The increasing prevalence of orthopedic diseases & disorders, rising number of sports & accident-related injuries, and growing public awareness related to preventive care are driving the growth of the OTC braces and supports market.
The global OTC Orthopedic Braces market size is expected to reach USD 1.5 billion by 2024 from USD 1.2 billion in 2019, at a CAGR of 5.1%.
Bauerfeind AG (Germany), Össur Hf (Iceland), DJO Finance LLC (US), Breg, Inc. (US), and DeRoyal Industries, Inc. (US), Bird & Cronin, Inc. (US), medi GmbH & Co. KG (Germany), Ottobock Holding GmbH & Co. KG (Germany), BSN medical (Germany), Zimmer Biomet Holdings, Inc. (US), Oppo Medical, LLC (US), Becker Orthopedic (US), Thuasne Group (France), 3M Company (US), Reh4Mat (Poland), and United Ortho (US).are some key players in this market. These companies are focusing on increasing their presence in the high-growth markets through both organic as well as inorganic growth strategies such as product launches, acquisitions, and expansions.
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“DJO Finance LLC (US) dominated the market in 2018. “
The company offers a broad range of orthopedic braces and supports that are used in various areas, such as ligament injuries, preventive care, and post-operative rehabilitation. The company has a strong geographic presence across countries, such as the US, Mexico, Germany, the UK, France, Belgium, and Sweden. DJO mainly focuses on the development of technologically advanced products to further strengthen its position in the market. For example, the company launched its TriFit Knee Brace, Clima-Flex OA Knee Brace, Protection on Demand (POD) Ankle Braces, and AirSelect suite from 2016 to 2018.
“Össur Hf (Iceland) held the second position in the OTC braces and supports market in 2018. “
The company operates across the Americas, Europe, and Asia. To strengthen its current position and further increase its share in the market, the company focuses on product commercialization. For instance, in June 2018, Össur commercialized Formfit Pro Knee OA, Formfit Pro Knee, and Formfit Pro Wrist. Össur also focuses on other growth strategies, such as strategic acquisitions, agreements, and partnerships. In line with this, in September 2016, the company acquired Medi Prosthetics (Germany) to expand its orthotics product portfolio.
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