Menu ×

HEALTHCARE & PHARMACEUTICAL

Orthotic Devices, Casts and Splints Market Analysis by Product Type {Casting Supplies & Equipment (Plaster Casts, Casting Tapes, Cast Cutters and Others), Splinting Supplies & Equipment (Fiberglass Splints, Plaster Splint and Others) and Others)}; and by Distribution Channel{Institutional Sales (Hospitals, Orthopedic Clinics and Nursing Facilities) and Retail Sales (Online Sales, Retail Pharmacies and Drug Stores)} – Global Supply & Demand Analysis & Opportunity Outlook 2022-2031

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • July, 2022: Hangar Inc., a leading provider of orthotic and prosthetic devices and components, today announced that the company has signed a definitive agreement to be acquired by Patient Square Capital with a total enterprise valuation of approximately USD 1.25 billion.
  • December, 2019: 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.

Global Orthotic Devices, Casts and Splints Market Size, Forecast, and Trends Highlights Over 2022 - 2031

Orthotic-Devices-Castsand-Splints-Market-Analysis-CAGR

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.

Orthotic-Devices-Castsand-Splints-Market-Overview

Get more information on this report: Request Sample PDF

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.

Global Orthotic Devices, Casts and Splints Market: 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 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.

  • IncreasedResearch & Development Expenditure– As per data by the World Bank, global research and development expenditure in proportion with gross domestic product (GDP) was around 2.63% in 2020, up from 2.2% in 2018.
  • Rising Prevalence of OsteoporosisAccording 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 GloballyAccording to the World Health Organization (WHO) data, around 1.71 billion population suffered from musculoskeletal condition in 2019.
  • IncreasedHealthcare ExpenditureAccording to the World Bank data, in 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
  • Complications Associated with Orthopedic Surgeries are Estimated to Hinder Market Growth
  • Dearth of Skilled Professionals

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.

Major Macro-Economic Indicators Impacting the Market Growth

Global-Healthcare-Expenditure

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.

Global Orthotic Devices, Casts and Splints Market Regional Synopsis

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.

Orthotic-Devices-Castsand-Splints-Market-Analysis-Size-Share.

The global orthotic devices, casts and splints market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global orthotic devices, casts and splints 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
  • Orthotics
  • Functional Orthotics
  • Accommodative Orthotics

By Distribution Channel

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

Top Featured Companies Dominating the Global Orthotic Devices, Casts and Splints Market

  • 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.

 

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions | LOB

Copyright © 2022 Research Nester. All Rights Reserved