Key Companies Covered in the ‘Global Orthotic Devices, Casts and Splints Market’ Research Report by Research Nester are Fillauer LLC, ComfortFit Orthotic Labs, Inc, Hanger, Inc., Amfit Inc., Ascent Meditech Limited., Performance Health Holdings, Inc., Performance Health Holdings, Inc., DJO, LLC, Zimmer Biomet Holdings, Inc. Stryker Corporation, and BREG, Inc., besides several other noted players
New York, Oct. 03, 2022 (GLOBE NEWSWIRE) -- Research Nester has published a detailed market report on ‘Global Orthotic Devices, Casts and Splints Market’ for the forecast period, i.e. 2022 – 2031 which includes the following factors:
Market growth over the forecast period
Detailed regional synopsis
Key market players and their detailed profiling
Global Orthotic Devices, Casts and Splints Market Size:
The global orthotic devices, casts and splints market to showcase moderate revenue streams by the end of 2031, rising at ~8% CAGR over the projected forecast timeline of 2022-2031. Growing occurrences of sports and recreational injuries across the globe is expected to remain a major growth stimulant over the years for the global orthotic devices, casts and splints market. It is reported that following a dip in 2020 by almost 25% amidst the pandemic restrictions, sports and recreational injuries have revived by almost 19% in 2021, affecting a total of roughly 3 million people who received emergency treatment for being affected by recreational or sports equipment. It is also noted that most of the sports and recreational injuries triggered from exercise and exercise equipment. The total number of injuries in this category in 2021 crossed beyond 410,230 approximately. Exercise related injuries affecting children and adolescents in the age group of 5 years-14 years was over 30,550. Between the age of 15 years-24 years, total affected was over 76,000. Between 25 years-64 years, the number touched over 220,400 roughly.
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Global Orthotic Devices, Casts and Splints Market: Key Takeaways
North America region gains the largest portion of the revenue
Institutional sales segment to dominate the revenue graph
Casting supplies and equipment segment remains prominent in the product type segment
Rise in Elderly Populace and Associated Musculoskeletal Injuries to Augment Growth
The global orthotic devices, casts and splints market is also expected to nail significant growth backed by rising elderly population worldwide. Age-related conditions such as osteoporotic and musculoskeletal injuries are significantly more common among the geriatric population. According to the World Health Organization (WHO) the number of elderly population comprising 60 years and above would grow by 22% in 2050 which is double of 12% in 2015. Low and middle-income nations would house 80% of the total geriatric population by 2050. Besides the elderly, musculoskeletal injuries and other bone related conditions are also common among younger adults. WHO study shows that 1.7 billion people approximately have musculoskeletal conditions worldwide leading to disability. Besides the above, improved R&D expenditure is expected to fuel the global orthotic devices, casts and splints market in the coming years. The World Bank data states, the R&D expenditure in proportion with the GDP in 2018 was 2.2%, which surged to 2.63% on 2020. Moreover, developed countries such as the US and developing economies such as China are constantly stoking their R&D capabilities. Their combined expenditure in 2021 was roughly over USD 610 billion. These factors are positioning the global orthotic devices, casts and splints market favorably on the growth chart.
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Global Orthotic Devices, Casts and Splints Market: Regional Overview
The global orthotic devices, casts and splints market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Orthopedic Patient Pools to Optimize Market Growth in North America
Out of the five geographical hubs, the region of North America is estimated to claim the largest market share by 2031 end. One of the primary growth drivers in the region is the rise in geriatric population and high prevalence of orthopedic ailments and spinal cord conditions. According to the data released by the U.S. Census Bureau in the past decade, the US saw a rise in geriatric population with higher population of Baby Boomers. In the period between 2010-2020, the percentage of the geriatric population grow by 34.2%, reaching a value of 13,787,044. Also, the older population percentage jumped by 3.2% reaching a value of 1,688,924 between 2018-2019. Statistics suggest that over 125 million adults in the US from 18 years of age and above suffer musculoskeletal conditions annually. A recent report revealed that total number of hip and knee surgeries performed in the US between 2012-2020 was about 2,250,500 approximately. Also, each year the US witnesses about 810,000 knee replacement surgeries annually. These factors are positioned to aid market expansion in the region.
Road Accidents to Encourage Market Expansion in Asia Pacific
The region of Asia Pacific is projected to gain significant growth over the forecast years amidst growing cases of road mishaps and accidents. Also, rising number of elderly population in the region is expected to favor market expansion. According to the Ministry of Road Transport & Highways, a total of 3,66,138 road accidents have been reported by States and Union Territories (UTs) during the calendar year 2020, which claimed 1,31,714 lives and caused 3, 48,279 injuries. In 2020, the percentage of road accident fatalities in Thailand was over 51%. A recent research study found that in Japan, total number of knee arthroplasties is expected to rise significantly by 2030, with over 4000 men between the age group of 40 years-60 years and over 6000 men between 61 years-65 years. For women the number would be around 7000 women between 40 years-60 years and over 22,000 women for 61 years-65 years. These conditions are anticipated to drive market growth in the coming years for the region.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
North America (U.S., Canada)
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific)
Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
Global Orthotic Devices, Casts and Splints Market, Segmentation by Distribution Channel
The institutional sales segment is projected to gather the largest revenue share by the end of the projected timeline amidst growing number of orthopedic clinics and hospitals worldwide. Also, improved spending for superlative healthcare infrastructure is also expected to fortify segment expansion and market growth. The World Bank data confirms that in 2017 hospital beds per 1,000 people was 2.9, while in 2015 it was 2.7. Also, in 2018, the World Bank Group sanctioned USD 53 million grant for Health System Support and Strengthening Project, which focuses on improving essential health services in the Central African Republic.
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Global Orthotic Devices, Casts and Splints Market, Segmentation by Product Type
Casting Supplies & Equipment
Casting Tools and Accessories
Splinting Supplies & Equipment
Splinting Tools and Accessories
Among these the casting supplies and equipment product segment is anticipated to grow lucratively. Casts provide greater support as compared to splints which are also known as half-casts. Casts can be easily customized to match the patient size and shape of the injured limb. It provides excellent support and rigidity as it is wrapped completely around the injury. Moreover, new developments in casting equipment such as 3D printing is expected to bolster further segment expansion in the coming years. Unlike traditional casts which have their limitations 3D printed casting equipment are more durable and moisture resistant, besides being more breathable and lightweight. Additionally, as medical tech giants continue to explore and invest in 3D printing technology, orthopedic surgeries are expected to improve with uber casting equipment. In August 2022, Stryker unveiled its latest facility in Ireland. The facility is built across an area of 156,000-square-foot to propel its R&D investments in additive manufacturing (3D printing) for the healthcare sector to offer sophisticated medical equipment.
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Few of the well-known market leaders in the global orthotic devices, casts and splints market that are profiled by Research Nester are Fillauer LLC, ComfortFit Orthotic Labs, Inc, Hanger, Inc., Amfit Inc., Ascent Meditech Limited., Performance Health Holdings, Inc., Performance Health Holdings, Inc., DJO, LLC, Zimmer Biomet Holdings, Inc. Stryker Corporation, and BREG, Inc. and others.
Recent Developments in the Global Orthotic Devices, Casts and Splints Market
In July 2022, biomedical technology company ActivArmor has undersigned aa partnership agreement with Fusion3 to commercialize waterproof custom cast fabrication, thereby expanding its distribution reach across the US.
In November 2021, OrthoPets of the Dassiet has inaugurated an effective casting solution for animals.
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