Orthopedic Braces & Support, Casting & Splints Market 2030 By Splinting Supplies & Equipment (Fiberglass Splints, Plaster Splints, and Splinting Tools and Accessories), and Orthopedic Braces & Supports (Upper and Low Extremity Braces and Support); Distribution Channel - Orthopedic Clinics, Hospitals, Over the Counter (OTC), and E-Commerce)Casting Supplies & Equipment (Plaster Casts, Casting Tapes, Cast Cutters, and Casting Tools and Accessories) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 187 Pages | Published On : Aug 2023
Products within the worldwide orthopedic braces & support, casting & splints market find their most prevalent usage within the medical and healthcare sectors. They play a pivotal role in addressing knee ligament injuries stemming from sports-related accidents and other mishaps, along with offering relief for ankle sprains.
By imparting compression, joint stability, and support, these products contribute significantly to patients' well-being. Moreover, their utility extends to mitigating joint discomfort, particularly arising from sports injuries and chronic orthopedic conditions like arthritis. The central purpose of items in this market is to rectify and stabilize joint irregularities.
One of the key driving forces behind the advancement of the global orthopedic braces & support, casting & splints market is the escalating geriatric population grappling with diverse chronic or acute orthopedic ailments. Additionally, the surge in instances of sports-related injuries and a rising number of road accidents further propel the market's growth. For instance, the Ministry of Road Transport and Highways, a branch of the Indian government, reported over 36 road accidents per one lakh of population in 2017.
Moreover, the prevalence of musculoskeletal disorders contributes to the upward trajectory of the global orthopedic braces & support, casting & splints market in the forthcoming years. However, the risk of potential adverse effects such as skin allergies and cast dermatitis, coupled with the high costs associated with these orthopedic braces and support devices, might impede market growth in the near future.
Conversely, the growing prevalence of shoulder and knee degeneration, especially among the elderly, is expected to create sales opportunities in the market. Key materials employed in crafting products for the global orthopedic braces & support, casting & splints market encompass plaster of Paris, plastic polymers, fiberglass, and more.
- MarketDigits' latest report on the global Orthopedic Braces & Support, Casting & Splints market covers the historical span of 2017–2018 and the projected phase of 2019–2027. The market's trajectory is expected to be steered by factors such as a surge in incidents involving accidents, sports injuries, and adventurous pursuits, coupled with the expanding aging and baby boomer population. Furthermore, the rise in obesity rates globally, augmented healthcare expenditure, and strides in technology are also foreseen to propel the global Orthopedic Braces & Support, Casting & Splints market during the forecast period.
- As outlined in the report, the global Orthopedic Braces & Support, Casting & Splints market was valued at USD 5,492.5 million in 2018. Projections indicate a Compound Annual Growth Rate (CAGR) of 5.9% from 2019 to 2027, underlining the potential for significant expansion during this timeframe.
Rise in incidence of orthopedic injuries related to accidents, sports, and adventure across globe to propel the Orthopedic Braces & Support, Casting & Splints market: Key Drivers
The Orthopedic Braces & Support, Casting & Splints market is poised for growth driven by the surge in orthopedic injuries stemming from accidents, sports activities, and adventurous pursuits worldwide. Key factors propelling this trend include:
- Sports-Related Injuries Fueling Foot & Ankle Devices Demand: Over the forecast period, the demand for foot and ankle devices is anticipated to be driven by sports injuries. According to the American Academy of Orthopedic Surgeons (AAOS), lower extremity injuries, including the foot and ankle, constituted about 25% of sports-related injuries. Notably, both professional athletes and amateurs have recently experienced severe bone injuries. The Centers for Disease Control and Prevention reported that a considerable 9.2 million children, aged between 1 and 19, sought emergency care for sports injuries.
- Orthopedic Injuries as a Leading Cause of Hospital Admissions: Orthopedic injuries represent a prevalent cause of hospital admissions, with fall-related incidents accounting for 51% of cases. Furthermore, 61% of cases involve orthopedic surgical procedures. Research also highlights the escalating occurrences of road traffic injuries as an additional driving factor behind the global growth of the Orthopedic Braces & Support, Casting & Splints market.
Increase in Global Aging Population to Boost Market Growth
Market growth is also anticipated due to the continual rise in the elderly population. This demographic trend is set to contribute to the expansion of the cast, splits, and braces equipment and supplies market, for the following reasons:
- Elevated Incidence of Bone Disorders Among the Elderly: The expanding geriatric population is projected to be a significant driver of demand for casts, splints, and braces. Bone disorders such as arthritis, osteoporosis, and back pain are increasingly common in this age group. As individuals age, cartilage becomes more susceptible to strain and fatigue due to reduced water content. This physiological change can lead to arthritis and joint cushioning issues, necessitating the use of casts, splints, or braces.
- Growing Global Geriatric Population: The World Health Organization (WHO) forecasts that by 2050, the global geriatric population will reach approximately 2 billion, constituting 22% of the global population. This demographic shift is expected to further bolster the orthopedic braces, support, casts, and splints market during the forecast period.
- High cost associated with fibre material and stringent reimbursement policies to Hamper Market growth
- Deterrent of Elevated Fiber Material Costs and Rigorous Reimbursement Policies: The development of braces entails the utilization of diverse materials that exhibit robustness and endurance. These attributes are essential to provide both structural support for body weight and facilitate various physical activities undertaken by individuals. However, the substantial costs associated with these materials are poised to create an obstacle for the braces and support market in the immediate future.
- Varied Reimbursement Landscape Hindering Growth: The landscape of reimbursement varies significantly across different developed and developing regions, encompassing factors like pricing, co-payments, and settlements. The intricacies stemming from these divergences pose complications for intermediaries such as private insurance entities and social security systems. These intermediaries play a crucial role as intermediaries between users and healthcare institutions. The reimbursement landscape in each area is contingent upon adherence to a complex array of regulations and rules. An unfavorable reimbursement scenario, coupled with limited insurance coverage, is foreseen to obstruct the growth trajectory of the braces, support, casting, and splinting market within the forecast period. The prevalence of cost-effective health insurance options and initiatives for orthopedic product reimbursement cost reduction are predicted to exert negative influence on market expansion during the forecast phase.
Global Orthopedic Braces & Support, Casting & Splints Market: Competitive Landscape
- This report profiles major players in the global Orthopedic Braces & Support, Casting & Splints market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global Orthopedic Braces & Support, Casting & Splints market is highly fragmented, due to presence of large number & small players offering Orthopedic Braces & Support, Casting & Splints products.
- Prominent players operating in the global Orthopedic Braces & Support, Casting & Splints market are
- Ossur Corporate
- BSN Medical GmbH
- DeRoyal Industries, Inc
- DJO Global
- Orfit Industries n.v.
- Spencer Italia S.r.l
- Prime Medical, Inc.
- Stryker Corporation
- Zimmer Biomet Holdings, Inc.
- other Prominent Players
Global Orthopedic Braces & Support, Casting & Splints Market: Key Developments
The global Orthopedic Braces & Support, Casting & Splints market has seen notable advancements from key industry players, encompassing regulatory approvals, product portfolio expansions, surgical innovations, expanded geographical presence, emerging market penetration, and technological breakthroughs. These strategic initiatives are set to drive the growth of the global market. Here are a few expansion strategies undertaken by players in this field:
- In July 2020, Breg Inc. solidified a partnership with the UK-based distributor 'Joint Operations LLP' to amplify the distribution of its premium orthopedic offerings in the UK and Ireland, thus bolstering its presence in these regions.
- In November 2018, Colfax Corporation completed the acquisition of DJO Global, a prominent figure in the realm of braces and support devices. The acquisition, valued at US$ 3.15 billion, aimed to establish an innovative platform for growth, expanding the product portfolio and introducing new opportunities.
The comprehensive report on the global Orthopedic Braces & Support, Casting & Splints market delves into individual strategies pursued by manufacturers in this field. Additionally, the report presents detailed company profiles, giving insight into their operations. To provide readers with an overview of the competitive landscape, a dedicated section in the report offers a dashboard view and an analysis of company market shares among key players operating within the global Orthopedic Braces & Support, Casting & Splints market.
Global Orthopedic Braces & Support, Casting & Splints Market – Segmentation
- Casting Supplies & Equipment Market Endoscopy Devices
- Plaster Casts
- Casting Tapes
- Cast Cutters
- Casting Tools and Accessories
- Splinting Supplies & Equipment Market
- Fiberglass Splints
- Plaster Splints
- Other Splints
- Splinting Tools and Accessories
- Orthopedic Braces and Supports
- Upper Extremity Braces and Support
- Shoulder Braces and Support
- Neck Braces and Support
- Elbow Braces and Support
- Wrist Braces and Support
- Spinal Braces and Support
- Low Extremity Braces and Support
- Knee Braces and Support
- Ankle Braces and Support
- Hip Braces and Support
- Orthopedic Clinics
- Over-the-Counter (OTC)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Table and Figures
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