Latin America OTC Orthopedic Braces Market By Product (Lower Extremity Braces, Knee Braces, Foot And Ankle Braces, Upper Extremity Braces, Shoulder Braces, Elbow Braces, Wrist Braces, Back And Hip Braces And Other Braces), By Indication (Prophylactic, Injury, Osteoarthritis (OA) And Other Indications) And By Region - Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2016–2021)
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The Latin America OTC Orthopedic Braces Market is estimated to be growing from 84 million in 2016 at a CAGR of 4.3%, to reach USD 103 million by 2021. The market is showing high growth potential in the mentioned period and is also expected to grow I the future years with the recent developments in medical sector.
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Orthopedic braces are the medical aids which support the joints of human body. The braces are used on the knee, hip, ankle, back, neck, elbow, fingers, and wrist.
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Orthopedic braces check the position of limbs and trigger a particular movement in the human body. the braces make up for muscles which have less strength and also correct the structural faults.
Orthopedic braces assist in the detection of cerebral palsy, spina bifida, and to treat the symptoms of stroke. Braces are also used for getting more support to the joints and avoid injuries.
Athletes specifically wear braces for shock absorbance and to avoid injuries.
The growing population, increasing awareness about orthopaedic braces, developing research and technology in the medical sector, growing amount of bone-degenerative disorders and stabilizing economy are the factors that drive the growth of the Latin America OTC Orthopedic Braces market. However, patients preferring alternative treatment methods, uncertainty of reimbursement, below expectations efficiency of orthopedic braces and no offerings of customization for OTC orthopedic braces are the major restraining factors for Latin America OTC orthopedic brace market.
The Latin America 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 Latin America 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.
On the basis of region the Latin America market is segmented into Brazil, Mexico and Argentina. This region has many countries which are emerging economies and are undergoing a lot of development in the medical sector.
Thus, the growth potential for this market is substantial during the forecast period.
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 :
Scope of the Report:
- Regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
- Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
- Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
- A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
- Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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