The Europe OTC Orthopedic Braces Market is estimated to be growing from 294 million in 2016 at a CAGR of 5.15%, to reach USD 377 million by 2021. The market is showcasing evident growth potential in the mentioned forecasting period and is also predicted to grow in the future years because of the developments in medical sector.
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Orthopedic braces, also known as orthopedic splints, provide the joints with protection, stabilization and correction of injuries or abnormal structure of bones. They have a wide range of applications including injury rehabilitation, prevention, and more. The braces are also designed in a way to compensate for muscles which have little or no strength in them. They also provide corrections in the structural anomalies and help the doctors to detect cerebral palsy, spina bifida, as well as to treat the symptoms of stroke.
Increasing geriatric population, developing research activities, advancement in technology, rising disposable income and growing awareness of public regarding different treatment options for orthopedic conditions are propelling the growth of the OTC orthopedic braces market in the Europe region. However, high cost, insufficient reimbursement scenarios and growing preference towards other treatment alternatives are the factors that prove as major constraints for this market.
The Europe OTC Orthopedic Braces market is broadly categorized on the basis of Product into Lower Extremity Braces, Knee Braces, Foot & Ankle Braces, Upper Extremity Braces, Shoulder Braces, Elbow Braces, Wrist Braces, Back & Hip Braces and Other Braces. Based on Indication, the market is segmented into Prophylactic, Injury, Osteoarthritis (OA) and Other Indications. The prophylactic braces segment is expected to hold the largest share of the Europe OTC orthopedic braces market in 2016 owing to increased participation in sports, studies proving the efficacy of prophylactic braces in decreasing the injuries, and increased awareness.
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On the basis of region the Europe market is analyzed under the regions U.K, Germany, France, Netherlands, Spain and Italy. These countries are highly developed in the medical sector and hence prove to be a major hot spot for the growth of OTC Orthopedic Braces Market.
Some of the major competitors dominating the market are DJO Finance LLC, DeRoyal Industries Inc., Breg, Inc., Bauerfeind AG, BSN Medical, Otto Bock HealthCare, Medi GmbH & Co. KG, Thuasne Group, and 3M Company.
Market Segmentation :
1) Product
2) Indication
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