INDIA ORTHOPEDIC BRACES AND SUPPORT CASTING AND SPLINTS MARKET ANALYSIS

Orthopedic braces are objects made of rigid materials such as hard plastics and soft materials including spandex or other tightly-knit fabrics designed to inhibit the movement of a joint. Braces are orthopedic products designed to relieve pain in the upper and lower extremity of the body. These also help in recovering from injuries and improve daily life. Casts and splints are wraps and are hard in nature. These are used as a support to protect and join the broken bones, ligaments, and tendons. Casts and splints provide immobilization to the area, where the bones are broken and maintain muscle activity and bone recovery.

The India orthopedic braces & support, casting & splints market is estimated to be valued at US$ 73.5 million in 2020 and is expected to exhibit a CAGR of 6.8% over the forecast period (2020-2027).

Figure 1. India Orthopedic Braces & Support, Casting & Splints Market Share (%), By Region, 2020

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Increasing cases of accidents and growing prevalence of orthopedic diseases are expected to drive the market growth over the forecast period 

Rising cases of accidents is expected to drive growth of the India orthopedic braces & support, casting & splints market. For instance, according to National Informatics Center, India recorded a total of 467,044 road accidents in 2018.

Furthermore, increasing prevalence of orthopedic diseases is fueling demand for orthopedic braces & support, casting & splints. This will, in turn, drive growth of the India orthopedic braces & support, casting & splints market. For instance, according to the National Institute of Health and Family Welfare (NIHFW), by the Ministry of Health and Family Welfare (MoHFW), Government of India data, osteoarthritis is the second most common rheumatologic problem and it is the most frequent joint disease with a prevalence of 22% to 39% in India in 2018.

Figure 2. India Orthopedic Braces & Support, Casting & Splints Market Share (%), by Type, 2020

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Increasing prevalence of lifestyle diseases & obesity, which leads to orthopedic disorders is expected to drive the market growth over the forecast period

Growing prevalence of obesity and related lifestyle disorders such as cardiovascular diseases, diabetes, etc. is also the major factor responsible for the growth of the India orthopedic braces & support, casting & splints market during the forecast period. For instance, according to one article published in The British Medical Journal, more than 135 million Indians are affected by obesity in 2018. Obese individuals are at a higher risk of orthopedic & musculoskeletal injuries as well as diabetes. These patients are at higher risk for orthopedic disorders, hence fuelling the growth of India orthopedic braces & support, casting & splints market.

India Orthopedic Braces & Support, Casting & Splints Market – Impact of Coronavirus (Covid-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in over 68.1 million infected individuals worldwide as of December 10, 2020. Moreover, according to Ministry of Health and Family Welfare, Government of India data, total 352,586 active COVID-19 cases were seen as of December 14 2020. Supply chain of orthopedic braces & supports, casting & splints have been hampered due to strict lockdown, and logistic constraint due to travelling hindrance. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending until the end of the third quarter of 2020.

India Orthopedic Braces & Support, Casting & Splints Market - Restraint

Variations in reimbursement scenario in different regions such as public & private player’s guidelines, and high cost associated with fiber material are some of the major factors which is expected to hinder the India Orthopedic Braces & Support, Casting & Splints market growth.

Key Players

Major 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