Orthotic Devices, Casts and Splints Market Size & Share, by Product Type {Casting Supplies & Equipment (Plaster Casts, Casting Tapes, Cast Cutters), Splinting Supplies & Equipment (Fiberglass Splints, Plaster Splint))}; Distribution Channel {Institutional Sales (Hospitals, Orthopedic Clinics, Nursing Facilities), Retail Sales (Online Sales, Retail Pharmacies, Drug Stores)} - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 4268
  • Published Date: Feb 24, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2035

Orthotic Devices, Casts, And Splints Market size is expected to surpass USD 5870 Billion by the end of 2035, growing at a CAGR of 8% during the forecast period i.e., 2023-2035. In the year 2022, the industry size of orthotic devices, casts, and splints was over USD 2160 Billion. The market is estimated to grow on the back of the increasing incidence of recreational and sports injuries worldwide. According to statistics, every year, approximately 3 million children aged 14 and younger in the United States are injured while participating in any sport or recreational activity. In addition, approximately 770,000 children in the same age group are treated in hospital emergency rooms each year owing to sports-related injuries.

The global orthotic devices, casts, and splints market is also estimated to witness growth on the back of the increasing level of the geriatric population globally, as the risk of musculoskeletal and osteoporotic problems is higher in the older population.  According to World Health Organization (WHO) data, in 2020, the population aged 60 years and above stood at around 1 billion, which is projected to reach 1.4 billion by the end of 2030 and to cross 2 billion by 2050.  In addition, the population aged 80 years and above is projected to reach 426 million by the end of 2050. Hence, such a factor is anticipated to drive the growth of the market in the coming years.


Orthotic Devices, Casts and Splints Market
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Orthotic Devices Casts and Splints Sector: Growth Drivers and Challenges

Growth Drivers

  • Increasing Cases of Road Accidents – According to the World Health Organization (WHO) statistics, about 1.3 million people die every year as a result of road traffic accidents, of which about 20 to 50 million people suffer from non-fatal injuries and many are also disabled. Rising injuries owing to road accidents are considered to be the major driving factor for the growth of the market. Since such injuries lead to musculoskeletal disorders and orthotic devices, casts, and splints are used to provide relief from such conditions.
  • Increased Research & Development Expenditure– The development of increasingly sophisticated and specialized orthotic devices, which are tailored specifically to meet the demands of patients with a wider spectrum of musculoskeletal problems, has been facilitated by increased research and development spending. As per data from the World Bank, global research and development expenditure in proportion to gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Prevalence of Osteoporosis – The increasing incidence of osteoporosis, a disorder that weakens bones and increases their susceptibility to fractures is also fueling the market growth. There will be an increase in the need for orthotic devices that can assist lower the risk of fractures and enhance mobility as the population ages and the prevalence of osteoporosis rises. According to estimates, by the end of 2025, osteoporosis is projected to result in 3 million fractures, costing the United States approximately USD 24 billion.
  • Growth of Musculoskeletal Condition Globally – The rising prevalence of musculoskeletal disorders like arthritis is predicted to increase demand for orthotic devices since they can lead to substantial pain and impairment. According to the World Health Organization (WHO) data, around 1.71 billion population suffered from the musculoskeletal condition in 2019.
  • Increased Healthcare Expenditure – With a higher government budget allocation and increased GDP percentage spending on healthcare, more people who need orthotic devices will be able to access them, driving the market growth. According to the World Bank data, 2018, the global health expenditure to GDP ratio was around 9.7% in 2018, which increased to 9.83% in 2019.

 Challenges

  • High Price of Orthotic Devices - Orthotic devices are frequently built specifically for each person and can be rather expensive. As a result, many people, particularly those without proper health coverage, may not be able to afford them. The fact that many insurances plan only partially reimburse the cost of orthotic devices might further add to their high price and restrict their accessibility. The general growth of the industry may suffer as a result of people being deterred from seeking medical help and adopting orthotic devices due to the high cost.
  • Complications Associated with Orthopedic Surgeries are Estimated to Hinder Market Growth
  • Dearth of Skilled Professionals

Orthotic Devices Casts and Splints Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~8%

Base Year Market Size (2022)

~ USD 2160 Billion

Forecast Year Market Size (2035)

~ USD 5870 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Orthotic Devices, Casts and Splints Segmentation

Distribution Channel {Institutional Sales (Hospitals, Orthopedic Clinics, Nursing Facilities), Retail Sales (Online Sales, Retail Pharmacies, Drug Stores)}

The global orthotic devices, casts, and splints market are segmented and analyzed for demand and supply by distribution channel into institutional sales and retail sales. Institutional sales are further subdivided into hospitals, orthopedic clinics, and nursing facilities, and retail sales are subdivided into online sales, retail pharmacies, and drug stores. Out of these segments, the institutional segment is anticipated to garner the largest market share by the end of 2035, backed by the increasing number of hospitals and orthopedic clinics globally along with growth in healthcare infrastructure. As per the data, there were over 65,000 private and public hospitals in India in 2019. In addition, the number of hospitalizations for road accidents and spinal cord injuries is also expected to increase to fuel the growth of this segment in the coming years.

Product Type {Casting Supplies & Equipment (Plaster Casts, Casting Tapes, Cast Cutters), Splinting Supplies & Equipment (Fiberglass Splints, Plaster Splint))}

 The global orthotic devices casts and splints market is also segmented and analyzed for demand and supply by product type into casting supplies & equipment, splinting supplies & equipment, and others.  Out of these segments, the casting supplies and equipment are projected to garner the largest market share. The segment is further sub-segmented into plaster casts, casting tapes, cast cutters, and others. This can be owed to the increasing cases of road accidents, and poor skeletal health due to bad lifestyle habits among others. For instance, poor nutrition can lead to calcium and vitamin D deficiencies, which can result in weaker bones, which are prone to breaking easily.

Our in-depth analysis of the global market includes the following segments:

              By Product Type

  • Casting Supplies & Equipment
    • Plaster Casts
    • Casting Tapes
    • Cast Cutters
    • Casting Tools and Accessories
  • Splinting Supplies & Equipment
    • Fiberglass Splints
    • Plaster Splints
    • Other Splints
    • Splinting Tools and Accessories
  • Others

              By Distribution Channel

  • Institutional Sales
    • Hospitals
    • Orthopedic Clinics
    • Nursing Facilities
  • Retail Sales
    • Online Sales
    • Retail Pharmacies

             Drug Stores


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Orthotic Devices Casts and Splints Industry - Regional Synopsis

North American Market Forecast

The North American orthotic devices, casts, and splints market is projected to hold the largest market share by the end of 2035. This can be accredited to the increasing geriatric population suffering from orthopedic problems along with rising incidents of spinal cord injuries in the region. According to statistics, there are approximately 17,000 new spinal cord injuries in the United States each year, with more than 47% of those injuries occurring in people between the ages of 16 and 30. Moreover, rapid product launches and the presence of leading suppliers for orthotic devices, casts, and splints are anticipated to boost the growth of the market in the coming years.

APAC Market Statistics

Further, the market in the Asia Pacific is estimated to gain significant growth during the forecast period, owing to the increasing incidence of road crashes and the growth of the old-age population in the region. According to the data, during the year 2020, there were about 3,66,000 road accidents in India, in which 1,31,000 people lost their lives and about 3,48,000 people were injured. Moreover, the increasing number of incidents of fractures owing to osteoarthritis in the older population is also estimated to boost the market growth in the region during the forecast period.

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Orthotic Devices, Casts and Splints Market Size
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Companies Dominating the Orthotic Devices Casts and Splints Landscape

top-features-companies
    • Fillauer LLC
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • ComfortFit Orthotic Labs, Inc
    • Hanger, Inc.
    • Amfit Inc.
    • Ascent Meditech Limited.
    • Performance Health Holdings, Inc.
    • DeRoyal Industries, Inc.
    • DJO, LLC
    • Zimmer Biomet Holdings, Inc.
    • Stryker Corporation
    • BREG, Inc.

In the News

  • Hangar Inc., a leading provider of orthotic and prosthetic devices and components, announced that the company has signed a definitive agreement to be acquired by Patient Square Capital with a total enterprise value of approximately USD 1.25 billion.

  • Ascent Meditech Limited, a market player in orthopedic soft goods and healthcare products, today introduced the new Flamingo Back Comfort Belt, a product carefully designed to relieve the human back.

Author Credits:  Radhika Pawar


  • Report ID: 4268
  • Published Date: Feb 24, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing incidents of sports injuries and the rising prevalence of osteoporosis are estimated to majorly boost market growth.

The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023-2035.

The lack of skilled professionals and the relatively high cost of orthotic devices are estimated to hinder market growth.

The market in North America is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

The major players in the market are ComfortFit Orthotic Labs, Inc, Hanger, Inc., Amfit Inc., Performance Health Holdings, Inc., DeRoyal Industries, Inc., DJO, LLC, Zimmer Biomet Holdings, Inc., Stryker Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by product type, distribution channel, and by region.

The institutional sales segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Orthotic Devices Casts and Splints Market Report Scope
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