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Press Release: Orthopedic Braces & Support, Casting & Splints Market to Reach US$ 9,634.3 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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. There are various type of materials used to make braces such as metal, plastic, and fiber glass.
The global orthopedic braces & support, casting & splints market is estimated to account for US$ 6,214.5 Mn in terms of value in 2019 and is expected to reach US$ 9,634.3 Mn by the end of 2027.
Global Orthopedic Braces & Support, Casting & Splints Market: Drivers
Increasing geriatric population is expected to propel growth of the global orthopedic braces & support, casting & splints market over the forecast period. For instance, according to the U.S. Census Bureau, the U.S. geriatric population is expected to reach 77 million by 2034.
Moreover, increasing cases of accidents are also expected to aid in growth of the market. For instance, according to National Informatics Center, India recorded a total of 467,044 road accidents in 2018.
Orthopedic Braces and Supports held dominant position in the global orthopedic braces & support, casting & splints market in 2019, accounting for 57.7% share in terms of value, followed by Casting Supplies & Equipment and Splinting Supplies & Equipment, respectively
Figure 1. Global Orthopedic Braces & Support, Casting & Splints Market Share (%), by Value, by Type, 2019
Global Orthopedic Braces & Support, Casting & Splints Market: Restraints
Variations in reimbursement scenario are expected to hinder growth of the market. The reimbursement scenario in North America varies considerably in terms of pricing, co-payments, and settlements. Complexities arising due to these differences creates complications for third-party payers such as private insurance companies and social security systems. They play a key role between the user and the healthcare organization.
Moreover, high cost associated with fiber material is also expected to limit growth of the market. For instance, the cost of high quality braces can be around US$ 900.
| Report Coverage | Details | ||
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| Base Year: | 2019 | Market Size in 2019: | US$ 5,839.3 Mn |
| Historical Data for: | 2016 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 6.5% | 2027 Value Projection: | US$ 9,634.3 Mn |
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| Companies covered: |
3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc. |
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Global Orthopedic Braces & Support, Casting & Splints Market: Opportunities
Increasing adoption 3D printing in manufacturing of finger splints is expected to offer lucrative growth opportunities for players in the global orthopedic braces & support, casting & splints market. For instance, the research ‘Patient-specific 3D-printed Splint for Mallet Finger Injury,’ published in the International Journal of Bioprinting’, in April 2020, reported use of an Ultimaker 2 Extended+ 3D printer to fabricate splint for mallet finger injury.
Moreover, increasing cases of falls is also expected to aid in growth of the market. For instance, according to January 2018 factsheet of the World Health Organization, 20–30% of older people who fall suffer moderate to severe injuries such as bruises, hip fractures, or head trauma, in the U.S.
The global orthopedic braces & support, casting & splints market was valued at US$ 5,839.3 Mn in 2019 and is forecast to reach a value of US$ 9,634.3 Mn by 2027 at a CAGR of 6.5% between 2020 and 2027.
Figure 2. Global Orthopedic Braces & Support, Casting & Splints Market Value (US$ Mn), and Y-o-Y Growth (%), 2019-2027
Market Trends/Key Takeaways
The market in Asia Pacific is driven by increasing number of work-related injuries. For instance, according to Safe Work Australia, Australia recorded 107,335 work-related injuries in 2017-18.
Increasing prevalence of diabetes is boosting growth of the market in Europe. For instance, according to Diabetes UK, over five million people will suffer from diabetes in the U.K. by 2025.
Regulations:
U.S.
Global Orthopedic Braces & Support, Casting & Splints Market: Competitive Landscape
Major players operating in the global orthopedic braces & support, casting & splints market include, 3M, Össur Corporate, BSN medical GmbH, DeRoyal Industries, Inc., DJO Global, Inc., Orfit Industries N.V., Spencer Italia S.r.l., Prime Medical, Inc., Breg, Inc., Stryker Corporation, and Zimmer Biomet Holdings, Inc.
Global Orthopedic Braces & Support, Casting & Splints Market: Key Developments
Major players in the market are focused on maintaining transparency around the cost of orthopedic braces & support, casting & splints to enhance their market share. For instance, in January 2020, Breg, Inc. released a new software release focused on improving transparency around the cost of durable medical equipment products such as knee braces, shoulder slings, splints, boots and crutches at the time of dispensement.
Orthopedic braces are wearable medical devices that offer appropriate alignment, positional correction, supporting the muscles, stabilizing and protecting several parts of the body, which include joints, bones, and muscles. These devices are mainly prescribed by orthopedics and orthotists to the patients who suffered from major injuries and are used in prophylaxis of these damages. Orthopedic braces and support devices are used by patients immediately after the injury and are suggested to be worn throughout the course of hospitalization, and also during the rehabilitation.
Restraints of the Global Orthopedic Braces & Support, Casting & Splints Market
Major factors hampering the growth of the orthopedic braces & support, casting & splints market during the forecast period constitutes of variations in reimbursement scenario, and high costs of custom products, and fiber equipment.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 34 market data tables and 25 figures on “Orthopedic Braces & Support, Casting & Splints Market – Global forecast to 2027.
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