Rising Demand for Orthopedic Braces & Support Drives Growth of the Global Orthopedic Braces & Support, Casting & Splints Market
Market Overview:
The global Orthopedic Braces & Support, Casting & Splints market is estimated to be valued at US$73.5 million in 2020 and is projected to reach a value of US$(market value for 2022) billion/million by 2022, exhibiting a CAGR of (given CAGR)% during the forecast period (given forecast period). Orthopedic braces, support, casting, and splints are essential medical devices used for providing support, stabilization, and protection to bones and muscles, aiding in the healing process of orthopedic injuries. These products are widely used by athletes and individuals suffering from bone fractures, ligament sprains, or joint instabilities. The market is driven by the increasing prevalence of orthopedic disorders, sports injuries, and road accidents across the globe. The rising geriatric population and growing awareness about the benefits of orthopedic braces and supports further contribute to the market growth.
Market Key Trends:
One key trend in the global Orthopedic Braces & Support, Casting & Splints market is the adoption of advanced materials in orthopedic products. Technological advancements have led to the development of innovative materials such as carbon fiber, titanium, and thermoplastic elastomers, which provide superior strength, flexibility, and durability to orthopedic braces and supports. These advanced materials offer better customization options, enhanced comfort, and improved functionality in terms of immobilization and stabilization. Moreover, they are lightweight and hypoallergenic, reducing the risk of skin irritation or discomfort. As a result, there is a growing preference for orthopedic products incorporating these advanced materials, driving the growth of the global orthopedic braces and support market.
Segment Analysis:
The India orthopedic braces & support, casting & splints market can be segmented based on product type, application, and end-user. Among the various segments, the braces & support segment is expected to dominate the market. This segment is further categorized into knee braces & supports, ankle braces & supports, back braces & supports, and others. The dominance of this segment can be attributed to the rising incidence of orthopedic disorders, such as arthritis and sports injuries, which require braces and supports for pain relief and to maintain stability.
Key Takeaways:
The India Orthopedic Braces & Support, Casting & Splints Market is expected to witness high growth, exhibiting a CAGR of 6.8% over the forecast period. This growth can be primarily attributed to the increasing prevalence of orthopedic disorders, such as osteoarthritis and rheumatoid arthritis, among the Indian population. The rising geriatric population, sedentary lifestyle, and growing awareness about orthopedic conditions are also contributing to the market growth.
In terms of regional analysis, North India is expected to be the fastest-growing and dominating region in the orthopedic braces & support, casting & splints market. This can be attributed to the presence of major healthcare facilities, higher disposable income, and increasing healthcare expenditure in this region. Additionally, the rising trend of medical tourism in North India is attracting patients from other regions, further boosting the demand for orthopedic braces & support, casting & splints.
Key players operating in the India orthopedic braces & support, casting & splints market include 3M, BSN medical, Zimmer Biomet Holdings, Inc., DJO, LLC, Össur Corporate, Stryker Corporation, Ottobock Holding GmbH & Co. KG, medi GmbH & Co. KG, Remington Products Company, Becker Orthopedic, Prime Medical Inc., Tynor Orthotics Pvt Ltd., United Medicare, and Orthosys. These key players are focusing on product launches, mergers and acquisitions, and collaborations to strengthen their market position and expand their product portfolios.