The global
orthopedic braces and support, casting, and splints market is highly
fragmented and is marked by the presence of a large number of
international as well as local players. Distributors around the world
are collaborating with small manufacturers to offer off-label
products with a high profit margin, notes Transparency Market
Research.
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“Technological
advancements and product diversity are the two key growth strategies
adopted by players in this market,” the author of the report notes.
For instance, in May 2015, BSN Medical GmbH launched six new wound
care products, of which, three are based on the company’s dialkyl
carbamoyl chloride (DACC) technology. These new products have
contributed significantly to the company’s annual revenue.
The global
orthopedic braces and support, casting, and splints market was valued
at US$4.6 bn in 2015 and is projected to expand at a CAGR of 6.4%
from 2016 to 2024 to reach US$7.9 bn by 2024.
Orthopedic Braces
and Support Segment to Register Strong Y-o-Y Growth through 2024
In terms of product,
the orthopedic braces and support, casting, and splints market is led
by the orthopedic braces and support segment, accounting for a 58.4%
share by 2024. Companies are consistently working on new materials
and technologies in order to develop braces that are as per the
requirements of the patient. This is expected to enable the
orthopedic braces and support segment to register the highest
year-on-year growth over the course of the forecast period.
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By distribution
channel, the orthopedic clinics segment accounted for the major share
in the global orthopedic braces and support, casting, and splints
market. Accounting for an estimated 37.4% share in 2016, North
America dominates the global orthopedic braces and support, casting,
and splints market on the basis of geography and is likely to retain
its lead throughout the forecast period. The market in Asia Pacific
is projected to reflect a CAGR of 7.3% from 2016 to 2024, emerging as
one of the most attractive regional segments.
Rise in Geriatric
and Obese Population Supporting Demand for Orthopedic Braces &
Supports, Casts, & Splints
One of the main
factors driving the demand for orthopedic braces and supports, casts,
and splints is the reported rise in sports injuries across the globe.
This factor is most likely to impact the market for foot and ankle
devices in particular. The American Academy of Orthopedic Surgeons
(AAOS) states that an estimated 25% of sports injuries are related to
lower extremities such as ankle and foot.
According to the
Centers for Disease Control and Prevention (CDC), each year, over 2.6
million children between the ages of 0 and 19 are treated in the
emergency department for sports and recreation-related injuries.
Serious bone injuries have also been reported among professionals as
well as amateur sportsmen, strengthening the demand for orthopedic
braces and supports, casts, and splints.
“A continuous
growth in geriatric as well as obese population is also a major
factor driving the demand for orthopedic braces and supports, casts,
and splints,” the lead analyst states. Geriatrics are more
susceptible to bone disorders such as arthritis, back pain, and
osteoporosis. The same is true for the obese, wherein the
accumulation of excessive fat and cholesterol results in the increase
in body weight, causing severe pressure on the joints in the lower
extremity.
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