and support, elbow braces and support, hand and wrist braces and support, and facial braces and support.The knee braces and support segment held the largest market share in 2020 and is expected to register the highest CAGR in the market during the forecast period.
By type, the OTC braces and support market is segmented into soft and elastic braces and support, hard and rigid braces and support, and hinged braces and support. The soft and elastic braces and support segment held the largest share of the market in 2020, and it is further expected to register the highest CAGR during 2021–2028.
The Food Safety and Inspection Service, Food and Drug Administration (FDA), National Institute of Health (NIH), and European Medical Association are a few of the major secondary sources referred to while preparing the report on the global OTC braces and support market.
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