FMI states in its recent study on the orthotic-devices casts and splints market that the market will record a CAGR of 5.4% through 2030. Demand for Orthotic Devices, Casts, and Splints is anticipated to continue surging due to the rise in accidents in recreational and professional sporting events. Splints and casts are types of orthopedic devices mainly used to guard and support broken or injured joints and bones. Immobilization of injured limbs is achieved to retain the actual position of the bone till it is healed
"Through customized products are being provided, new entrants need to look into the core expertise asked for by the patients." says the FMI analyst.
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Orthotic Devices, Casts, and Splints Market – Important Highlights
- In the US and Europe, fiberglass casts and splints are gaining popularity.
- Collectively, North America and Europe account for over 60 percent of the market share.
- According to FMI, Asia Pacific, due to strong demand from China and India, is projected to rise at the fastest rate.
Orthotic Devices, Casts, and Splints Market – Drivers
- A major driver of the industry has remained the rise in the number of injuries sustained due to road accidents, as well as during recreational and professional sporting events.
- Favorable government policies and investments in the healthcare sector are anticipated to contribute to the growth of the market.
- Increase of osteoporosis and osteoarthritis in the forecast period to strengthen the demand
- Innovation, with 3D printing to catalyze the process, is a key growth engine in developing countries.
- The rapid increase in cardiac diseases is one of the key drivers of the market.
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Orthotic Devices, Casts, and Splints Market – Restraints
- Castings in rural areas are used by inadequately trained medical attendants and nurses. This could lead to issues because the pain on the part of patients could be greater, causing hindrance in the growth of the market.
- High medical costs are anticipated to remain a market restraint during the forecast era.
COVID-19 Impact on Orthotic Devices, Casts and Splints Market
After the outbreak of Covid-19, demand for orthotic devices, casts, and splints has experienced a decline in demand as there has been a decrease in hospital visits due to a decrease in the number of road mishaps and sports events. The pandemic has led to a decrease in the patient's flow in the hospitals, and doctor chambers. As the attention of health care services changes to emergency COVID-19 care, treatment is de-prioritized for other illnesses and injuries. However, this is estimated to be a temporary effect and the market is expected to have a turnaround with the stabilization of the economy.
Orthopedic Casts & Splints Market: Segmentation
The global orthopedic casts & splints market can be segmented based on product, injury, application, material, end-user, and region. In terms of product, the market can be classified into casts and splints. Based on injury, the global orthopedic casts & splints market can be categorized into hand/finger, forearm/wrist, elbow, knee, ankle & foot, and others. In terms of application, the market can be segmented into acute fractures or sprains and initial stabilization for orthopedic intervention and others. Based on material, the market can be segmented into fiberglass and plaster. In terms of end-user, the global chemotherapy drugs market can be classified into hospitals, orthopedic clinics, and others.
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The Orthotic Devices, Casts, and Splints market players are leaning towards the expansion of the production facilities besides opting for strategic collaborations to attain a competitive edge. Factors such as ongoing technical advances, increasing the number of individuals suffering from orthopedic illnesses, sports injuries, and also the need for robot-assisted and minimally invasive techniques provide significant opportunities for the development
Some of the prominent players listed in the global Orthotic Devices, Casts, and Splints market are Fillauer LLC, ComfortFit Orthotic Labs Inc., Hanger Inc, Amfit Inc., BSN Medical, Össur Hf, Prime Medical, Ascent Meditech Ltd.
Table Of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Key Trends & Market Dynamics
1.3. Industry Evolution
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Key Market Trends
- Key Success Factors
4.1. Product Adoption / Usage Analysis
4.2. Key Regulations
4.3. Orthotic Devices for Injury Prevention
- COVID19 Crisis Analysis
5.1. Current COVID19 Statistics
5.2. Current GDP Projection and Probable Impact
- Global Orthotic Devices, Casts and Splints Market Demand Analysis 2015-2019 and Forecast, 2020-2030
6.1. Historical Market Volume (Units) Analysis, 2015-2019
6.2. Current and Future Market Volume (Units) Projections, 2020-2030
6.3. Y-o-Y Growth Trend Analysis
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About the Study
The study offers readers a comprehensive assessment of the Orthotic Devices, Casts, and Splints market. Global, regional, and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights based on product type (Casting Supplies & Equipment, Orthotics), distribution channel ( Institutional Sales, Hospitals, Orthopedic Clinics, Nursing Facilities, Retail Sales, Online Sales, Retail Pharmacies, Drug Stores) and across key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).