The global orthotic devices, casts and splints market is estimated to garner a moderate revenue by the end of 2031 by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. Further, the market generated a modest revenue in the year 2021. The market is estimated to grow on the back of 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 increasing level of 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.
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 is 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.
The global orthotic devices, casts and splints market is 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 is subdivided into online sales, retail pharmacies and drug stores. Out of these segments, institutional segment is anticipated to garner the largest market share by the end of 2031, 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.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global orthotic devices, casts and splints market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Out of these, the market in North America is projected to hold the largest market share by the end of 2031. This can be accredited toincreasing 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 presence of leading suppliers for orthotic devices, casts and splints are anticipated to boost the growth of the market in the coming years.
Further, the market in Asia Pacific is estimated to gain significant growth during the forecast period, owing to the increasing incidence of road crashes and growth of 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, increasing number of incidents of fractures owing to osteoarthritis in older population is also estimated to boost the market growth in the region during the forecast period.
The global orthotic devices, casts and splints market is further classified on the basis of region as follows:
Our in-depth analysis of the global orthotic devices, casts and splints market includes the following segments:
By Product Type
By Distribution Channel
Top Featured Companies Dominating the Global Orthotic Devices, Casts and Splints Market
FREQUENTLY ASKED QUESTIONS
Increasing incidents of sports injuries and rising prevalence of osteoporosis is estimated to majorly boost the market growth.
The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022 – 2031.
Lack of skilled professionals and relatively high cost of orthotic devices is estimated to hinder to the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 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 2031 and display significant growth opportunities.
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