End use Insights
On the basis of end use, the market is segmented into hospitals, orthopedic clinics, Over-the-Counter( OTC), and other facilities. Orthopedic clinics contributed to the largest market share in 2015, due to reluctance of patients to visit speciality clinics for acute musculoskeletal disorders.
OTC segment is expected to witness an attractive growth over the forecast period as the orthopedic braces and supports are easily available in retail pharmacies. OTC products do not require any prescription of doctor, so patients with acute muscle problems prefer OTC products.
Regional Insights
North America held the largest market share in 2015, due to the rising prevalence of arthritis in the U. S. People are at a high risk of osteoporosis in the U. S. due to increase in geriatric and obese population. Increased participation in sports related activities in conjunction with rise in awareness level among people related to orthopedic braces and supports is expected to further support market growth.
Asia Pacific is expected to exhibit fastest growth over the forecast period. This is due to the rise in geriatric population in the region which in turn increases the demand for orthopedic braces and supports, thereby accentuating the growth of the market.
Competitive Insights
Few major companies of the market include DJO Global, Inc.; Breg, Inc.; Alcare Company Ltd.; Bauerfeind AG; Össur Corporate; McDavid Knee Guard, Inc.; FLA Orthopedics, Inc.; Otto Bock Healthcare GmbH; and Frank Stubbs Co., Inc.
The key players are focusing on strategic initiatives such as mergers, acquisitions, new product development, and regional expansions. For instance, in 2015, Merz North America acquired ON Light Sciences, Inc., a company specializing in laser-based dermatology with an aim to expand its esthetic product portfolio. These companies are also concentrating on the manufacture of customized braces & supports to cater to the individual needs of the patients.